5 Things You Need to Know About Doing Business in Nigeria

With thousands of existing businesses in all sectors and thousands of new ones springing up every day, knowing the pros and cons of doing business in Nigeria is a must. Whether you already established your business or you are just planning to start one of this information will come handy in making sure you run a thriving, problem-free business in Nigeria.
If your business ticks the following boxes, then you are doing the business the right way in Nigeria.

Checklist for Establishing a Business in Nigeria

1. Business Registration

This is the first thing required of someone looking to do business in Nigeria. There are various business structures you can register your startup under each determined by the functionality and nature of your business
The business structures allowed for now are – Registered Business Name, Company Limited by Shares, Company Limited by Guarantee, Unlimited Company (all companies may be private or public), Incorporated Trustees, Joint ventures, and partnership

2. Registration with Tax Authorities and Obtain First Tax Clearance Certificate

The Federal, State, and Local government levels in Nigeria have their taxing powers.
While the Federal Government is responsible for the collection of Companies’ Income Tax, Value Added Tax, Education tax, Capital Gains Tax, Stamp Duties from corporate bodies and Personal Income Tax from individuals resident in the Federal Capital Territory and person’s resident outside Nigeria who derive income from Nigeria.
Each State government is responsible for the collection of Personal Income Tax from the individual’s resident within its state.

3. Open Corporate Bank Account(s) in the Name of the Local Company

After opening a corporate account, ensure you obtain a Certificate of Capital Importation from the Bank in respect of any imported capital sum.
Apart from projecting your business as a separate, corporate entity, opening a corporate bank account grants your credibility and trust with your potential clients and customers.

4. Register with Appropriate Regulatory Authorities

For companies wishing to operate in certain sectors, specific Nigerian agencies exist to set up by the Government to regulate the companies that provide goods and services within those specific sectors such as Nigerian Communications Commission (NCC), Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) etc.

5. Secure Office Space for your business

This is where we come in a Gilgal Properties. We help you with any accommodation needs for your business. Whether it is only a location for your business registration or a shared working environment or a full office space, we got you covered

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