SEC-S20W4 | My Business Ideas | Registration, License and Taxes

Completing business registration, getting license and paying taxes are necessary steps in business. This is to ensure that a person's business maintains compliance with regulations in the country, operates legally without fear of destruction and also helps build strong credibility customers. Taking these steps as a business owner will definitely help in achieving great heights in business.

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We are Interested to Know About the Registration Procedure of your Business in your Country and How you Manage it

It is important for a business owner in my country ( Nigeria) to get his/ her business registered when the person find it convince. In Nigeria, there is an agency called; Corporate Affairs Commission (CAC), this is where everyone in my country get their business registration done and you can find their offices open in all the states in Nigeria. Getting an hair business registered doesn't require much protocols, the procedures are;

• Selection/ confirmation of business name from data base. There are many businesses with various names so it is inappropriate for more than a person to use a particular business name. In order to avoid confusion and complications, you must come up with a unique name for your business
• Registration proper; submission of forms and other documents.
• Process the stamp duty after making payment
• Collection of certificate

If I'm going to get my business registered, I will only deal with paper work because I am not into edibles or product manufacturing. Those dealing with foods, cream or others kinds of raw products will proceed to another agency called; National Agency for Food and Drug Administration Control ( NAFDAC). This is where they will receive NAFDAC number for their business after registration.

Tell us all About the Procedure to Obtain any Licence/ Permit etc. to Run your Business

I'm running a small scale business from home which I am yet to register and get full license. I will only have to face problem with Government when I own a walk in shop that is accessible for everyone. Government authorities move from one location to another during inspection days to check those running a full time business without registration, license or tax payment. For my kind of business, it is easy to get license without going through much stress.

Corporate Affairs Commission ( CAC) has made the process easy by just visiting their portal at the comfort of your home by following the necessary procedures with filling of the form, payment of the stamp duty, upload relevant documents on the website, submission of the online registration form and then wait for the application to be approved. Certificate and other documents will be issued out by the Agency with ease.

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What is the Tax Structure for Traders/ Manufacturers

To be honest, I don't have any direct experience with paying taxes because I am still running my business under free trade ( rendering my services from home). Although, other people in my field of business shared their experience of paying daily taxes but some prefer to pay monthly since the percentage is not that high for them. I will have more knowledge about tax structure when I start paying.

What are the Options in Case you Face any Tax-related Problems?

I want to operate my business with professionalism, when I get to the stage of registration, getting permit/ license and paying of taxes, I will involve lawyer in the entire process. This way, when tax- related problems show up, my lawyer will handle the issues professionally without Government authorities coming to cease my business properties or locking up my shop.

For issues between business owner and customers, there is a customary court which is the lowest in the hierarchy of court system in my country ( Nigeria) where dispute can be resolved faster within individuals.

I will invite friends to join the business class; @ruthjoe, @lovinah @josepha