₦airaland Forum

HOW TO START A COMPANY IN NIGERIA
Setting up a company in Nigeria involves several steps, some of which include:
1. Choose a Business Structure: Select a business structure that suits the nature of your business, such as a sole proprietorship, partnership or limited liability company (LLC).
2. Choose a Business Name: Choose a unique name for your company and ensure that it's not already in use by another business.
3. Register your company with the Corporate Affairs Commission (CAC), which is the government agency responsible for regulating business registration in Nigeria. You will need to provide your business name, business structure, and other required information.
4. Obtain a Tax Identification Number (TIN): Register for a Tax Identification Number (TIN) with the Federal Inland Revenue Service (FIRS) to obtain a tax identification number. Register for Value Added Tax (VAT): Register for Value Added Tax (VAT) with the Federal Inland Revenue Service (FIRS) if your business meets the minimum requirement for VAT registration.

5. Obtain Business Permits and Licenses: Obtain any necessary permits and licenses required for your business by contacting the relevant regulatory agencies.
6. Open a Business Bank Account: Open a business bank account to keep your business finances separate from your personal finances.

You cannot reactivate your business name on CAC Portal yourself as the process involves filing your business Annual Returns which can only be done by a CAC accredited agents using agent dashboard.

Upon filing the Annual Returns, the agent will obtain letters of acknowledgment from CAC which he will now use to apply for reactivation of your business name.

To know the amount your are to pay start counting from 12 months after your registration or 18 months after your registration if its a LTD Company.

Cost of Annual Returns for Business name is 3K per year if current and 8K per year if late. (5K penalty has been applied)
Cost of Annual Returns for LTD Company is 5K per year if current and 10k per year if late (5K penalty has been applied)
The agent filing it for you will charge a token too

Let me know the exact date your business name was registered and I will calculate and tell you how much your are to pay.

For annual Returns, Business reactivation and CAC related services whatsapp me on 08163319401

A lot of business Names are showing INACTIVE on the CAC website because a lot of business owners feel that after CAC registration that they do not have any business with CAC anymore whereas after registration they are supposed to be fling annual Returns to CAC every year.

Failure to file Annual Returns as at when due, CAC will put your business as INACTIVE in their records. The danger of this is that when you use the CAC documents for Visa Application, it will be denied, you will loose business contracts as a search of your company on CAC will reveal that your business is INACTIVE. If your business remains INACTIVE for a long time, CAC will delete it permanently from their register.

WHAT TO DO TO REACTIVATE YOUR BUSINESS BACK

1. File your Annual Returns that are due (A CAC agent will check and calculate what is due.) and then file the Annual Returns for you as only an accredited agent can file Annual Returns.

2. Upon filing the Annual Returns, a letter of acknowledgment will be issued by CAC for each year. With those letters, Your agent will apply to CAC for the reactivation of your business name.


I hope you found this helpful.

You can reach me to assist you for Annual Returns filing and Business Name Reactivation
Kingsleythebeloved@gmail.com

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Excellent write up.

I will like to state here that one of the most important aspect you need to consider in starting your cleaning business is getting your business name registered with the Corporate Affairs Commission (CAC).

This is to ensure that another company is not already using your proposed name.

You can contact me to get your company registered with CAC ( kingsleythebeloved@gmail.com,

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