How to Register a Business in Nigeria (2026 Guide)
Complete guide to registering a business in Nigeria. From CAC registration to getting your TIN and opening a business bank account.
Why Registering Your Business Matters
If you're selling without registering, you're limiting yourself. You can't accept card payments. You can't get a business bank account. You can't build trust with customers. And you're technically operating illegally.
The good news: registering a business in Nigeria is easier and cheaper than most people think. Here's the complete step-by-step process.
Step 1: Choose Your Business Name
Your business name is your brand. Choose carefully.
- •Must be unique (not already registered)
- •Cannot contain offensive words
- •Cannot imply government affiliation
- •Must end with "Limited" or "Ltd" for companies
How to check availability: 1. Go to post.cac.gov.ng 2. Click "Post Registration" 3. Search the CAC database 4. If available, proceed to reserve
- •Keep it short and memorable
- •Avoid numbers and abbreviations
- •Think about your domain name (vayva.ng is a great example)
- •Check social media handle availability too
Cost: ₦500 to reserve a name (valid for 60 days)
Step 2: Register with CAC
For Business Name (Sole Proprietor)
This is the simplest and cheapest option. Best for small businesses and solo entrepreneurs.
- •Your NIN (National Identification Number)
- •Passport photograph
- •Business address
- •Proposed business name
Process: 1. Go to post.cac.gov.ng 2. Create an account 3. Fill in the application form 4. Upload required documents 5. Pay the fee (₦10,000-15,000) 6. Wait for approval (1-2 weeks)
- •Certificate of Registration
- •Business Number (BN)
- •Legal authority to operate
For Limited Liability Company
More complex but offers personal liability protection.
- •Minimum 1 director and 1 shareholder
- •Memorandum and Articles of Association
- •Registered office address
- •Company secretary (for larger companies)
Cost: ₦30,000-50,000 Timeline: 2-4 weeks
Step 3: Get Your TIN (Tax Identification Number)
Every business in Nigeria needs a TIN. It's free and instant.
How to get TIN: 1. Go to taxprom.firs.gov.ng 2. Click "Register for TIN" 3. Enter your CAC number or NIN 4. TIN is generated instantly
- •Opening a business bank account
- •Payment processing (Vayva, Paystack, Flutterwave)
- •Filing tax returns
- •Government contracts
Step 4: Open a Business Bank Account
Don't mix personal and business finances. Open a dedicated business account.
- •CAC certificate
- •TIN
- •Valid ID (NIN, passport, or driver's license)
- •Utility bill (proof of address)
- •Passport photographs
- •Minimum deposit (varies by bank: ₦10,000-50,000)
- •Access Bank — Good digital banking, low fees
- •GTBank — Reliable, good mobile app
- •Zenith Bank — Strong business banking
- •First Bank — Largest branch network
- •Kuda — Digital-first, low fees
Step 5: Set Up Payment Processing
Once you have your CAC certificate and bank account, you can accept payments:
- Sign up for Vayva at [vayva.ng/pricing](/pricing)
- Complete KYC — Upload CAC certificate, ID, bank details (24 hours)
- Connect bank account — For receiving payments
- Enable payment methods — Cards, bank transfers, USSD
- Start accepting payments — Immediately after approval
Step 6: Register for Taxes
Depending on your business size:
- •Required if revenue exceeds ₦25 million/year
- •Rate: 7.5%
- •Register at taxprom.firs.gov.ng
- •Rate: 30% of profits (for companies)
- •0% for first ₦25 million profit (small companies)
- •File annually
- •Applies to certain transactions
- •Rate: 5-10%
Step 7: Get Necessary Permits
Depending on your industry:
| Industry | Required Permits |
|---|---|
| Food & restaurant | NAFDAC registration, health permit |
| Cosmetics | NAFDAC registration |
| Import/Export | Import license, customs registration |
| Pharmacy | PCN license |
| General business | HeSCO/waste management permit |
Common Mistakes to Avoid
- Skipping registration — You can't accept digital payments without it
- Mixing personal and business finances — Open a separate bank account
- Not getting TIN — It's free, instant, and required for payment processing
- Choosing wrong structure — Sole proprietor is fine for starting. Upgrade to company later.
- Forgetting annual filings — File your tax returns on time to avoid penalties
Timeline & Costs Summary
| Step | Cost | Timeline |
|---|---|---|
| Name reservation | ₦500 | Instant |
| CAC registration (BN) | ₦10,000-15,000 | 1-2 weeks |
| TIN | Free | Instant |
| Bank account | ₦10,000-50,000 | 1-3 days |
| Vayva setup | Free (14-day trial) | 24 hours |
| **Total** | **₦20,500-65,500** | **2-3 weeks** |
Getting Started
Register your business first, then set up your Vayva store. You can start selling while registration is in progress — just complete it within 30 days.
Related: Accept payments → · Digital wallet → · Online store →