We all could be wishing right now that the world came with a ‘pause’ and ‘reset’ button.
‘Pause’ because one could really need a break from all that has happened so that one could regroup to try to at least make sense of this year so far, and ‘Reset’, so that if all that has happened took you by surprise, you could start again and this time, be more prepared.
Well, let us return to reality because as long as the earth remains, seed time and harvest time will not cease.
So, regardless of what has happened, many are taking advantage of the situation and churning out ideas with great potentials for humanitarian contributions and profit. Now, the ideas will just be ideas except they are acted upon.
Hence, what I am saying to you is START THAT BUSINESS! Do not waste any more time thinking about every fine detail about how to go about this because this article is to inform you about that.
HOW TO START A BUSINESS IN NIGERIA
Every business starts with an idea but to make a business it has to go beyond just an idea and documents play an essential role in protecting the interests of the businesses and business owners over the course of a company’s lifetime but it is necessary that the type of business to establish is determined beforehand.
Also a feasibility studies and a comprehensive business plan needs to be put in place.
With that said, a business has to adhere to the provision of the law to operate legally and in Nigeria there are basic requirements a business has to satisfy some of which include:
1. The business has to be registered with the Corporate Affairs Commission (CAC) where the business name and its form will be documented after which, the business has to be registered with the Federal Inland Revenue Services (FIRS) and it will be issued 3 important documents which are: Tax Clearance Certificate (TCC); Tax Identification Number (TIN) and Value Added Tax (VAT).
2. The business is as well registered with the State and Local Government Tax Office to legally operate in the specific locality.
3. The business should obtain a business permit from the ministry of interiors if it is a foreign business.
Furthermore, the business should obtain an Export Permit, Import Permit or License to operate depending on the business sector. For example, it might seek a permit from the National Agency for Food and Drug Administration and Control (NAFDAC) if it’s into food or and approval from the Ministry of Mines and Steel Development if into mineral resources.
There are other requirements also that are only applicable to businesses in specific sectors.
In conclusion, this article is meant to serve as a general guide and we advise that you seek a specialist advice. In other words, get a lawyer!
Olayiwola Oluwadamilare L.L.B