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
- Choose a bank: CBE, Awash, Abyssinia, Dashen, and others offer business accounts. Compare services and fees. See our Banks page for an overview.
- Gather documents: Collect all required papers. Banks may have slightly different requirements—call or visit to confirm.
- Visit the branch: Go to the business banking section (or main branch) with your documents.
- Fill the application: Complete the account opening form. Designate signatories.
- Make initial deposit: Pay the minimum required amount.
- 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.