Complete Guide On How To Register Business in Nigeria
It’s an advantage to officially or legally register your business in a specific country. The advantages include getting protection to operate in certain locations, being able to easily access licensing services from the government, etc. In Nigeria especially, business is made easier by operationalizing a new online platform that integrates the tax authorities and the Corporate Affairs Commission (CAC). So, here’s a complete guide on how to register business in Nigeria.
The Business Registration Process
CAC (Corporate Affairs Commission)
How to register business in Nigeria is quite an easy process. It doesn’t take long since it can be done online. Hence, it’s also cost-effective. You can easily do this online through CAC’s registration platform with the help of an accredited lawyer to support the required documents.
Documents Needed for Registration
Prepare your Memorandum of Association (MOA).
- Receipt of your Stamp Duty payments.
- Details and approval of your company’s Director.
- Declaration of compliance by legal practitioners.
Important Registration Requirements
- Board of Directors and shareholders should be discreet, not excluded by CAMA (Companies and Allied Matters Act), and not bankrupt.
- The minimum limit of share capital required for company registration is N10,000.
- Your company can have up to 50 members.
- Your members should be at least 18 years old.
How to Register Business in Nigeria
1. Namecheck Availability
Choose two company names that are unique and different from other companies. If both names or one of them is available and not being used, state your intention to register, and CAC will reserve them for you.
2. Your Business MOA
Before starting this process, make sure you get the help of a legal practitioner. MOA contains related documents and objectives of the company you’re about to register. Your attorney will ask for the names of the company’s initial customers, directors, shareholders, and other key officers. They all must be 18 years or older, healthy and without any criminal records.
3. Fill in the Pre-registration Form
Make sure to fill out the pre-registration form with complete information that must be provided, mainly:
- Business name
- Business activity
- Specific address, email and office phone number
- MOA articles
- Fill in the name of the company’s secretary
- Complete data on the board of directors and shareholders
- Fill out a statement regarding the issued share capital, the number and class of shares issued, as well as the accompanying rights.
4. Stamp Duty and Payments
The payments contain stamp duty and business registration filling usually done at the Federal Inland Revenue Services (FIRS). Once your payment is successful, your business MOA will be electronically stamped along with other forms of incorporation and will be returned up to 6 weeks.
5. Upload Scanned Copies of Your Documents
You’re expected to upload the following documents:
- CAC Form
- MOA
- Proof of payment to CAC
- Valid ID of directors/shareholders and witnesses
- Signatures of Directors and Shareholders on paper
- The Company’s Resolution and Certificate of Incorporation.
6. Submit the original copy of registration for final approval
Final Thoughts
How to register business in Nigeria requires you to understand the regulations regarding taxation, licensing, and legal issues. The registration process can be done practically online through CAC. For that reason, prepare everything in advance by following the important information explained above.
