It is always advisable to register a company in Nigeria the very moment you established it so as not to run into problems that might fold your company. It is always relatively easy to start up a small scale business in Nigeria since all you need do is rent a shop, furnish it to look appealing, and set your products and services.
Starting a company or a large scale business usually demands that you register the company. This makes your business official and also helps increase the confidence that people have in your company. This article is designed to help you register a company in Nigeria with little or no stress.
Related: Company registration
You should note that the registration of companies is carried out by the Corporate Affairs Commission (CAC) of Nigeria. The CAC is a governmental body that is set aside for the regulation and management of companies in Nigeria. It was established in 1990 with the passing of Companies and Allied Matter Act.
The Guidelines On How To Register A Company In Nigeria
1. Work with a good business lawyer
You must not rush to register a company with CAC in Nigeria; you must rather take your time and make inquiries from a professional business lawyer. You have to create time and meet business consultants or business lawyer or attorney for advice and ideas.
2. Consider the tax
Starting up a limited liability company will definitely expose you to tax and other expenses. If you go for s non- profit business may exempt you from tax. You need to prepare for anything since surprises can show up anytime.
3. Choose a suitable business name
You must have a name for your brand before you can register a company in Nigeria. This is because every brand or company must have a name peculiar to it. You must try to make the name short concise so your customers can quickly remember, not something so long that it will be difficult to remember.
4. You should have an alternative name
There might be a chance that the name you submitted to CAC is already in use by another registered company. You must have a backup name to the one you first submitted. You must have this backup name if you want to register a company in Nigeria.
Your business will not be registered if the name has already been used by another company. This is the major reason why you must have an alternative name.
5. You must know your business model
Most people go to CAC to register their company without having the full details. This makes them run into numerous mistakes. You must note your business type, whether it’s a Limited Liability company, Unlimited Company etc.
6. Visit the corporate affairs commission
7. Make the required payment(s)
I hope that you didn’t think that this registration is going to be free? You must make the necessary payments and negations where possible. You must always ask questions whenever you seem confused; avoid being shy at this point because no one person knows everything
8. Visit the office for more information if necessary
You must not wait for these people to call you; rather, you visit them from time to time for information. You must see it as your duty to visit them so as to make sure that everything has been concluded. It usually takes 2-3 weeks fro the date of the first visit