Now, let’s have some fun and test our knowledge!

🇳🇬 How Well Do You Know Nigerian Business Regulations? 📝 Take this quiz to test your knowledge and learn more about navigating the legal landscape of doing business in Nigeria!

1) What is the primary regulatory body overseeing business operations in Nigeria?
a) Federal Inland Revenue Service (FIRS)
b) Nigerian Customs Service (NCS)
c) Corporate Affairs Commission (CAC)
d) Securities and Exchange Commission (SEC)

2) What is the minimum required number of shareholders to register a private limited company in Nigeria?
a) 1
b) 2
c) 5
d) 10

3) Which of the following is NOT a requirement for registering a business name in Nigeria?
a) Availability of the proposed business name
b) Filing of annual returns
c) Payment of prescribed fees
d) Submission of a business name registration form

4) What is the maximum percentage of foreign ownership allowed in a Nigerian company in certain sectors?
a) 25%
b) 49%
c) 51%
d) 100%

5) Which regulatory body oversees consumer protection and fair competition in Nigeria?
a) Nigerian Communications Commission (NCC)
b) National Agency for Food and Drug Administration and Control (NAFDAC)
c) Consumer Protection Council (CPC)
d) Standards Organisation of Nigeria (SON)

6) True or False: Value Added Tax (VAT) registration is mandatory for businesses with an annual turnover of ₦5 million and above.

6) Which of the following is NOT a tax payable by businesses operating in Nigeria?
a) Company Income Tax (CIT)
b) Value Added Tax (VAT)
c) Personal Income Tax (PIT)
d) Withholding Tax (WHT)

7) How often are companies required to file their annual returns with the Corporate Affairs Commission?
a) Annually
b) Bi-annually
c) Quarterly
d) Once every two years

8) Which regulatory body is responsible for overseeing labor-related issues in Nigeria?
a) Federal Ministry of Labor and Employment
b) National Industrial Court
c) Nigerian Labour Congress (NLC)
d) National Directorate of Employment (NDE)

9) What is the penalty for late filing of annual returns with the Corporate Affairs Commission?
a) ₦5,000
b) ₦10,000
c) ₦50,000
d) ₦100,000

Comment your answers below and let’s see how well you know Nigerian business regulations! 💼✨

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