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Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

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Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

Please note the following if you’re a business owner or you’re planning to become one:

 

  1. If you have registered a limited liability company with the Corporate Affairs Commission and you have opened a bank account in your company name, don’t use the account for personal transactions, if you do, you run the risk of having tax issues with the FIRS.

 

  1. When FIRS discovers such bank account (with BVN, it’s very easy for them), they will ask you to account for the money. They will ask you to present different kinds of accounts such as Audited Financials, Management Account, Cashbook, etc. You will be expected to show evidence of your VAT and WHT payments as well.

 

  1. If you claim your company is not doing any business yet, they will not believe you because there are transactions in the company’s bank account. So they will assume all the inflows into your bank account are transaction proceeds and they shall compute VAT at 7.5% on the sum total.

 

  1. So I advise you, if you have a company registered and you have not started doing any business with it, do not open a bank account in that company’s name and if you have opened an account, do not transact with it. Transact personal businesses with your personal bank accounts. That way, you only have PIT to worry about with your state internal revenue service.

 

  1. If you have registered a limited liability company and you have not started business, ensure you file Zero Returns with the FIRS.
Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

Tax Matters Information you need to Know before registering a Business Name or Limited Liability Company in Nigeria

  1. If you want a Business name for whatever reason, instead of registering a company, why not start with a Business Name? You can have your corporate bank account but you will not have to file returns to the FIRS. You will only remit VAT, and WHT on Invoices from limited companies, any other tax (basically PAYE and WHT on Invoices from non-limited enterprises) will just be with your state IRS.

 

  1. Finally, do not transact personal business with your corporate bank accounts. 

An uncle wants to send you #2m to buy a car. Do not receive it through your corporate account, receive it into your personal account. 

You want to start that small business? Register a business name and not a limited liability company. 

 

Save yourself from avoidable tax issues in the future!

 

Educate your People.

 

Copied On a specialized whatsapp group.

 

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Dayo Adetiloye Business Hub
Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
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