Businesses in Nigeria are well-regulated by various Nigerian Government Agencies. However, some Government Agencies work or regulate all businesses regardless of the sector or nature of business while others are specific to a particular sector. This article aims to help you identify the various regulatory agencies and how they apply to different businesses.
The Agencies and their functions as it pertains to businesses in Nigeria are briefly discussed below.
The Corporate Affairs Commission (CAC)
This is the first agency every proposed business must interact with before engaging in business activities in Nigeria. It is established by the Companies and Allied Matters Act (CAMA) and is charged with the responsibility of incorporating companies in Nigeria. Thus, before an individual or an entity can operate in Nigeria, it must be duly registered with the CAC (https://www.cac.gov.ng/). The forms of business entities in Nigeria include the Business Name, partnerships, and companies. Please note that foreigners cannot register a business name.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.