Frequently asked questions
Got Questions? We have answers…
1. How much does it cost to register a company in Nigeria?
The cost depends on:
Type of business (Business Name or Limited Company)
Share capital structure
Professional service involvement
Business name registration is typically lower in cost, while limited companies vary depending on share capital and regulatory requirements.
For an accurate quote tailored to your business structure, contact us for a free consultation
2. How long does it take to register a company?
If documentation is properly submitted:
Business Name: 3–5 working days
Limited Company: 5–10 working days
Delays usually occur due to name rejection or incorrect filings. We help ensure smooth and timely registration.
3. Do I need an auditor for my company?
It depends on whether your company qualifies as a “small company” under CAMA.
However, even if audit is not mandatory, many businesses conduct voluntary audits to:
Improve credibility
Secure bank loans
Attract investors
Strengthen internal controls
We can assess whether your company legally requires an audit.
4. Is my small business required to pay corporate tax?
Under Nigeria’s updated tax framework, some small businesses may qualify for exemption from Company Income Tax if they meet specific turnover and asset thresholds.
However, tax filing is still mandatory — even if no tax is payable.
We help businesses determine their exact tax position and ensure full compliance.
5. What happens if my company has never filed tax returns?
Failure to file tax returns can lead to:
Accumulated penalties
Estimated tax assessments
Inability to obtain Tax Clearance Certificate
Possible regulatory action
We provide tax regularization services to help businesses clean up outstanding compliance issues safely and professionally.
6. How do I obtain a Tax Clearance Certificate (TCC)?
To obtain a TCC, your company must:
Be tax-registered
File all required returns
Settle outstanding liabilities
If your records are not up to date, we can assist in reconciling filings and fast-tracking your TCC application.
7. Can you help with FIRS tax audits?
Yes.
We represent clients during tax audits conducted by the Federal Inland Revenue Service (FIRS).
Our support includes:
Reviewing audit queries
Preparing documentation
Negotiating assessments
Ensuring fair and lawful resolution
Early professional intervention reduces financial exposure.
8. What accounting records am I required to keep?
Under Nigerian law, businesses must maintain:
Sales records
Expense receipts
Bank statements
Payroll records
Asset registers
Proper record-keeping protects you during tax reviews and audits. We provide bookkeeping and outsourced accounting support to ensure compliance.
9. Do startups need professional accounting services?
Yes.
Even early-stage businesses benefit from:
Proper tax structuring
Accurate financial reporting
Compliance guidance
Investor-ready documentation
Many startups fail due to poor financial management — early advisory reduces risk.
10. Can you help register NGOs and incorporated trustees?
Yes.
We assist with:
NGO registration
Incorporated trustee registration
Post-registration compliance
Annual returns filing
Donor compliance reporting
Proper structuring ensures regulatory approval and funding eligibility.
11. What is the difference between bookkeeping and auditing?
Bookkeeping involves recording daily financial transactions.
Auditing involves independently reviewing financial statements to ensure accuracy and compliance.
Both are important — and serve different purposes. We provide both services.
12. How often should my business prepare financial statements?
At minimum:
Annually for statutory and tax purposes
Best practice:
Monthly management accounts
Quarterly performance reviews
Regular financial reporting improves profitability and decision-making
13. Can foreigners register a company in Nigeria?
Yes.
Foreigners can incorporate companies in Nigeria, but additional regulatory and capital requirements may apply depending on industry.
We assist with end-to-end foreign-owned company registration and compliance.
14. Why should I hire a professional firm instead of doing it myself?
While some filings can be done independently, professional support ensures:
Accurate compliance
Reduced risk of penalties
Proper tax planning
Audit readiness
Strategic financial guidance
Mistakes in tax or registration often cost more than professional fees.
15. How do I get started with your firm?
You can:
Schedule a consultation
Request a compliance review
Contact us via phone or email
We will assess your needs and recommend the most cost-effective solution for your business.
Still Have Questions?
Compliance and financial management can be complex — but they don’t have to be stressful.
Our team provides:
Company registration Tax compliance & advisory Audit & assurance Financial reporting Corporate governance support Ongoing compliance management
Contact us today for a consultation and let’s help your business grow the right way.
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