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How to Start a Business in Nigeria

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People in Nigeria do either jobs or go for business and it is the choice of people, which they prefer. So to start a particular business in Nigeria, one has to know the entire procedure, requirements and protocols. Here, a small guide to start a business is Nigeria is mentioned below-

First of the all, the main requirement is registering a company with the online mode and the requirement is a lawyer, who should be accredited in order to attest the related documents. Whether it is a small business or it is a large-scale business, without registration, one cannot initiate or set their business in Nigeria. A method on how to register a business in Nigeria is totally different from the other ones.

The procedure of registration for a small business or small company is exactly different from the procedure of registration for large business. So, one of the best ways to do the business with the registration along with the legal accreditation. Therefore, here is a mini guide to start business in Nigeria –

There are 6 types of companies which one can set in Nigeria according to Section 21 Companies and Allied Matters Act under which the Private companies as well as public companies which are either limited by shares or guarantee.

So as to initiate the business in Nigeria, there are certain crucial requirements which are definitely needed-

  • Company’s name
  • The main business in which company is going to engage
  • Address of the company which should be registered
  • Kind of the company i.e., public or private company
  • Team of directors- director’s team should be at least of 2 members who are above the age of 18.
  • If any of the director is also a shareholder then the name, gender, age, passport, any identity proof, residential address, permanent address, voter ID card and driver’s license.
  • Details of at least 2 shareholders- name, gender, age, passport, any identity proof, residential address, permanent address, voter ID card and driver’s license.
  • Details of the secretary of company- name, gender, age, passport, any identity proof, residential address, permanent address, voter ID card and driver’s license.

All of these particulars are necessary in registering the business. Once the business is registered, one can initiate the business only after approval and accreditation by the government.