Starting up a business in Nigeria as a foreigner or a Nigeria living abroad is not as difficult as you think. The amended CAMA has eased registration of Business and watered down some of the hurdles one needs to jump before venturing into business in Nigeria.
Are you a foreigner and you are desirous of setting up a business in Nigeria? Or are you a Nigerian living abroad and you want to set-up a business in Nigeria? Then this blog is for you.
If you are a foreigner and want to set-up a business in Nigeria all you need to do is to register your business with Corporate Affairs Commission (CAC). This is the first stage of the process. After the registration with Corporate Affairs Commission (CAC)) you apply to get your Residence Permit and then you proceed to FIRS for your TIN this will enable you open a corporate account which you can use to operate and manage your business. But if as a foreigner, you want to go into oil and gas business the law is that a Nigerian or Nigerians must have at least 60% share of the company and the minimum share capital for registration with CAC is Hundred Million Naira (#100,000,000).
For assistance on the registration with CAC contact us we will assist you fully in getting that done.
If you are a Nigerian living abroad and you want to set- up a business in Nigeria. The steps above can be followed but the #100,000,000 share capital is not applicable to you and the 60% indigenous share is also not applicable to you.
READ: How To Register Company with Corporate Affairs Commission in Nigeria
After the registration with the Corporate Affairs Commission then you take steps to get licenses from other government’s regulatory bodies which are embodied with the duties of regulatory, control and licensing by the Nigerian government. The departments such as the National Agency for Food and Drug Administration and Control (NAFDAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Exports Promotion Council (NEPC), National Office for Technology Acquisition and Promotion (NOTAP), Nigerian Customs Service, Central Bank of Nigeria (CBN), etc. This is to enable you obtain necessary license and comply with health, safety, environmental and other regulatory obligations.
The Federal Inland Revenue Service (FIRS) and State Board of Internal Revenue are responsible for the collection of corporate and personal taxes, respectively. Every company, business name or incorporated trustee must be registered with the FIRS and obtain Tax Identification Number (TIN) and Value Added Tax (VAT) Number.
Filling of Annual Returns must be done within 18 months of incorporation/registration and must be completed and filed within 42 days after the organization’s Annual General Meeting. A financial year can in principle start on any given date. Note that there is criminal liability for tax default and evasion.
Feel free to call us if you have further question(s) and or enquiries.
