Top 5 Compliance Mistakes New Nigerian Businesses Make (and How to Avoid Them)

Avoiding Common Pitfalls: 5 Compliance Mistakes That Can Hurt Your Business in Nigeria

Starting a business is exciting, but missing key compliance steps can cost you time, money, and even your company’s legal standing.

At Fastreg Global, we work with new and growing businesses every day, and we’ve seen firsthand how easy it is to slip up on compliance. So we’ve compiled this guide to the top 5 compliance mistakes Nigerian entrepreneurs make, and how you can avoid them.

1. Skipping Annual Returns

The mistake: Many businesses don’t file annual returns with CAC because they think it’s optional.
The risk: Fines, penalties, and eventual delisting from the CAC database.
The fix: File your annual return every year—even if your business hasn’t made profit. We make this process easy and affordable.

2. Operating Without a TIN

The mistake: Starting business operations without registering for a Tax Identification Number.
The risk: You won’t be able to open a business bank account, bid for contracts, or stay tax-compliant.
The fix: Apply for your TIN early—Fastreg Global can process it for within a few days.

3. Ignoring SCUML for Relevant Businesses.

The mistake: Businesses in sectors like real estate, hotels, law, and finance not obtaining a SCUML certificate.
The risk: Non-compliance with anti-money laundering laws and limitations on banking transactions.
The fix: If your business falls under DNFI (Designated Non-Financial Institution), book a compliance consultation with us.

4. Not Registering for an Export License

The mistake: Trying to run an export business without proper licensing.
The risk: Delays in customs, seized goods, or legal penalties.
The fix: We guide you through the export license process from start to finish.

5. Not Seeking Legal or Business Advice Early

The mistake: Assuming you don’t need a lawyer or business advisor when setting up or scaling.
The risk: Contract issues, regulatory violations, or disputes that could have been prevented.
The fix: Our 15-minute consultations give you access to qualified legal or business guidance at a fraction of the cost.

Stay Compliant, Stay Confident

Running a business in Nigeria is no small feat—but it doesn’t have to be a minefield. With Fastreg Global, you can avoid costly mistakes and build a solid foundation from day one.

Explore our compliance services, or book a consultation today.
Let’s protect your business, together.