TEN THINGS TO KNOW ABOUT

DOING BUSINESS IN NIGERIA

T H I N G S S E R I E S

1Do you want to sell goods or render service or both?

More than just to make profit, do what you are

passionate about.

IDENTIFY THE BUSINESS

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2Some goods are prohibited by law or highly regulated.

Some services cannot be rendered in certain areas, some

items cannot be sold to a class of persons etc.

GET LEGAL ADVICE ON THE LEGALITY OF THE BUSINESS.

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3Some services can only be rendered by professionals or certified persons.

Besides, it is only wise that you have a good knowledge of what you want to venture into.

GET PROPER TRAINING OR CERTIFICATION

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4Do you have enough to start?

Emphasis is on starting and not building something

big.

It is best to start small and watch the business

grow organically instead of investing heavily and

crashing due to debts and unsustainability.

IDENTIFY YOUR RESOURCES CAPITAL, RESOURCES, LAND AND LABOUR

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5Register a business name or incorporate a company.

Discuss with a legal practitioner on the pros and cons of

each business type and choose the plan most suited to

your needs.

LEGALIZE YOUR BUSINESS.

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6Registration or Incorporation affords you the opportunity

to open a bank account in the name of the business.

Also, obtain a Tax Identification Number (TIN) and always

pay your taxes regularly.

PAY TAX

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7Separate business funds from personal expenses.

DON'T MIX BUSINESSWITH PLEASURE

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8Ensure to pay all dues and levies promptly

and regularly. Delay is more costly.

PAY YOUR DUESPROMPTLY

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9Always get legal advice before taking any major

business decision. LEGAL ‘prevention’ is better that

‘curing’ disputes or financial crises.

GET LEGAL ADVICEALWAYS

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10Finally, apply the 3 ‘P’s:

Passion, Purpose and Persistence

THE THREE “P”OF SUCCESS

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This information booklet is supplied by:

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@alpsedge