POS Business Naija

Here's a detailed comparison of the different types of CAC (Corporate Affairs Commission) registrations in Nigeria: Business Name Registration 1. Suitable for: Small businesses, sole proprietors, entrepreneurs 2. Liability: Unlimited 3. Ownership: Individual/Partnership 4. Share Capital: Not applicable 5. Directors/Shareholders: Not required 6. Registration Fee: **** 7. Compliance Requirements: Minimal 8. Requirements: Business name, owner's details, Id card and address Read: What is SCUML and which business needs it? Private Limited Company (Ltd) 1. Suitable for: Medium to large-scale businesses 2. Liability: Limited 3. Ownership: Shareholders 4. Share Capital: Minimum ₦100,000 5. Directors/Shareholders: Minimum 2 directors, maximum 50 shareholders 6. Registration Fee: **** 7. Compliance Requirements: Annual returns, audited accounts 8. Requirements: Memorandum and Articles of Association, share capital, directors' and shareholders' details Need loan? Click...

You know why you here so lets go straight to business. To register a business in Nigeria, follow these steps: Step 1: Choose a Business Name 1. Verify the availability of your desired business name on the Corporate Affairs Commission (CAC) website. 2. Ensure the name meets CAC's naming requirements. Step 2: Register with CAC 1. Create an account on the CAC website. 2. Fill out the online registration form. 3. Pay the registration fee (currently ₦25,000 - ₦500,000, depending on the type of registration). Step 3: Obtain Necessary Documents 1. Certificate of Incorporation. 2. Business Name Registration Certificate. 3. Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS). Step 4: Register with Other Relevant Authorities 1. Register for Value Added Tax (VAT) with FIRS. 2. Obtain a Business Premises Registration Certificate from your local government. 3. Register with the Nigerian Investment Promotion Commission (NIPC) if applicable. Additional Requi...

The Corporate Affairs Commission (CAC) had earlier mandated all Mobile Money Operators, also known as POS Operators to register their businesses. This has caused frantic effort from POS operators. This exercise has made many compliant operators to register their businesses. In spite of this, many operators are still hesitating due to the cost and some are considering the importance.  No doubt, many registrations are still with the corporation awaiting approval so it will be unreasonable from CAC to stop such ones from operating their businesses.  On Saturday,  6th July 2024, CAC posted on their portal a notice of extension.  Read:  How to get money to start POS business This extension pushes POS registration from 7th July to September 5th 2024. This extension is to further allow POS operators time to comply and it's expected that they will meet this deadline.  To register your business with CAC, click here

CAC has made it mandatory for POS terminals, whether as agents, merchants, or individuals to register with the Corporate Affairs Commission before the commencement of business, while those that already commenced business were given 7th July 2024 as the deadline to register same. This directive was made to enable the corporation monitor and know all eligible POS operators in the country. It is also believed that it will curb criminal activities as a lot of money is lost to criminal activities of POS operators. With the deadline closing in, what becomes the faith of POS operators. Many operators are registered while a lot are still dragging their feet on the matter. Many POS operators have insisted on an increment in charges if forced to register with CAC. As it is,  the umbrella body of POS operators in Nigeria, Association of Mobile Money Operators in Nigeria (AMMBAN) have decided to sue the Corporate Affairs Commission (CAC) for this ill timed directive. But what is th...