The most common type of Business in Nigeria is the sole proprietorship. This article will discuss the crucial documents and Requirements for Registering a Sole Proprietorship in Nigeria. It is vital to register your business name in Nigeria to avoid losing your desired name to a registered business and to take advantage of the perks that come with it.
The principal legislation governing business name registration in Nigeria is the Companies and Allied Matters Act (CAMA), 2020 while the Corporate Affairs Commission (CAC) is the regulatory body saddled with the responsibilities of regulating the registration, running, and cessation of any business name in Nigeria.
CAC registration for a sole proprietorship is required for all services and products, excluding petroleum items.
What is Sole Proprietorship?
A sole proprietorship is a business structure in which an individual, typically a person who owns the business, is responsible for its operations and profits. This differs from a partnership, in which two or more people share ownership and responsibility for the business’ success. While there are pros and cons to both structures, sole proprietorships tend to have certain advantages over partnerships.
- What are the Key Benefits of Sole Proprietorship Business
- What are the Features of Sole Proprietorship Business
What are the Requirements for Sole Proprietorship registration in Nigeria?
Registration for sole proprietorship firms may be necessary when a proprietorship firm sells items or services in Nigeria.
To complete the Registration of Your Sole-Proprietorship Firm in Nigeria, you’ll have to provide the following details upon Submission;
- Proposed Name of the Business (2 Names).
- The objectives and nature of business.
- Address of the Business (Can also be a residential Address).
- Particulars of the Proprietor – Such as; Name, occupation, residential address, email address, phone number, and means of identification (National Identification Card, Data Page of International Passport, Driver’s Licence or Voter’s Card).
SplashDict is equipped with accredited experts and the necessary resources to assist you to complete the sole proprietorship business registration in Nigeria.
Sole Proprietorship Business Registration
You will get;
- Instant Delivery of Digital Copies of all incorporation documents once approved (Certificate Of registration, Status Report, and Certified True Copy of Application Form).
- FIRS’ Tax Identification Number Inclusive.
- Bank Account Opening support.
- Priority Customer Support.
- 3 to 14 Business Days Delivery.