Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in Nigeria
On the western part of Africa bordering the Gulf of Guinea and Benin, Nigeria is an oil-rich nation that’s worth investing in. Because Nigeria is a member of the Organization of Islamic Cooperation (OIC), the company incorporate in Nigeria is on its ascendancy taking the tax holidays and other incentives available.
Company registration in Nigeria requires you to understand the regulations regarding taxations, licensing, and legal matters among others.
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Business Registration in Nigeria
An individual seeking to engage in any form of business in Nigeria must register the business. Only recently, the process of company incorporate in Nigeria can easily be conducted online through the Corporate Affairs Commission (CAC) company registration portal with the help of an accredited lawyer to endorse to the mandatory documents. For you to register your company, you must have a business name and the process of validating your business name is distinctive from how to register a company. Notably, there are several requirements to be met before incorporating your company including:
- Two proposed names of the company
- Description of the nature of the principal the business will engage in.
- The registered office address of the company
- The form of the company is incorporated (private or public company).
- Details information of the directors.
- Details information of the shareholders.
- Memorandum and Articles of Association of the company.
Federal Inland Revenue Service
Now, it follows that the applicant must pay a nominal fee for filing with the Commission and a stamp duty to the Federal Inland Revenue Service (FIRS). On the other hand, the applicant is necessitated to fill up two of the following statutory forms to be submitted alongside the evidence of payment at the CAC:
- Form CAC 1- for search and reservation of business name
- Form CAC 1.1 – pre-registration form.
Once you’ve paid the filing fee, the next step in company incorporate in Nigeria, is uploading pre-registration documents on their online portal. The documents should be signed and scanned before being uploaded.
Memorandum of Association and Articles of Association Filing
Should you decide to proceed with the registration process, you must file the Memorandum of Association, Articles of Association together with other statutory documents at the CAC office or state where you plan to do the business. Again, this gives you a chance to submit the original copies of the documents uploaded.
Issuance of Taxpayer Identification Number
Alongside other regulatory requirements, tax compliance applies to all business entities in Nigeria. Therefore, you’re must register with the Federal Inland Revenue Service (FIRS) for income tax and VAT as well as with the state’s Internal Revenue Services for employees. After registration, you’ll get a Taxpayer Identification Number (TIN) which takes two to three weeks before completion. Now, the process of tax compliance gets complicated in certain instances, but through the help of 3E Accounting Nigeria, you can get the right assistance whenever you need it.
Apart from tax compliance, a company incorporate in Nigeria requires statutory registration under the Employment Act. Therefore, you must register with the following:
- National Pension Commission (PenCom)
- Nigeria Social Insurance Trust Fund (NSITF)
- National Housing Fund (NHF)
- Industrial Trading Fund (ITF)
According to the Social Security Act both, the employer and employer contribute to the provident fund.
Obtaining Business permit
In Nigeria, for you to operate your business, you must have a business permit. You can obtain the permit from the jurisdiction of your business once you’ve received your certificate of incorporation.
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