Introduction

Nigeria remains one of Africa’s most attractive markets for foreign investment, especially in fintech, agriculture, energy, and digital services. But if you’re a foreign founder or represent an overseas company, you can’t just register a business and walk away.

In 2025, Nigerian regulations now require all foreign-owned businesses to link their Corporate Affairs Commission (CAC) registration with FIRS and the banking system before they can operate legally.

This article provides a clear roadmap for foreign companies to get fully compliant and active in Nigeria.

1. Why Linking Is Mandatory for Foreign Companies

As of November 2024, the Federal Inland Revenue Service (FIRS) announced that no business, foreign or local, can operate without validated CAC details and tax registration.

Banks also joined this enforcement, requiring cross-verification with:

• CAC (business registration)

• FIRS (TIN issuance)

• CRVP (Corporate Registration Verification Portal)

For foreign-owned businesses, this integration is not optional; it’s a legal and financial requirement.

2. Common Mistakes Foreign Founders Make

If you’re new to Nigeria’s business terrain, you might assume:

• A CAC certificate is all you need

• A Nigerian partner’s bank account can serve the business.

• You can delay tax registration until you start making revenue

Each of these assumptions is risky and incorrect.

In reality:

• Without FIRS registration, you cannot pay taxes, file returns, or obtain Tax Clearance Certificates.

• Without a properly linked business bank account, your company can’t receive payments or operate locally.

3. Documents Required to Link CAC, FIRS, and Bank Accounts

For foreign-owned businesses, here’s what you’ll need:

4. Step-by-Step: How to Link Your Foreign Business in Nigeria

Step 1: Incorporate with CAC

Use a CAC-accredited agent or legal firm to register a Limited Liability Company (LLC) with foreign shareholders.

Step 2: Get a Business Permit

Apply through the Nigerian Investment Promotion Commission (NIPC). This gives your company the legal right to operate in Nigeria as a foreign entity.

Step 3: Register with FIRS

Use https://tinregistration.firs.gov.ng

Select “Register with CAC,” enter your RC number, and upload required documents.

Make sure to indicate foreign ownership and submit a board resolution or rep ID where required.

Step 4: Open a Business Bank Account

Visit a bank with:

• CAC documents

• TIN confirmation

• Local rep’s ID and BVN

• Valid utility bill

• Shareholder passports

• Business permit

Banks will validate your information via CRVP. If everything matches, your account can be opened within 48–72 hours.

5. Key Challenges Foreign Companies Face

Misaligned Data

Your CAC, FIRS, and bank details must match exactly, including addresses, business name format, and email.

No Local Representative

You must appoint a Nigerian resident who can:

• Serve as a company representative.

• Provide BVN and ID

• Attend bank verification (if required)

Delayed Permit Processing

If you delay the NIPC Business Permit, you can’t complete tax registration. Engage an accredited agent to fast-track this.

6. Real Case: How a UK Startup Set Up in Nigeria

A UK-based fintech registered in Nigeria through CAC in Q1 2025.

Their goals: test the Nigerian market and onboard local users.

Challenges:

• No local director initially

• FIRS portal rejected their TIN request due to a missing business permit

• The bank delayed account setup due to a lack of BVN

They hired All-In-One Nigeria to coordinate:

• NIPC permit application

• Local rep onboarding

• CAC-FIRS-bank linkage

Timeline:

• 2 weeks for the permit

• 3 days for TIN

• 4 days for bank account approval

By week 3, they were live and transacting.

7. Can Foreigners Open Business Accounts Without CAC?

No. Nigerian law requires:

• Legal incorporation (CAC)

• Tax identity (TIN)

• Local compliance (NIPC)

You must have a registered business to open a business bank account. Foreigners can no longer operate under individual names for corporate transactions.

8. Best Banks for Foreign-Owned Businesses in Nigeria

These banks have experience handling foreign entity setups:

9. Tools That Help

• CAC Public Search – https://search.cac.gov.ng

• FIRS TIN Portal – https://tinregistration.firs.gov.ng

• CBN Approved Banks List – https://www.cbn.gov.ng

• NIPC Portal – https://www.nipc.gov.ng

10. Should You Use a Business Setup Agent?

Yes, if you want speed, accuracy, and compliance.

A good agent:

• Handles all regulatory forms

• Prevents delays from typos or document mismatches

• Offers ongoing compliance support for tax and filing

Top recommendation: All-In-One Nigeria, specializing in foreign-owned setups.

Conclusion

If you’re a foreign founder looking to establish or expand in Nigeria, compliance is your first competitive advantage.

Linking CAC, FIRS, and bank accounts isn’t just paperwork; it’s a business gateway.

Without it, you can’t receive payments, file taxes, or protect your investment.

Need help with linking your foreign business in Nigeria?

Visit: www.allinonenigeria.com

Email: projects@allinonenigeria.com