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The Best Way To Become a Certified and Successful Event manager in Nigeria

Ossi Samuel

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become a certified and successful event manager

The Best Way To Become a Certified and Successful Event manager in Nigeria

To become a certified and successful event manager, you have to know some things. As a survey recently discovered, the world spends about $500 billion in organizing events. This is a shocker and eye-opener as to the lucrative nature of the event management market.

So, the event planning and management market is a big bet for the future as the market is still growing, rapidly. A big future awaits those who are ready to go into this market. In light of this, we found it worthy to give trustworthy directions and mind-blowing information to those who would want to make a living in this market in other to make them successful.

First, let’s discuss who an event planner is and what they do. As an event planner, you would be expected to perform a range of tasks including but not limited to:

Related: How to become a makeup artist in Nigeria

10 Basic Duties of an Event Planner

To become a certified and successful event manager the following are your duties.

  • Obtaining information on what your client’s needs and expectations are.
  • Conducting necessary research to find out the best ways to meet up with these expectations.
  • Coming up with a brilliant theme and design for the event.
  • Recommending or choosing a good location for the event.
  • Setting timelines and schedules for all activities.
  • Making arrangements with vendors for all services like food, music, decoration, drinks etc.
  • Making arrangements for transportation and accommodation for people who would be attending the event.
  • Co-coordinating all vendors and staff that would be involved in the event.
  • Ensuring excellent event execution.
  • Supervising the event and then conducting necessary evaluations and making adjustments after the event.
  • Oh! Did I forget to add, getting paid for a job well done?

Though the duties you would be expected to perform depend on the type of event planning business you decide to open, those are the basic duties for every event planner.

Why do People Need Event Planners?

To become a certified and successful event manager, you also need to why people require event planners. Events require lots of movements, thinking and talking. It comes with lots of physical, psychological, and mental stress that most people lack the capacity to handle. So, it is more rational and economical in all perspectives to transfer these stress to event managers who deliver the goodies on that day.

Also, the event managers have some professional touches they give to events which a novice in the field lacks. More interestingly, event planners can help to cut costs and manage resources better so that organizing an event doesn’t have to cost a fortune.

Who Can Start an Event Planning Business?

Anyone can become a certified and successful event manager! Of course, anyone! Anyone that has the basic skills and is ready to sacrifice time and resources can. Anyone who has a passion for planning, who is attentive to details, has strong coordination and management skills, and can work well under pressure is perfectly suited for this market.

If you have these skills and enough time to spare, trust me, you are in for a kill in the event management market. Then it’s simply time for you to rise, take off your pallet, and walk. I mean, go for it! The world is your oyster.

How to Become a Certified Event Planner

The event management market is not a regulated market where you need certifications to enter. You can be a successful event manager without certifications of any sort if your skills stand you out. However, people sometimes depend on your profile to be convinced that you are good at what you do. Certifications help you to improve your profile and attract clients who do not know you in person. People would be more willing to work with you if they see you as an experienced professional.

To become a certified and successful event manager, obtaining a management degree or a degree in event management would do. Then with some years of experience, you can register to become a Certified Meeting Planner (CMP) or a Certified Special Events Professional (CSEP).

Where and how to Offer your Event Planning Services

To become a certified and successful event manager, You can either be in the corporate event market or the social event market. It’s better to be in either of these markets if you won’t be able to manage both of them at the same time. Both markets have different demands and you should choose the one you are best suited to navigate.

However, there are no fixed rules as to how many markets to be in at a time. Some people work in both the social and corporate events markets and still do very well, it depends so much on planning and individual abilities.

Corporate event planning, just as the name suggests involves planning events like meetings, seminars, workshops, product launching and branding, and similar other events on behalf of corporate organizations while social event planning involves organizing birthdays, weddings, anniversaries, and other social events for your clients.

What Resources Do You Need to Setup an Event Planning Business?

The resources you need to become a certified and successful event manager are as important. The First thing you need to do is to get your business registered by the concerned bodies thereby obtaining all the required licenses, permits, and fees.

Secondly, you need both physical and electronic means of contact. You need to have your office both physically and on the internet. To obtain a physical office, you can either work from home or rent an office space.

However, renting an office space lends more professional credence to your business while working from home cuts costs for you, the choice is yours. Then you would need to rent office space although you may choose to work from home in order to cut costs.

Next, you would need to spend on advertising, purchase of equipment, employees, and miscellaneous items. Roughly, the amount needed to start an event planning business can be anywhere between $5,000 and $30,000.

6 Steps to Take to Start Your Event Planning Business

  1. Decide on a Niche

Earlier on, I discussed the two major niches in event planning; the choice is now yours as to which to fit in. it can either be social event planning or corporate event planning. Chose a niche to become a certified and successful event manager

  1. Gain some experience

To become a certified and successful event manager, you need practical experiences to further develop your skills before launching into the market. Hence, you should consider working with an established event planner.

  1. Build your portfolio

It’s very necessary for you to create a brand for yourself in the market through the works you have done. This would help convince your clients that you are worth hiring. Your portfolio could contain a list as well as photographic and video evidence of all the jobs you have handled successfully in the past.

Please understand that the portfolio takes time to build and you need not hurry about it. You can also build your portfolio by offering some free services to your friends and family.

  1. Build a network of suppliers

To become a certified and successful event manager, you must have standby and suitable suppliers and vendors ready to work with you at any time. For instance, you would need good caterers, decorators, florists, photo and videographers, Master of Ceremonies, DJ’s to mention but a few working with you as a team.

Be informed, that your potential clients would be interested in your vendors’ list, so, you should ensure that you have the best service providers on your team.

  1. Determine your fee structure

After taking care of the above, you have to determine how you want to get paid for your services. It can be as a flat fee, an hourly rate, a percentage of the event budget or a commission. However, what matters most is that price that compensates you adequately for your efforts and also covers all the expenses you would undertake, so go for that.

  1. Promote and develop your business

To become a certified and successful event manager, you need to be versed in the art of networking to be able to promote your event management business. The act of Networking helps you to meet more people and gain new customers.

One other effective way to promote your event planning business is through the referrals system. You can liaise with the vendors and service providers and offer them a kind of bonus or commission for referrals. This would encourage them to drive customers to your business so that they can earn rewards. Don’t forget to create a website and also, advertise your business.

To succeed in the event planning business you would need to-:

  • Have a strong team spirit.
  • Offer competitive prices.
  • Offer excellent services.
  • Control costs.
  • Minimize costs to maximize profit.
  • Work to fulfill your client’s vision and meet up with their expectations.

However, despite the lucrative nature of the event management market, it’s not all that is cut out for this market. It would be imperative to point out that it would be foolhardy for anyone who lacks the requisite soft skills to venture into the market. For anybody who wishes to be part of this market, it’s important to do a self-skill search before doing that to avoid some futile adventure.

The Skills You Need to Become a Successful Event Planner

Though some people are naturally cut out for the event planning market, everybody still needs some brushing up on the necessary soft skills to be a success in the market. On that note, it is advised for such a person to go for a refresher course or training. Some of the relevant skills to be acquired as an event planner, if you wish to get to the next level are highlighted below.

Here are 10 skills you would need if you intend becoming a successful and professional event planner;

  1. Organizing Skill

Event planning is all about organizing successful events for your clients, so organizing skills is needed to become a certified and successful event manager. Organizing skills is topmost in the array of skills required to be a success in this market. So you need to avail yourself of this skill through training.

2. Communication Skill

Second, in this list of skills is good communication skills. Good communication skill is needed in all aspect of life if you intend to make a success out of your life or career. It takes good communication skills to understand what your client wants and also to pass your message across to him.

If your communication skill is poor, you will never understand fully what your client wants and you will end up delivering poor services which will definitely affect your reputation. If you cannot communicate effectively to your clients and your staff, you will struggle to achieve your aim or goal.

3. Listening Skill

Good Listening skill is another vital skill necessary to become a certified and successful event manager. You should be able to effectively listen to your clients in order to get a clearer picture of their expectations.

If you don’t have effective listening skills, you are likely going to land yourself in trouble with some clients because you might end up doing what they didn’t ask you to do.

4. Interpersonal Skill

In most event projects, especially corporate events, you are expected to work with a mixed team comprising of your staff and those of the corporate organization you are working for, working together to achieve a common goal.

In this case, there is a serious need for interpersonal skills to be able to carry everybody along in the course of planning for the event. You need these skills to become a certified and successful event manager

5. Paying Attention to Details

An event can be ruined by the simplest of details ignored. This can create some dent on the image of the manager involved. So, the ability to pay attention to details can prove to be the breaking point where that huge reputation is lost and won for event managers.

The success of an event could mean being able to dot all the ‘I’ and all the ‘T’ and it is your attention to details that will help you achieve this. In case you don’t have it, then you need to develop your capacity to pay attention to details; it will take you far as an event manager.

6. Computer Skill (Excel, Word, PowerPoint Skills, et al)

Good knowledge of computer appreciation packages is basic for every entrepreneur today. Event managers are not left out here. So, you need good computer skills if you intend to make a successful career as an event manager.

As a matter of fact, you would need to work with Microsoft Excel, Word, and PowerPoint at various stages in planning for an event. It will make it easier for you to sort things out and to make powerful presentations when bidding for contracts et al. You just need to be computer literate to become a certified and successful event manager

7. Bargaining Skills

The entrepreneur is a profit maximizer and cost minimizer. To maximize profit and minimize cost, you need to be able to bargain adequately on the two fronts of clients and staff. This is to ensure that your clients don’t underpay you and you don’t overpay your staff at the same time.

So, ensure that you upgrade your bargaining skill before starting your event management business; it will help you to maximize profit while minimizing cost and by extension help you to become a certified and successful event manager

8. Marketing Skills

As I pointed out earlier, you need to master the art of networking to enable you to meet people and get them to hire you. To be a good networker, you need good marketing skills to be able to convince potential clients that you know your onus.

To ensure that you equip yourself with marketing skills if you intend to do pretty well as an event manager. If you don’t have this skill, you can attend some marketing training and you will surely acquire it.

 

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Ossi Samuel is a mafian thinker, an avid reader and writer, and political analyst. Am a humanitarian and fun loving person. I love Tech by the way and will always have your time if you have any ideas. I can be reached on Facebook

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Why You Should Go To Business School As An Aspiring Entrepreneur

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A school is a place where knowledge is acquired. As an aspiring entrepreneur, going to school is important because it helps you to add knowledge to your skills or ideas. A business school is a school where basically business-related courses are taught and it is advisable for all entrepreneurs to go to Business School in order to add additional knowledge and information to their skills. This will enable the entrepreneur to function and stay relevant in the Business and Corporate world.

Although going to a business school in Nigeria is somehow costly, there are different categories of business schools out there which one can enroll in and get the necessary professional skills for efficient business operations. Make your research and choose the one that is comfortable to you financially and which matches your day-to-day business operations. Luckily, you will find some that run at a subsidized rate and which you can attend while running your business simultaneously.

Why You Should Go To Business School As An Aspiring Entrepreneur

Why You Should Go To Business School As An Aspiring Entrepreneur

As an aspiring entrepreneur, making a choice to go to a business school is one of the best life decisions you will ever make. There are various reasons why you should go to a business school as an aspiring entrepreneur. In this article, I share 10 good reasons why you should go to business school with you as an aspiring entrepreneur in Nigeria.

See them below.

10 Reasons Why You Should Go To Business School

(1) Attending A Business School Will Help You To Make Better Career Choice

Attending a business school as an aspiring entrepreneur will help you to make a better career choice and help you focus. There are different courses taught in the business school and going for (i.e., offering) these courses especially the ones that match your business delineation will help you to structure your business ideas and help you to make better decisions in your career.

Aside from helping you in your idea formation, execution, and expansion, attending a business school in Nigeria will help you to function well and have an edge in the cooperate world. As the world is going more digital today, it is most likely that only people with multiple streams of income wil be able to survive the tough climates of the future. If you are an aspiring entrepreneur, with your degree from a recognized business school, you can work in the cooperate setting and also run a business as a side hustle.

(2) Attending Business School Will Help You To Attain Personal Growth

As an aspiring entrepreneur, attending a business school is not only for career development but also for personal growth. Let’s looking away from the monetary sacrifices or benefits and focus on the personal growth for a moment. When you attend business school, you get exposed to different categories of businesses. In business school, you will be exposed to in-depth knowledge of business education which will personally groom you for what lies ahead of you in both your business and career. It is a great opportunity for you to fulfill your goal of becoming a certified entrepreneur. Business school degree is equivalent to University Degree and fortunately they run postgraduate studies for graduates from other schools and Universities.

(3) You Get Upgraded Skills

As an aspiring entrepreneur, going to a business school will help you to acquire more skills. Examples are critical thinking and analytical skills which will help you to make good decisions in your business choice and anywhere you find yourself in the world. The knowledge and skills that you gain from business school will also help you in your day-to-day activities. Also, business school teach different skills related to the cooperate world. Some of these skills are Presentation Skills, Interpretation of data (Data Interpretation), Information Management and Personal Development skills which will help you to function not only in the business world but also in other areas of your life.

(4) Helps to Widen Your Scope

Business programs offered in business schools will widen your scope about your business. For example, with the knowledge gained from business school, you will learn how to and be able to write your business plan(s), structure of your business, have risk awareness, know different marketing strategies, learn finance management, and acquire leadership skills. Acquiring a skill is not enough in business. For example, we have a lot of people with different business ideas but who have difficulties with structuring the business and this limits the lifespan of their business. Therefore, business school will help to widen your scope about the business you want to venture to.

(5) Helps You To See Beyond Local Lens

Business programs/course taught in business school will help you to understand business beyond the local lens. It will expose you to working with different people; there are some business schools that run their program with international students. This will help to broaden the scope of study which will include studying business beyond your local environment or country (i.e., Nigeria).

(6) Business School Showcases Practicality Of Business

In most business schools, the students are taught practical business operations; they undergo several business projects which expose them to the practicality of business. There are several models and theories in business but as an aspiring entrepreneur, you will need more of practical in your business and the most interesting thing about going to a business school is that you will be exposed to both basic and comprehensive business practices which will help you stand out among your fellow aspiring entrepreneurs.

(7) Attending Business School Offers You The Opportunity To Further Your Education

Business school is not just for people who studied Business Administration and Management in the tertiary institution at bachelors (i.e., graduate) level but for everyone who wishes to have the knowledge of business. Therefore, there is opportunity for further studying i.e. you can obtain your Masters and Doctorate degree respectively in business. This is a great opportunity for people who graduated from other University courses but want to switch to Business Management and Administration or Entrepreneurship.

(8) It Helps To Fuel Your Passion

When you make a decision to go to business school as an aspiring entrepreneur, you are indirectly or directly fueling your passion for business. It will help you to take what you love seriously and see it from a different angle. Business practices taught in business school will help you to develop more interest in your field and it can also help you to make better decisions in your business idea which will help you to achieve your goals faster.

(9) Build Interpersonal Relationship Skills

Attending a business school as an aspiring entrepreneur will help you to develop interpersonal relationship skills which involve proper communication skills, customer relationship skills, and human relationship skills all of which is are basic skills you should have as an entrepreneur. You will learn how to communicate with people at different levels. You will be taught how to give business report and you will also acquire passive and active listening skills.

(10) Self Improvement

Doing new and different thing for yourself is a form of self-improvement. Going to a business school as an aspiring entrepreneur is a form of self-improvement because you are not just limiting yourself to only what you know. Rather, by engaging in academics, you are actively brainstorming, tasking your brain and challenging yourself to become a better person in your field, moving from just an entrepreneur to a business guru. Upon completion of your studies, you will not just have the skill but the knowledge of how to become a business mogul. Going to a business school as an aspiring entrepreneur is one of the best things that you can do for yourself.

Conclusion

As an aspiring entrepreneur you must dare to stand out by going beyond your circle to be the best among your peers. Going to a business school to acquire professional knowledge on business and management will help you to stand out both in the business and corporate world.

Looking for a business school you can attend close to you? Go through this comprehensive guide that shows a list of available business schools and their locations in Nigeria.

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Best Business Schools For Aspiring Entrepreneurs

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When you acquire useful business administration/management knowledge and add this to your skills, you are unequivocally bound for the top of the game in your chosen business line. This is the more reasons it is advisable to go to one of the business schools that teach the basic business administration/management skills before or after acquiring the basic skills of a business. You can never be wrong to go to a business school.

I have noticed that a larger percentage of entrepreneurs with a form of formal education are always different from and perform comparatively better than those without any form of formal education. Therefore, to boost your game in entrepreneurship and up your ante as an entrepreneur, it is advisable for you an aspiring entrepreneur to get a formal education to upgrade your skills.

If you don’t know why you should go to Business School as an aspiring entrepreneur, then I advise that you should get that settled first before proceeding to the rest of the article. Why would you want to learn about available Business Schools in Nigeria when you don’t even know why you want to attend one in the first place! Well, I guess you know why already. But if you don’t, I have compiled a full guide that lists and explains 10 key reasons why you should go to Business School as an aspiring entrepreneur. You can get the full guide here.

In this article, I share the best business schools in Nigeria for aspiring entrepreneurs.

A business school is tertiary institution that offers a university degree equivalent certification upon competition of a training in a business-related courses.  The courses you can offer at a business school include Business Administration, Business Management, Business Strategy, Finance, Management Related Courses and Customer Relations related courses. The length/duration of the courses varies with the courses offered although they all share the in-depth knowledge in business. This is the more reason why you should enroll in one of these courses today.

best Business Schools in Nigeria to attend

Best Business Schools For Aspiring Entrepreneurs

There are various business schools in Nigeria and I will be sharing the best of them with you in this article. The sprout and growth of the various business schools in the country currently is largely supported by the large population of Nigeria. Being the most populous country in Africa, Nigeria offers so many great opportunities for business making the establishment of business schools a beautiful idea to investors. Doubtless, these business schools have aided the growth of businesses in Nigeria.

Below is a list of best business schools in Nigeria, their offer packages and locations:

(1) Lagos Business School

Lagos business school was established by the renowned economist, Pat Utomi. It is a graduate business school of pan-Atlantic university officially owned by Pan Atlantic University Foundation. Over the years, Lagos business has been rated the best business school in Nigeria. The school offers different categories of courses for aspiring entrepreneurs which ranges from executive courses to basic business courses like Business Decision, Business Administration, Finance, Accounting and so on.

Lagos business school is really a good and reputable business school that suits all business styles. Due to the increasing trend in the digital world, they have introduced online courses for people/businesses which cannot be on ground physically for studies. This implies one can get a business degree online from the school from the comfort of his/her home.

(2) Business School Netherlands, Nigeria

Business school Netherlands, Nigeria was established in the year 2003 in Ikeja, Lagos State Nigeria. It is different from other business school because it is managed by foreigners. Its uniqueness is due to the fact that the school offers its students the opportunity to study at a lower rate especially if you are a Nigerian. Besides, the school teaches both the theoretical aspect of business and the practicality of business theory. Since their establishment in August 2003, they have made great effort in improving the business world in Nigeria.

(3) Executive Business School

Executive business school is one of the top business schools located in Nigeria. It was founded in 2007. This business school is unique because it is internationally affiliated to some schools oversees for example in Europe and the United Kingdom. Executive business school offers courses at both the undergraduate and postgraduate levels e.g. Masters and doctorate degrees. They offer various courses in different spheres of business world e.g. Finance Accounting, Business, Information Management, Business Law and so on.

(4) African Business School

There is hope for aspiring entrepreneurs who want to gain knowledge and improve their skillset in Nigeria. African business school is a good choice business school located in Gwaripa Estate in the Federal Capital Territory (FCT), Abuja. The school was established in the year 2000 and is not only affiliated with international institutions but national institutions also. They offer great courses in Business, Management, Finance, Accounting, Banking Studies, and Public Administration. The school is also known as Centre for Management Development. The courses offered in the school help to shed more light not only on business but also in the cooperate world.

(5) The Delta School Of Business And Technology

The Delta School of Business and Technology is located in Warri in Delta State, Nigeria. The school offers various courses ranging from Business Management to Business Technology. Besides, they offer skills acquisition training for undergraduate and unemployed graduates respectively. It is unique school to study because they offer both business knowledge and practicable skills at the same time.

(6) GPE Business School

GPE Business School is a known business school located in the south-eastern part of the country. The school which was founded in 2007 is located in Enugu State, Nigeria. They are unique because they offer free training for their best candidates that shows dedication to their work. They offer intense practical and research of/in business. The school teaches business education that helps to prepare aspiring entrepreneur for the business and cooperate world. They offer not only Undergraduate studies but also Postgraduate studies in various business courses.

(7) Integrated Business School

Situated in the northern part of the country, Integrated Business School was founded in the year 2000. It is one of the best business schools for aspiring entrepreneur who live in the northern part of the country. Specifically, the school is located in Kaduna state and has been officially accredited by the National Universities Commission (NUC).

(8) Kaduna Business School

Kaduna Business School is a known Nigeria business school situated in Kaduna State, Nigeria. The school encourages innovative thinking among aspiring entrepreneur. They offer Business and Management Courses respectively and also train aspiring entrepreneurs for managerial roles. They teach professionalism and leadership in the business and cooperate world.

(9) West African Business School

The West African Business School operates in Nigeria and Ghana. It is located in Ikeja, Lagos State, Nigeria. This school was founded in 2002 to provide the best knowledge for Business Managers and Public Administrators. Also, this school helps to train business men and women in skills training and development as well as business education. Besides, The West African Business School offers world class Undergraduate and Graduate courses in Business Administration and Management. It is one of the best business schools in Nigeria as evidenced in their laudable past records and the world class training offered in the institution.

(10) Bowell Business School

Bowell Business School is one of the best of business schools in Nigeria. Like The West African Business School, this school is also situated in Lagos State with another branch in Akure, Ondo state. The school delivers the best entrepreneurial and General Management education which helps to develop both Business and Management skills. They also deliver online training programs.

Conclusion

Attending a business school (in Nigeria) as an aspiring entrepreneur is one of the best things that you can do for yourself today. The knowledge and skills that you gain from the training that you undergo in any of these schools can help you to top your game and increases your chance of success in the entrepreneurship world. Make your thorough research on the different business schools I mentioned here today and pick the one of your choice. Best still, visit any of their physical offices for enquiries. No knowledge acquired is a waste.

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Legal Requirements When Starting Business In Nigeria

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The beauty of every business is when it is legal or operated legally. Generally, in the context of business, being legal simply means that when a business is checked, it is found to be registered, verified and certified by the constituted authorities in the country. Most consumers have this special kind of trust for legal business. Hence, as a Nigerian entrepreneur or an entrepreneur operating in Nigeria, you should not take all the legal requirements when starting business In Nigeria. Do not take these legal conditions that surround the smooth operation of your business with levity; they are very important to your business success.

Legal Requirements When Starting Business In Nigeria

Legal Requirements When Starting Business In Nigeria

In Nigeria, most businesses are not legally recognized and this is consequential in the long, medium and short term. Some of these include locking up (closing) of an operating business, sanctions, and other forms of legal actions against non-compliant businesses. To be on the safer side and not face the wrath of the law, it is good to meet the legal requirements when starting a business in Nigeria. It is required of you as an entrepreneur in Nigeria to meet all legal requirements.

In this article, the important legal requirements when starting business in Nigeria are discussed.

10 Important Legal Requirements When Starting Business In Nigeria You Must Meet.

1) Business Registration

Recently, business registration in Nigeria has been made easy. It is not a must but is very important. Business registration is done by a governmental body in Nigeria known as Cooperate Affairs Commission (CAC). This body helps to register the businesses in the country. Their portfolio includes registering of business name, company/corporation/charity and other organizations. They also issue certificate of business or company registration. CAC registers small-scale, medium-scale and large-scale businesses. They help to know if a business name has or has not been registered by someone else to avoid confusion. Upon validation, the body issues a business certificate which indicates that a business is legally registered. A duly registered business in Nigeria is open to a lot of benefits like grants, loans, interns from NYSC and many other benefits.

2) Nigeria Investment Promotion Commission (NIPC) Registration

The Nigeria Investment Promotion Commission (NIPC) basically promotes foreign investment in Nigeria. This body registers businesses that want to involve in foreign participation like importation/exportation in the country. Obtaining a certificate from this statutory body puts out (showcases) your company for foreign participation/investment among foreign investors.

Related: The Legal Documents Your Business or Startup Should Have In Nigeria

3) Insurance

In Nigeria, a larger percentage of entrepreneurs do not insure their business. This is bad and legally not right because as an entrepreneur, insuring your business protects your business against any unforeseen/unplanned circumstances e.g. theft, burglary, fire incident etc. In Nigeria, business insurance is not compulsory but it is a safe thing to do against unforeseen contingencies.

4) Registration with Federal Inland Revenue Service (FIRS)

Federal Inland Revenue Service is a statutory body that oversees taxation in Nigeria. They issue any document related to taxation. A legal business must meet her tax requirement which include tax clearance, Tax Identification Number (TIN), etc. As a business, you are required to pay tax to the government. So, registration Federal Inland Revenue Service (FIRS) is mandatory. Registration with federal Inland Revenue Service will make sure all taxes paid by your company get to the appropriate quarters and you stay of the wrong side of the law.

5) Registration with Trade Commission(s) and Association(s)

Intending business should be fully registered under the appropriate trade commission/association or bodies. For example, a pharmaceutical outlet should be registered and get a license from pharmacist national bodies; a photography business must be duly registered under the association of photographers likewise a diagnostic center must register with the association of medical laboratory scientist in Nigeria and so on. It is important to register with the appropriate regulatory bodies. It is an important legal requirement when starting a business in Nigeria.

6) Physical Offices Tax Registration

If your business is offline i.e. you own a physical office or shop where you run your business, you must register with the tax office at both state and local government level where you are required to pay tax to; taxes are collected annually. The governmental body in charge of this registration is known as Internal Revenue Service (IRS).

7) Business Permit

If you are a foreigner and you want to start a business in the Nigeria, it is legally advisable to get a business permit. A business permit is often issued by the ministry in charge of internal affairs. This help you as a foreigner to run your business legally in Nigeria because it is against the law to run a business as a foreigner without a business permit from the regulatory bodies.

8) Exportation and Importation of Goods Permit

This permit is mandatory for a business that deals with importation and exportation of goods in the country. For example, if your company imports any consumables either food or drug, an importation permit must be collected from an agency of government known as the National Agency for Food and Drug Administration and Control (NAFDAC). This aids easy movement of your goods into and around the country, likewise exportation of goods; a permit must be issued out to the relevant bodies in charge of the product. Another regulatory body in the country is the Nigeria Communication Commission (NCC). This body oversees the registration and regulation of telecommunication services in the country.

9) Labour Law Registration

If you are going to be an employer of labour, you must be duly registered in accordance with the Labour Act. This helps to monitor funds that will be contributed for any unforeseen or unplanned circumstances that might occur while your labourer/staff is in service. The eventuality could be injury, illness, disability or even death! Contribution of about 1% of the total money earned by the employees is saved up for unforeseen issues and can also serve as pension after retirement.

10) A Financial Account Opening

One of the legal requirement when starting a business in Nigeria is opening a corporate account with any financial institution e.g. bank. This must be opened in (your name or) the business name where certain documents will be requested by the bank before opening an account with them. Some of the basic documents for opening a corporate account in Nigeria include Bank verification number (BVN), Tax identification number, mode of identification, business registration certificate, etc. depending on the bank. This enables you to have the ability to obtain loan from a bank, get government loan and enjoy other empowerment programs.

Related: 4 Things About Your Business Certificate Of Incorporation You Should Know

Conclusion

As much as possible, it is important to meet the list of legal requirements when starting business in Nigeria herein listed and explained depending on the kind of business you want to undertake in Nigeria. To legally run a business in Nigeria, try to comply with the appropriate legal requirements. Some of them are not mandatory but they are important to have and may be acquired to run your business smoothly. Avoid the fear of being brought to book by legal authorities by complying accordingly. Also, a good business should have a lawyer to assist in explaining and implementing the legal aspects of the business. So, if you can, get a legal practitioner for your business to be on the safer side of running a business in Nigeria legally and successfully.

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