Are you planning on starting a business in Nigeria? Get answers to all the key questions you are probably asking yourself. – toggle to the plus sign to reveal the answer.
Yes, is one of the biggest economies in Africa. A land full of opportunities and there are measures put in place for ease of doing business in Nigeria
Yes, Nigeria is safe for doing business. Just like any environment you need to be cautious and avoid risk areas and take appropriate measures to stay and remain safe. But largely Nigeria is a beautiful country.
There are a lot of business opportunities in Nigeria ranging from manufacturing, agric and agribusiness, FINTECH, restaurant and fast food, retail and consumer, trade and import of general goods and services among others.
Nigeria has demand for various goods and services, due to its population size. Nigeria is a business-friendly economy, what you need to do is start a business in an area, work hard towards and make it profitable.
Businesses in tech space, farming, agribusiness, food and cosmetics, fashion, manufacturing, services and a host of others.
Food, fashion, cosmetics
CAC (Corporate Affairs Commission)
A Nigerian citizen and foreigners
No, registration of Business Name is a form of business category that is reserved for only Nigerians
Yes, the minimum share capital is 10,000,000 naira
The various types or forms of businesses in Nigeria are – Business name, limited liability, partnerships, incorporated trustees
it takes averagely between 1-3 weeks to register a business in Nigeria
Registering your business in Nigeria creates a legal personality that will help you get access to government grants & investors
A private company is required to have minimum of one director, however, a company limited by guarantee is required to have a minimum of two directors
You need to consider the goal, nature of business, long-term plan of your business and most importantly seek professional advice.
Although the general practice is 1,000,000 but there are certain businesses that have prescribed minimum share capital by law
You must have previously registered at least three companies with CAC to form the group of companies.
Yes, they include a name already registered or similar to names already registered; names that contains the words ‘Chamber of Commerce’ unless it is a company limited by guarantee; names contrary to public policy or misleading; names that includes the word “Federal”, “National”, “Regional”, “State”, “Government”, or any other word which in the opinion of the Commission suggests or is calculated to suggest that it enjoys the patronage of the Government of the Federation or the Government of a State in Nigeria, as the case may be, or any Ministry or Department of Government; “Municipal” or “Chartered” or in the opinion of the Commission suggests, or is calculated to suggest, connection with any municipality or other local authority; contains the word “Co‐operative” or the words “Building Society”; contains the word “Group” or “Holding
The moment you have an idea for a business, or planning of registering your business
No, except there are or more adult directors in the company. The minimum age to qualify to serve as a director of a company is 18 years
t takes averagely between 1-3 weeks to register a business in Nigeria
Yes a business name can be converted into a company limited by shares
This mean you are in default of filing for your annual returns
100,000 naira for private companies but it is advisable to make it 1,000,000 because the fees for registration are the same and not having to go through the stress of increase in share capital so soon in the business specially when investors make offers in exchange for equity. The minimum authorised share capital is 2,000,000 naira for public companies
NIPC refers to the Nigerian Investment Promotion Commission
NIPC regulates the participation of foreign businesses in Nigeria
Yes, except those on the negative list/fusion_toggle]
They include – production of arms, ammunition, etc.; production of and dealing in narcotic drugs and psychotropic substances; production of military and para-military wears and accoutrement, including those of the Police and the Customs, Immigration and Prison Services; and such other items as the Federal Executive Council may, from time to time, determine
Yes, business names can be amended anytime
Immediately you decide to start a business but there is a grace period of 28 days after commencement if you have already commenced business activities before registration; failure to do this makes you liable to payment of fines
No, this just means the extent of liability of the shareholders with respect to the amount
Yes, as long as there are at least two other shareholders
Yes, these include foreign businesses invited by any tier of government for specific individual projects; executing specific individual loan projects on behalf of a donor country or international organisation; foreign government-owned companies engaged solely in export promotion activities; and engineering consultants or technical experts engaged in specialist projects with any tier of government
This is where at least one partner is limited and at least one is a general partner
This is like a limited liability company, where the partnership has a separate legal personality from the partners
CAC makes use of electronic documents, so you need not be around to fill the forms. The certificate is also electronically generated
No, there is a penalty for such acts
Names containing chamber of commerce except it is a company limited by guarantee, a misleading name, a name identical to the one already registration, a name that conflicts with an existing trademark, a name that can disrupt public peace or national security
i. Two Proposed names of the Business for reservation and approval.
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. General nature of Business
iv. Detailed address of registered office
v. Detailed address of the head office if different from registered office
vi. Detailed address of branch office if any
vii. Telephone number and email address of Business
viii. upload passport photograph, signature, and valid ID of proprietor (s)
ix. Name, residential address (indicate if you want your address concealed, note that this comes at an extra fee), service address, occupation, gender, Nationality, date of birth, nationality, email address, phone number of proprietor (s)
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. General nature of Business
iv. Detailed address of registered office
v. Detailed address of the head office if different from registered office
vi. Detailed address of branch office if any
vii. Telephone number and email address of Business
viii. upload passport photograph, signature, and valid ID of proprietor (s)
ix. Name, residential address (indicate if you want your address concealed, note that this comes at an extra fee), service address, occupation, gender, Nationality, date of birth, nationality, email address, phone number of proprietor (s)
i. Two proposed names for reservation
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. Detailed address of registered office
iv. Detailed address of the head office if different from registered office
v. Detailed address of branch office if any
vi. Aims and objective of the organization
vii. Source of the organisation funds
viii. Two copies of the organization’s constitution
ix. Name, address, gender of the Trustees (minimum of two trustees)
x. Upload valid ID, passport photograph, signature of the Trustees
xi. Name, address, gender, Nationality of the Chairman and Secretary
xii. Upload valid ID, passport photograph, signature of the Chairman and secretary
xiii. Upload Minutes of meeting or resolution appointing the trustees including lists of members and the voting patterns or you can request for a sample
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. Detailed address of registered office
iv. Detailed address of the head office if different from registered office
v. Detailed address of branch office if any
vi. Aims and objective of the organization
vii. Source of the organisation funds
viii. Two copies of the organization’s constitution
ix. Name, address, gender of the Trustees (minimum of two trustees)
x. Upload valid ID, passport photograph, signature of the Trustees
xi. Name, address, gender, Nationality of the Chairman and Secretary
xii. Upload valid ID, passport photograph, signature of the Chairman and secretary
xiii. Upload Minutes of meeting or resolution appointing the trustees including lists of members and the voting patterns or you can request for a sample
i. Two proposed names of the company for reservation and approval
ii. Indicate if you have applied or reserved your business name, if, yes provide the availability code
iii. General nature of Business of the company
iv. Detailed address of registered office
v. Detailed address of the head office if different from registered office
vi. Detailed address of branch office if any
vii. Telephone number, postal code & Email address of the company.
viii. Name, address, phone number, nationality, occupation, gender, email address of the witnesses
ix. Upload passport photograph, Valid ID, and signature of the witness
x. Name, email address, gender, date of birth, service, tax residency, Nationality, occupation, and residential address of the shareholders
xi. Upload passport photograph, Valid ID, and signature of the shareholders
xii. Name of someone who you want to have significant control of the company (this person must have at least 5% shares of the company)
xiii. Name, service and residential address, occupation, gender, date of birth, nationality, email address, phone number and tax residency, of Directors of the company (minimum of one director for a small company)
xiv. Upload passport photograph, Valid ID, and signature of the Directors
xv. Name, service and residential address, occupation, gender, date of birth, nationality, email address, phone number of the secretary (if any)
xvi. Upload passport photograph, Valid ID, and signature of the secretary (if any)
xvii. The type of shares issued (ordinary or preferential)
xviii. What kind of shares are issued, is it ₦ 1 to 1 share (if different indicate)
xix. Do you want to use the generic Memorandum and Article of Association, yes or no
xx. if no upload yours or we can prepare one for you at an extra fee
xxi. letter of no objection for company limited by guarantee comes at a different cost depending on the industry it is registered in
ii. Indicate if you have applied or reserved your business name, if, yes provide the availability code
iii. General nature of Business of the company
iv. Detailed address of registered office
v. Detailed address of the head office if different from registered office
vi. Detailed address of branch office if any
vii. Telephone number, postal code & Email address of the company.
viii. Name, address, phone number, nationality, occupation, gender, email address of the witnesses
ix. Upload passport photograph, Valid ID, and signature of the witness
x. Name, email address, gender, date of birth, service, tax residency, Nationality, occupation, and residential address of the shareholders
xi. Upload passport photograph, Valid ID, and signature of the shareholders
xii. Name of someone who you want to have significant control of the company (this person must have at least 5% shares of the company)
xiii. Name, service and residential address, occupation, gender, date of birth, nationality, email address, phone number and tax residency, of Directors of the company (minimum of one director for a small company)
xiv. Upload passport photograph, Valid ID, and signature of the Directors
xv. Name, service and residential address, occupation, gender, date of birth, nationality, email address, phone number of the secretary (if any)
xvi. Upload passport photograph, Valid ID, and signature of the secretary (if any)
xvii. The type of shares issued (ordinary or preferential)
xviii. What kind of shares are issued, is it ₦ 1 to 1 share (if different indicate)
xix. Do you want to use the generic Memorandum and Article of Association, yes or no
xx. if no upload yours or we can prepare one for you at an extra fee
xxi. letter of no objection for company limited by guarantee comes at a different cost depending on the industry it is registered in
i. Two proposed names for reservation
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. Detailed address of registered office
iv. Detailed address of the head office if different from registered office
v. Detailed address of branch office if any
vi. Aims and objective of the organization
vii. Source of the organisation funds
viii. Two copies of the organization’s constitution
ix. Name, address, gender of the Trustees (minimum of two trustees)
x. Upload valid ID, passport photograph, signature of the Trustees
xi. Name, address, gender, Nationality of the Chairman and Secretary
xii. Upload valid ID, passport photograph, signature of the Chairman and secretary
xiii. Upload Minutes of meeting or resolution appointing the trustees including lists of members and the voting patterns or you can request for a sample
ii. Indicate if you have applied or reserved your business name, if yes provide the availability code
iii. Detailed address of registered office
iv. Detailed address of the head office if different from registered office
v. Detailed address of branch office if any
vi. Aims and objective of the organization
vii. Source of the organisation funds
viii. Two copies of the organization’s constitution
ix. Name, address, gender of the Trustees (minimum of two trustees)
x. Upload valid ID, passport photograph, signature of the Trustees
xi. Name, address, gender, Nationality of the Chairman and Secretary
xii. Upload valid ID, passport photograph, signature of the Chairman and secretary
xiii. Upload Minutes of meeting or resolution appointing the trustees including lists of members and the voting patterns or you can request for a sample
₦ 25,000 …get help here https://firmusnigeria.com/business-registration-nigeria/
₦ 80,000… get help here https://firmusnigeria.com/business-registration-nigeria/
₦ 120,000… get help here https://firmusnigeria.com/business-registration-nigeria/
It is a form of approval granted to companies and registered firms to employ the services of expatriates in Nigeria
The Ministry of Interior grants expatriate quotas
It depends on your nationality; not all foreigners are required to obtain visa before they enter Nigeria.
- Passport valid for at least 6 months with at least 2 blank visa pages for endorsement
- Two (2) recent passport sized (35x40mm) photographs Return Ticket
- Evidence of sufficient funds
- Evidence of hotel reservation/host address in Nigeria
If you have a business visit to Nigeria, we can help you obtain a visa on arrival in 48 hours.
Nigeria visa depends on the nationality of the person….. get help here https://firmusnigeria.com/how-to-obtain-visa-on-arrival-in-nigeria
Yes this depends on the type of business activity you are carrying out.
It is a mandatory annual report or business renewal that is required of all business owners to be filed at the CAC office, Nigeria.
Yes, the penalty of annual returns includes paying of fines, having your business being inactive on CAC, having your business struck out of CAC register, being denied visa when using your business document to apply
Every business in required to file their annual returns a year after incorporation
Filing annual returns helps your business maintain an active status on CAC portal, it also encourages investors to invest in your business, ensures your business is not removed from CAC register.
Yes, if the CAC discovers that the certificate was obtained through fraudulent means
TIN simply means ‘Tax Identification Number’
It is needed for payment of taxes and when opening a corporate account in Nigeria
VAT simply means Value Added Tax
Payment of VAT is for organisations that carries out business in Nigeria either as a producer, wholesale trader and or supplier of taxable goods and services
Yes, if such company has been registered with the NIPC
This is a tax administration solution for filing naira denominated tax returns
Firstly, register your business with CAC, obtain TIN, Apply for tax clearance from Federal Inland Revenue Service
Trademark your product or business
You can protect your intellectual property through – copyright, trademark, or patent registration
CAC documents, TIN, SCUML Certificate, BVN, NIN, utility bill and any other documents the bank may require.
BVN, NIN, utility bill and any other documents the bank may require
There are a couple of good banks in Nigeria depending on your need such as Zenith bank, Fidelity bank, First Bank, United Bank for Africa, Guaranty Trust Bank, Access BankSterling Bank, Stanbic IBTC Bank and a host of others. We advise you to book a session with us for more clarity
There is no specific time, but it can be as fast as possible (2 to 5 days) depending on the verification system.
Yes, a foreigner can open and operate a foreign currency account in Nigeria.
Yes, a foreigner can transfer funds outside Nigeria freely after providing all necessary invoices and transactional documentation to the bank.
SCUML means, Special Control Unit Against Money Laundering
Non-designated financial institutions
The Money Laundering (Prohibition) Act defines a Designated Non-Financial Institution (DNFI) as dealers in Jewellery, Luxury Goods, Chartered Accountants, Audit Firms, Tax Consultants, Clearing and Settlement Companies, Legal Practitioners, Hotels, Casinos, Supermarkets, or such other businesses as the Federal Ministry of Commerce (now Federal Ministry of Industry, Trade and Investment) or appropriate regulatory authorities may from time to time designate. This list of institutions has been expanded to include Trust and Company Service Providers, Estate Surveyors and Valuer, Estate Agent & Brokers, Pool Betting & Lottery, the Hospitality industry, Consultants and Consulting Companies, Importers ad Dealers in Cars or any other Automobile, Dealers in Mechanized Farming Equipment and Machinery, Practitioners of Mechanized Farming, Dealers in Precious Stones, and Metals, Non-Governmental Organizations.
All businesses that engage in financial or asset-moving transactions.