STATUTORY REQUIREMENTS FOR BUSINESS GROWTH IN 2023

1. Registration of Business

(a)   –   Incorporation as a Limited Liability Company (Private or Public)

–    Incorporation as a Private Company Limited by guarantee

(b)       Filing of Annual Returns with CAC

(c)        Registration of Business Name or Partnership.

2. Registration and rendering Returns for:

–           Personal Income Tax (PIT)

–           Company Income Tax (CIT)

–           Value Added Tax (VAT)

–           Withholding Tax (WHT)

–           Pay As You Earn (PAYE)

3. Obtain Tax Clearance Certificate for your business for the past 3 years, which is valid until 31^st December, 2023.
4. Pension Clearance Certificate valid until 31^st December, 2023.
5. Compliance Certificate for ITF – Industrial Training Fund – Valid until 31^st December, 2023.
6. Compliance Certificate from Nigeria Social Insurance Trust Fund (NSITF) valid until 31^st December, 2023.
7. Registration on the National Database of Federal Contractors, Consultants and Service Providers.
8. Professional License to Practice from your Professional Body.
9. Registration with Regulatory Bodies e.g.

(a)        CMD – Centre for Management Development

(b)       FRCN – Financial Reporting Council of Nigeria

10. Audited Accounts for 3 years (2020, 2021 and 2022).
11. Insurance for Motor Vehicles, Professional Indemnity, Fire and Burglary, Cash in Transit.
12. Documentary Evidence of at least three (3) jobs you have executed in the last three (3) years.
13. Membership of Business Organizations e.g. Chambers of Commerce, NASME, National Association of Small and Medium Enterprises. NASSI – National Association of Small Scale Industries, Business Network International (BNI)
14. Business Premises / Registration or Renewal.
15. Documentary Evidence of at least three (3) jobs you have executed in the last three (3) years.
16. Business Premises / Registration or Renewal.

BENEFITS OF COMPLIANCE

1. Less distraction by government agencies and regulators.
2. You can compete with others in the market if you have the required documents.
3. You can bid for Government jobs (Federal and State).
4. No penalties and sanctions
5. You will conserve money that may be wasted in paying interests and penalties.
6. You can seek for grants and obtain them.
7. You can secure more funds for your business.