18/09/2015
BUSINESS REGISTRATION IN NIGERIA DEMYSTIFIED
I get a lot of calls on what is required to register a business with CAC. The truth is, it's very simple. One major thing are required:
1. Valid ID
Driver's license, international passport, national ID or permanent voters card.
Other things (not required in all cases) may include:
* Academic or Professional certificate
Only required if you want to register a specialized company that offers consultancy and expert services in certain fields (e.g. Audit, Engineering, Medical services, ICT). Certificate can be a university degree or HND, or professional certification.
* Passport photographs
Only required if you are registering a Business Name
* An address
You don't have to open a shop or get an office space in advance. Your residential apartment (rented or owned) will do.
Any other requirements apart from the above means you are intending to register a company that is beyond the ordinary.
Two types of registrations exist for a profit oriented business
1. Business Name
This is typically the sole proprietorship or partnership business types that we are all familiar with. Many professional consultants register this type; including chartered accountants and legal practitioners.
This is also the choice for starter low budget businesses; the certificate issued along with its documents can be used to obtain a corporate bank account, TAX Identification Number (TIN), and Tax Clearance Certificate (TCC).
Cummulative Cost of registering is typically below N20,000 if you go to CAC by yourself, which you can do without any agent or lawyer.
2. Limited Company
This is the preferred choice for you if you are ready for a full scale business. This carries more recognition in the Nigerian business environment. It needs at least two people to set up, and a third person to be the secretary (a CAC accredited agent ). It can be public PLC or private LTD. My focus here is the private company.
You need a CAC accredited agent here, that is the policy. Charges are always negotiable with the agent depending on the circumstances and other services but average is between N60,000 and N75,000.
It takes between two to five weeks to complete registration with CAC depending on the the state office and the readiness and accuracy of the required documents.
Contact:
Call, Text or WhatsApp: 08188887911
BBM: 58B0A621
