I am on a Mission of helping Small and Medium-Sized Entities(SMEs) stay afloat comply with regulatory requirements.
What is Small and Medium-Sized Entities?
SMEs have different definitions based on various provisions and authorities.
The Tax Act define small companies as Companies with turnover of between N0 and N25m annually while it define medium-sized companies as companies with annual turnover between N25m to N100m.
Companies and Allied Matters Act Define small companies as Companies with turnover not exceeding N120 million; and
its net asset value should not exceed N 60 million.

Now you can decide if your Company/Business is an SMEs

Some regulatory Compliance you should ensure as an SMEs
1. Registration with regulatory agencies: Small business are required to register with regulatory agencies. For businesses, NGOs and Companies, you are required to register with Corporate Affairs Commission (CAC). Cooperative societies are required to register with Ministry of Commerce.

In addition, we also have industry specific regulation which is applicable to entities operating within a certain Industry. For example, entities dealing with foods and drugs are required to register with NAFDAC, while some entities are also required to Register with Standard Organization of Nigeria (SON) Please note that it is illegal to carry on a business in Nigeria without proper registration with relevant regulatory agencies.

2. Registration for Tax: Value Added Tax(VAT) registration is one of the mandatory requirement for all business. All Corporate entities are expected to have Tax Identification Number (TIN). Having TIN does not mean you will be asked to pay tax. Tax is paid on a particular basis such as profit, consumption, income and commodities. Businesses are also encouraged to get proper enlightment on how tax work as tax evasion is a criminal act in Nigeria law

3. CAC Annual Returns: All Companies registered with Corporate Affairs Commission are required to pay N5,000 annually as annual returns. Most Companies default in doing this.

Penalty for not Complying

Your business is at a big risk if you fail to comply with various regulatory requirements. You will be subject to penalties and you might be stopped from carrying on business in some instance.

You can reach out or comment if you need discount on registration, clarification, compliance, tax clearance, and how your business can stay afloat
08109402458