Starting up a small scale business in Nigeria is very easy since all you do is rent a shop, furnish it to look inviting and set up your products and services whereas, starting some company or large scale business usually demands that you register the business thereby making it official (did I say something?). However, do not be anxious for nothing we have put in place guides on how to register your business without falling into the trap of fraudsters.
How to Register a Company in Nigeria
THINGS TO NOTE: Registration of companies is carried out by the Corporate Affairs Commission of Nigeria , a body set aside for the regulation and management of companies in Nigeria. Established in 1990 with the passing of Companies and Allies Matter Act is headed by a chairman and assisted by a Registrar General or CEO.
GET IDEAS FROM A BUSINESS LAWYER : Don’t rush to register your company rather take your time, ask questions from professional, make enquires, meet business consultants then meet a business lawyer or attorney for advice and ideas.
CONSIDER TAX : Establishing a Limited…..company will expose you to tax and other revenues which you can’t escape from but going for a non-profit business may exempt you from tax but you need to be prepared for anything since you know say na 9ja we dey so anything fit happen.
CHOOSE A BUSINESS NAME : After drawing plans for your business, you need to have conceived a name for your brand this is because every brand or company has a name peculiar to it. Make the name short and succinct so your customers can quickly remember and not something as long as ‘Antananarivo’ (just saying).
PICK AN ALTERNATIVE NAME : In the case the name is already used by another registered company, you will need to choose another name but it’ll be something of your choice so you make the decision before you set out for the registration.
ASCERTAIN YOUR BUSINESS MODEL : Most people who go to CAC to register their companies don’t get a full detail that’s why they always end up making mistakes. One thing to also note is your business type, what you want will it be a Private Limited Company, a Private Limited Company (Plc.), Unlimited Company (ULTD), Incorporate Trustee, Business name etc.? You need to know all these as the N200 availability form will enquire that of you.
MAKE PAYMENT (s): Wait oo did you think this process will be free? Biko, pay your bills, nothing is free. Make the necessary payments and negotiations if possible. Don’t feel shy to ask questions where you seem confused, nobody knows everything.
VISIT THE OFFICE FOR MORE INFORMATION : Don’t wait for this people to call you rather from time to time visit the office for information, not that they won’t call you but since its important, you need to make it a point of duty to visit to make sure your everything has been settled. This usually takes place in the next 2-3weeks from the date of first visit.
NOTE: CAC will not register your company if the name has already been used by another company. For more information visit their website online and visit their offices nearest to you.