Initial Statutory Requirements for Starting up a Company in Nigeria

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For entrepreneurs that have decided to go fully into a business pursuit, here are the initial statutory requirements for starting up a company in Nigeria;

1. Duly register the company at the Corporate Affairs Commission (CAC).
2. Register with the Federal Inland Revenue Service (FIRS) of the Ministry of Finance for Corporate Income Tax and VAT
3. Register for Personal Income Tax (PAYE) at the State Tax Office.
4. Register at the Special Control Unit against Money Laundering (SCUML) department of the Economic and Financial Crimes Commission (EFCC).
5. For placement of signage/billboard within your business premises, register with the signage administration agency in your state.

Afripreneurs, any addition or subtraction? Or are there addition requirements in your own state?

Michael Akolawole Abayomi 
There is need to register with the trade union or professional group to cater and protect the interest of the company or business. The need to belong to association or apply for registration cannot be over emphasised , if you are petroleum marketers you will need to register with MAN and if ure a shipper you register with the shoppers' council and if you are a medical practitioner you register with the association of general practitioners and so on .

'Kamil 'Niyi Akintunde 
Corporate account(s) is usually required, registration/licensing with professional bodies is also required such as NIOB, NIQS, NIA, ACEN, NIESV, ICAN/ANAN, IPAN, COMEG, Ministries of Env., Ministry of Trade and Investment, etc. Some biz may require LG permits. Check the one that is required for your area of biz cum professional competence.

Ayokunle Banky Bankole 
Yes, true is the fact that registering with professional bodies is necessary. For example, the Advertising Agencies have bodies such as Advertising Practitioners' Council of Nigeria (APCON), OAAN for Outdoor Practitioners, NIPR for Public Relations professionals, et cetera

Read 1006 times Last modified on Sunday, 10 May 2015 23:36
Ayokunle Bankole

He is a self-starter, Nigerian serial entrepreneur, a company formation specialist of about a decade, and a small business advisor. He is currently on the board of Directors of some few startups: Delivery Merchant Ltd, Furnishing Effects Retail & Installation Ltd, Citizens & Expats Agency Ltd, and Global Infosolutions Nigeria Ltd.

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