Starting a Business in Nigeria - part 1 - Incorporation



Nigeria is a country with a large population well over 200,000,000 people. The demography indicate the market size for all form of business. 

For you to start a business in Nigeria, there are certain requirements that you might meet, to wiz: incorporation or registration of a business name, tax registration, registration with SCUML (if applicable) registration with ITF (if applicable), among others. You need to check what applies to you and run the compliance.

As mentioned above, the first step in doing business in Nigeria is to register your business. The agency responsible for business registration in Nigeria is known as Corporate Affairs Commission (CAC). The requirements for company registration are as follows:

1.  The company
You need to provide at least two or more alternative names for search and availability. Registration of name of company is subject to availability. If the name submitted found to have been registered or appears closely to an already registered name, it would not be approved for your registration. You would be required to submit another one.

 

2.  Object of business
The object of a business defined the area of  its activities. What do you intend to do with the company matters here. 

3.  Registered address
This is a temporary address for the registration of the business. Know that until operation address is made available, you may likely be receiving correspondences through your business address. So you need to use an address where you may access to. 

4.  Equity or share capital
The equity represent the business ability to raise fund in the capital market. In Nigeria, it is also used as a yardstick for contract or license qualification by government and some government agencies.

5.  Shareholders and share structures
Represent the owners of the company. It could be one or more persons depending on the structure or the capital intensity needed to run the company. The Commission requires the following information from each of the shareholder: name, physical address, email address, phone number and means of identification.

6.  Directors
The managers of the business are required to have their details captured the the Commission. These details are: name, physical address, email address, phone number and means of identification

7.  Company sectary (optional).
The company's scribe is the custodian of the company's books. Although the service of the company was mandatory for all limited liability company, the new law made it optional for private companies and still mandatory for public companies.


If you are interested in registering your business in Nigeria, feel free to contact us via the contact via mjcomplianceservices@gmail.com. We would be glad to assist you in this journey. Our fees are affordable and the most cheapest.

We look forward to receiving your instructions.

Best regards



Location: 58 Camp Davies Rd, Ipaja 102213, Lagos, Nigeria

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