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Legal guides written by Adeola Oyinlade & Co:
Browse our 2 legal questions about New Business Formation in Nigeria and the lawyer answers, or ask your own questions for free.
In Lagos, Nigeria, the process and legal requirements for new business formation are governed by the Companies and Allied Matters Act (CAMA). The act, enforced by the Corporate Affairs Commission (CAC), lays out the protocols for the registration and operation of businesses - whether they are Sole proprietorships, Partnerships, or Limited Liability Companies.
Starting a new business involves various legal processes that, when incorrectly executed, could lead to complications in the future. A legal expert can guide you through business registration, legal structure selection, contracts drawing up, understanding tax obligations, and securing the necessary permits and licenses. Given the intricacies of business law in Nigeria, engaging a lawyer is critical to avoid costly mistakes or oversights while satisfying all regulatory mandates.
Key laws relevant to new business formation in Lagos include:
These laws influence various aspects of business formation, including digital business, taxation, copyrights, and employee wages.
The timeframe for business registration in Lagos can vary depending on the exact type of the business and its related complexities. Typically, it might take between 2-3 weeks under the CAC's normal service and 24 hours for an express service.
The best legal structure for a business depends on factors such as the nature of the business, ownership structure, and tax considerations. Legal guidance is often recommended for making the appropriate selection.
New businesses in Lagos are subject to different taxes, including Personal Income Tax (for Sole Proprietorships and Partnerships) and Company Income Tax. The specific tax liability depends on the nature and income of the business.
Yes, non-Nigerians can start businesses in Lagos, provided they meet specific requirements as stipulated in CAMA and the Nigerian Investment Promotion Commission Act.
While some businesses may necessitate a physical office, many others can be initiated from home or remotely, depending on the requirements of the specific business type.
For further assistance, you may want to consider consulting the following resources:
If you require legal assistance with new business formation in Lagos, the next step would be to find a legal expert experienced in this area. Be ready to provide details about your business idea to help your lawyer provide accurate advice. Make sure to research about your possible legal needs, and remember that it's okay to ask questions so you can understand the process completely.
