Lexxon Legal Practitioners -LLP

Have plans to run a business in Nigeria or already own a business in Nigeria?

Well, most people don’t know that it is illegal to run a business without registration. To register business in Nigeria is not as cumbersome as people think and there is no special requirement.

-As a foreigner, you can register and run your company or you can be a shareholder or a director in an already existing company / business. You don’t need to reside in Nigeria as a foreigner to register your company in Nigeria.

-A minor cannot be a director but a minor can be a shareholder if there are two adult shareholders.
-One person can be both Director, shareholder and secretary.

Congratulations, you have successfully registered your business/Company but don’t just relax, make sure you always pay your annual returns. Most people confuse annual returns with Tax. While annual returns is paid to the Corporate affairs commission years, tax is paid to FIRS. As a registered business/company/ Association, whether you have carried on business or not, you must be upto date with your annual returns, else, it will keep accumulating, it will remain INACTIVE and at a point, CAC will strike it out as if it never existed.

For those that want to Japa with their company, trust me, the embassy will check if the company is Inactive or Inactive. If you also want to make any changes such as change of Director, shareholder, proprietor, secretary etc, your business/company/association(IT) must be active on the CAC portal.

How will you know if it is active or not?

Just navigate to cac portal,
Click on public search and input the name of your company or Business or Association(IT). If it inactive, it will be written boldly in red. If it is active, it will be written boldly in Green.

Make a wise decision today.