POS Business Naija

Here's a comprehensive guide to starting a business in Nigeria: Pre-Registration Phase 1. Conduct market research and feasibility studies 2. Choose a business structure (sole proprietorship, partnership, limited liability company) 3. Develop a business plan 4. Secure funding (loans, grants, investors) Registration Phase 1. Register with Corporate Affairs Commission (CAC)     - Business Name Registration: ₦20,000 - ₦25,000     - Company Registration: ₦50,000 - ₦500,000 2. Obtain necessary licenses and permits     - Federal and state government licenses     - Local government permits 3. Register for taxes     - Value Added Tax (VAT)     - Company Income Tax     - Personal Income Tax 4. Open a corporate bank account Post-Registration Phase 1. Register with relevant regulatory agencies     - Nigerian Investment Promotion Commission (NIPC)     - National Agency for Food and Drug Administrati...

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...