Tuesday, 16 October 2018

How To Start And Register A New Business With Small OR Big Capital In Nigeria 


There are so many business opportunities in Nigeria,this article will explain to you the quick steps on how to start up a new and small business in Nigeria with a small capital and make profit out of it.

Nigeria has a population of over 200 million people,so its very conducive for business,also small businesses have the potential of becoming big in Nigeria.

what does it take to start and set up a small business in Nigeria?

Q1: What do I need to start up a business in Nigeria?

A: Create A Business Blueprint


Before you set out to start any kind of business in Nigeria you should take your time and make proper research.
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Ask questions,meet people,know what your potential customers are lacking,take out time to spy on your potential competitors, do you think you will have an edge over them?
Can you bring something new and fresh to the game?

You have to thoroughly research and create a business blueprint that can withstand stiff competition,one of the main reasons why both small and large scale businesses fail is due to lack of research,strategy and plan.

Have A Definite Business Strategy

After creating your business blueprint,making contacts and proper research,the next step is finalize your business strategy,know how much you want to invest as your start-up capital,do you want to start on a small scale or do you want to come in with a bang on a heavy scale?
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After you have finalized and decided on how to execute your business plan,it now time to take it to the next level.


Q2: How do I register my business in Nigeria,what are the steps involved?

A: Follow the steps below to register your business:

You can only register three types of business in Nigeria namely,Sole proprietorship,Private Limited Liability Company and Public Limited Liability Company.

Read Also: 15 Business Opportunities To Start With A Low Capital In Nigeria 
  • Visit any branch of the Corporate Affairs Commission (CAC) in Nigeria.
  • Choose three or four business names you will like to chose.
  • The CAC office will determine if your preferred names are still available for registration or have already been taken by another company.
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  • Provide the CAC with the details of your new company such as:
  • memorandum of association
  • Business address
  • articles of association, Etc and all other required documents for documentation.
  • Pay the necessary fees.
  • For a business name your required to pay between N12,000 and N15,000 to register your business with the CAC
  • Plus other forms of ownership that costs N30,000 for registration.
  • Upon verification and compliance, the certificate would be issued to you and then you are free to commence operation of your business.
  • Proceed to FIRS for your complete tax registration
  • The FIRS is the Federal and State Inland Revenue services
  • The function of the FIRS is to collect taxes from businesses and generate income for the federal government.Taxes like the PAYE taxes,Company Income Taxes,Value Added Taxes Etc.
  • Your also most likely to also pay and register with some local government agencies for payment of some taxes and levies.
  • Check and ask if their are other license and permits needed for your specific type of business in your area.
  • Make sure you obtain these licenses, usually a receipt or a sticker will be issued after making payments or registrations.
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  • Keep all proof of payments ie receipts,documents, stickers etc in a safe place for reference purposes.
  • Choose a good strategic location that will bring you closer to your clients.
  • Stay away from a highly competitive locations until you have created a strong customer base and acquired more experience.
  • Initiate your marketing plan,which I supposed you must have already figured out by now,your not an NGO,your sole aim is to make profit.
  • Advertise your products,it works wonders, you can use radio stations,TV stations,google ads or even placing ads and advertising your services on social media sites like Facebook,Instagram etc
  • You can also set up a website to sell your goods and products,online shopping is now very popular in Nigeria,you can also create an online presence for your products.
Listed above are the basic steps you can follow to set up a large or a small business in Nigeria.

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