Common Mistakes People Make Before Registering a Business
Registering a business in Nigeria through the CAC can be seamless when done right, but many entrepreneurs make mistakes that delay or derail the process:
- Submitting incomplete documents: Missing out on director details, wrong addresses, or incomplete forms will lead to rejection.
- Choosing an already-registered name: Always conduct a name availability search before settling on a business name.
- Picking the wrong business structure: Understanding the difference between a business name, partnership, and limited liability company is crucial before registration.
- Neglecting tax obligations: After CAC registration, you must get a Tax Identification Number (TIN) and register for VAT if necessary. Ignoring this can affect your business operations.
Awareness of these errors can save time and money.
