How to Open a Business Bank Account in Ethiopia

Opening a business bank account in Ethiopia requires more documentation than a personal account. Here's what you need and how to do it.

Types of Business Accounts

• Current account: For day-to-day business transactions, check-writing, overdraft
• Savings account (business): For businesses that want to earn interest on idle funds
• Foreign currency account: For import/export businesses holding USD or EUR

Documents Required

For Sole Proprietorship

• Business registration certificate (from the relevant authority)
• Tax Identification Number (TIN)
• Kebele ID or passport of the owner
• Proof of business address (rental agreement, utility bill)
• Two passport photos
• Initial deposit (amount varies by bank)

For Private Limited Company (PLC)

• Certificate of incorporation
• Memorandum and Articles of Association
• Board resolution authorizing account opening and signatories
• List of directors and shareholders
• TIN certificate
• ID of authorized signatories
• Proof of company address
• Initial deposit

For NGOs and Associations

• Registration certificate
• Constitution or bylaws
• Board resolution
• ID of authorized signatories
• Proof of address

Steps to Open

1. Choose a bank: CBE, Awash, Abyssinia, Dashen, and others offer business accounts. Compare services and fees. See our Banks page for an overview.
2. Gather documents: Collect all required papers. Banks may have slightly different requirements—call or visit to confirm.
3. Visit the branch: Go to the business banking section (or main branch) with your documents.
4. Fill the application: Complete the account opening form. Designate signatories.
5. Make initial deposit: Pay the minimum required amount.
6. Receive account details: You'll get account number, checkbook (if applicable), and access to internet/mobile banking.

Timeline

• Sole proprietorship: Often same day or within a few days if documents are complete.
• PLC or NGO: May take 1–2 weeks as the bank verifies registration and signatories.

Tips

• Prepare in advance: Missing documents delay the process. Get a checklist from the bank.
• Compare banks: Fees, minimum balances, and services vary. Some banks offer better FX rates—check Birr Value.
• Digital banking: Ask about business internet banking and mobile apps for easier management.