Company Registration in Nigeria: How to Get Started and Register a Company
Starting a business in Nigeria can be difficult, but it is even more so if you are not familiar with the process. If you have decided to start your own company and do not know where to begin, there are some steps that need to be taken before anything else. This guide will walk you through each step of registering a company in Nigeria and provide helpful tips along the way.
The first step to starting a company
The first step is always to register the company. This is usually done online and can be done either at the corporate headquarters of the business or through the Nigerian headquarters of an international business. The process varies depending on which type of company you are registering, but it is generally pretty simple.
Step 1: Pay the company registration fee
You will first need to pay the annual corporate income tax of your company. This fee is around $1300 for companies under 100 employees and $2900 for companies with over 100 employees. The income tax will need to be paid on any salary paid in Nigeria, whether you are working for yourself or for your company.
What you need before registering a company
Before you can register a company in Nigeria, you need to fulfill a few requirements. You need to have a physical address, an organization name, a bank account, and a web hosting service. You can apply for a non-commercial business address to start your company, and banks will most likely agree to issue a bank account for you if you have proof that you can pay your company's dues. After that, you will need to have a basic understanding of the internet, as well as a physical address for your company. If you are not an accredited applicant, then you may be required to go through the capitalization process before being able to register your business. For more information about the process, you can read here.
Registering a company in Nigeria
First, you need to find a reputable accounting firm that can help you with your company formation in Nigeria. This can either be a major hassle or an easy process. The crucial thing is that you find an accountant who is trustworthy and whose services can help you get your company off the ground.
Next, register the company. This can be a lengthy process and is not usually free. If you are not familiar with the bureaucracy involved in the registration of a company in Nigeria, you should be prepared to spend some money on your own. If you do not want to deal with the paperwork and processes involved in registering a company, you can find some accounting firms that specialize in starting companies in Nigeria.
The importance of choosing the right name for your company
If you have just started a business and are unsure of the name you want to use, you need to pay close attention to the name that you select. Ensure that it is short and unique to your company and avoid anything connected to the office where you will conduct your business.
While you can use the name you choose for your company, you should avoid including your personal name in it and make sure you do not include any family names in your business name. You will also want to avoid using a completely made up name. For example, if you come up with a company name that includes the word “lifesaver” in it, then the trademark office might deny the trademark registration.
How should you register your company?
Registering a company in Nigeria is a time-consuming process. This guide is meant to give you an idea of what registration entails and what types of documents you will need in order to start your business. It is important to be aware of all the rules and regulations that apply to the process.
It is also important to consider what type of business you wish to start. There are numerous different options, but if you are looking for something that will be of use in Nigeria, consider a small business that can be easily incorporated into the tax system.
Following the steps outlined below will help you get your company registered.
Registering your company in Nigeria does not need to be complicated or lengthy.
How do I identify my business?
Step 1: Develop a business plan
You need to develop a detailed business plan for your company. This will include your investment strategy, specific market strategy, and how you plan to market your business.
The first step is to determine what kind of business you want to start. This is usually a good place to start for those who are just starting out in business. It is important to decide what you want to do and how you will market it, before any steps are taken to register your business.
Decide on the business itself. Is it going to be a business? Or is it just a hobby?
Find an area that you are passionate about. Be it football, music, fashion, or whatever you are passionate about, this will be the aspect of your business that you are going to sell.
What are other important documents needed to register a company?
Even though registering a business in Nigeria is easy, it is a crucial step. Before you can do that, you will need to take steps to ensure that you are fully prepared. Here are some of the essential documents that you will need to take care of before you begin.
Accounts Receivable Certificate
Your company will need to have some type of standing order or contract with your suppliers to have them send you the money. You can prove this in the form of an Accounts Receivable certificate. You will need to provide the following:
A copy of the relevant bank statement
An acknowledgement from the bank about the transaction
All of this paperwork should be forwarded to the state Corporate Affairs Commission, or any other CAC office in your country where you can get a certificate.
Once you have started your business in Nigeria, it is a good idea to consider which elements you want to include in your business' website. Some important elements for entrepreneurs include a contact number, mailing address, a brand and a great looking logo. If you have the money to start your own company, here are some suggestions to get you started.