Perhaps you have registered your business with CAC. Now you want to open a cooperate account for your business. At the bank, the customer agents now request your TIN number. And you are wondering, which one is TIN again. How do I get TIN in Nigeria?
Don’t worry, this post is specifically made for you. We have explained everything you need to know about TIN
Note. If we register your business as a limited liability company, you no longer need the TIN application process. Your Ltd CAC certificate will come with TIN duly registered.
What is TIN
TIN stands for Taxpayer Identification Number. It is a unique tax number that identifies a specific individual (or business) for the purposes of paying taxes. Taxpaying is mandatory if you must operate a business in Nigeria
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Where is TIN needed
In addition to opening a corporate bank account, a TIN number is also needed if you must do the following
- Apply for Government loans,
- Request for Foreign exchange,
- Apply for trade licenses, Import and export licenses
- Register your vehicles,
- Apply for a certificate of occupancy, etc.
How to apply for TIN
We can assist you to apply and get your TIN in Nigeria, within few days. However, if you wish to apply on your own, go to any Federal Inland Revenue Services (FIRS) office closest to you with 2 photocopies and 1 original of each of these documents
- Memorandum & Articles of Association (for company owners only)
- Certificate of Incorporation CAC (for business/company owners only)
- A company seal (for company owners only)
- Utility bill
- Application letter on business/company letter headed paper
- Duly completed TIN Application form
At the FIRS office, your photocopy documents would be stamped to acknowledge their receipt. After the documents are processed, you can collect your TIN the same day or they will tell you the day to come back for it.
If you visit the FIRS office on your own as detailed above, then the cost is FREE. However, if you go through third party assistance, you will be charged some amount.