Starting a business in Nigeria offers huge opportunities—especially in fast-growing sectors like FMCG, agriculture, wholesale distribution, logistics, and import/export. But before any company can operate legally, there are essential steps every entrepreneur must follow. Understanding the legal requirements for business registration not only keeps your business compliant but also builds credibility with suppliers, customers, and international partners.

This guide outlines the key regulatory steps involved in registering a business in Nigeria and how Wigmore Trading can support you throughout your setup and sourcing journey.

Why Business Registration Matters in Nigeria

Registering your business with the Corporate Affairs Commission (CAC) is the foundation for operating within the formal economy. It allows you to:

• Open corporate bank accounts

• Access government incentives and grants

• Sign contracts with suppliers and distributors

• Import and export legally

• Build trust with customers and global partners

For importers, exporters, distributors, and manufacturers, compliance is especially important because many regulatory bodies—including NAFDAC, SON, and Nigeria Customs—require proper documentation tied to a registered entity.

Step 1: Choose Your Business Structure

Before beginning the registration process, you must decide which structure is suitable for your operations.

The most common options include:

Business Name (Sole Proprietorship or Partnership)

Ideal for small or early-stage ventures. This structure is easier and cheaper to register but does not separate the owner from the business legally.

Limited Liability Company (LLC)

The preferred option for most import/export, wholesale, and logistics businesses. It provides liability protection and is required for many international transactions.

Incorporated Trustees

Used for NGOs, associations, and foundations.

Wigmore Trading works with many international clients setting up Nigerian entities and can provide sourcing and distribution support once your company structure is in place.

Step 2: Register with the Corporate Affairs Commission (CAC)

The CAC registration process involves the following:

Name Reservation

You must submit two proposed names for approval. Once the CAC approves one, it is reserved for 60 days.

Document Preparation

Depending on the business type, you will need:

• Means of identification for directors/owners

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• Registered office address

• Share structure (for limited liability companies)

• Details of directors and shareholders

• Articles and Memorandum of Association (for companies)

Submission & Payment

After uploading all documents on the CAC portal and paying the required fees, the CAC will review your application.

Certificate of Incorporation

Once approved, you’ll receive:

• Certificate of incorporation

• CAC status report

• Form CAC2/CAC7 (for companies)

With this certificate, your business becomes legally recognized in Nigeria.

Step 3: Register for Tax Identification Number (TIN)

Every registered business must obtain a TIN from the Federal Inland Revenue Service (FIRS). This number is required to:

• Open a corporate bank account

• File annual returns

• Conduct import/export activity

• Pay VAT and corporate taxes

Many banks now integrate TIN verification before allowing business transactions, making this a critical legal step.

Step 4: Apply for Additional Sector-Specific Licences

Depending on your line of business, you may need extra regulatory approvals. Common examples include:

NAFDAC Registration

Required for companies dealing in food, drinks, pharmaceuticals, cosmetics, and chemicals.

SONCAP Certification

Mandatory for certain imported goods regulated by the Standards Organisation of Nigeria (SON).

Export or Import Permits

Traders may need permits from the Nigeria Export Promotion Council (NEPC) or Nigeria Customs Service (NCS).

Wigmore Trading can help you navigate these approvals by managing product sourcing, documentation, and logistics across multiple African ports.

Step 5: Open a Corporate Bank Account

With your CAC documents and TIN, you can open a business account in Nigeria. Banks may request:

• CAC incorporation certificate

• TIN certificate

• Valid ID for directors

• Utility bill for business address

• Board resolution (for corporate accounts)

A corporate account allows you to receive international payments, manage supplier transactions, and operate transparently.

Step 6: Maintain Annual Compliance

After registration, businesses must comply with:

• CAC Annual Returns

• Tax filings (PAYE, VAT, Company Income Tax)

• Regulatory renewals (where applicable)

Staying compliant keeps your business active and prevents penalties or account restrictions.

How Wigmore Trading Can Support Your Business

Once your company is registered, you’ll need reliable suppliers, logistics partners, and distribution support. Wigmore Trading helps businesses across Africa streamline sourcing, import/export operations, and wholesale supply.

Whether you’re procuring FMCG goods, bulk commodities, or manufactured products, Wigmore Trading can help.

Contact Wigmore Trading today to streamline your sourcing.