There are a few documents necessary to run a small business in Nigeria in 2021. The registration of a small business with the necessary local and federal agencies is another way to establish a signature in the country.
Small and medium-sized businesses, MSMEs that operate throughout Nigeria are also at an advantage if they have essentials certifications and requisites.
Several MSMEs were beneficiaries of grants and loans during the pandemic since they had these documents.
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Application for business competitions around Africa sometimes requires small businesses to present these government documents.
Business Registration for 2021
CAC, Certificate of Incorporation – This is the certificate which the Corporate Affairs Commission, CAC provides to small business owners.
It bears all details of the business including the name, structure (sole proprietorship, cooperate or partnership) and location. The CAC website https://www.cac.gov.ng/ has more details.
SMEDAN Number – The Small and Medium Enterprises Development is a federal government agency that provides support to MSMEs who register with them.
The SMEDAN registration program promises an electronic certificate with a SMEDAN Unique Identification Number (SUIN) which is sometimes a requisite for loans in Nigeria. The SMEDAN website https://smedan.gov.ng/ has more details.
TIN – The government introduced a new and easy way to get the Tax Identification Number, TIN alongside the Certificate of Incorporation. The TIN number is also a requisite to operate corporate and business bank accounts. The CAC website https://www.cac.gov.ng/ has more details.
NIN – NIN identification is possible at the National Identity Management Commission, NIMC website. Businesses are not allowed to operate phone lines without having a NIN number.
BVN – Bank accounts that do not have a verification number BVN, are likely inoperable in 2021. The BVN can be gotten at any bank throughout the country.
Licenses & Permits – Licenses and permits enable small business owners in Nigeria to serve customers anywhere in the country. Different states could have different permits to sell to business owners.
With these documents in place, it is time to focus more on business and growth opportunities.