Financial Q&A: Your Questions Answered
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Do I need to register for VAT as a freelancer?
In 2026, the Nigeria Tax Act 2025 maintains a clear "entry barrier" for VAT. For most freelancers, VAT is not an immediate requirement, but it becomes a strict legal obligation once you hit a specific financial milestone.
Are there tax incentives for manufacturing companies?
In 2026, the Nigeria Tax Act 2025 has completely shifted the strategy for manufacturing. The government has moved away from "blanket" tax holidays (like the old Pioneer Status) toward performance-based credits that reward actual investment and production. If you are in manufacturing, here are the four major incentives currently available:
Do I need special licenses after CAC registration?
Yes. In 2026, CAC registration is only the first step. Depending on your industry, you likely need additional operational licenses from specific regulators to avoid heavy fines or being shut down. Here is a breakdown of the secondary licenses required in 2026:
Can I convert my business name to a limited company?
In 2026, you cannot simply "edit" a Business Name to become a Limited Company. Instead, the Corporate Affairs Commission (CAC) requires a formal process called Re-registration or an Upgrade. Essentially, you are closing the old entity (Business Name) and opening a new one (Limited Liability Company) while retaining the name.
How do I check if a business or company is active?
In 2026, checking the status of a company is a free, instant process through the CAC Public Search portal. This is the primary way to verify if a business is legitimate and if it is currently in good standing with the government.