Obtaining Form M can be a bit of a process, but it is definitely doable. In this article, we will outline the steps you need to take in order to get Form M for your business. We will also provide some helpful tips along the way.
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What is Form M?
Form M is a document that is required for all imports into Nigeria. This document must be obtained from the Nigerian Customs Service prior to the shipment of goods. The purpose of Form M is to provide information about the imported goods, as well as the importer and the consignee.
Form M consists of five sections - the applicant's details, the consignee's details, the description of the goods, the shipping details, and the financial information. All of this information must be accurate and up-to-date in order for the form to be approved.
If you are planning on importing goods into Nigeria, it is important that you are familiar with Form M and the requirements for its completion. Failure to do so could result in your shipment being delayed or even rejected altogether.
What are The Requirements of Form M
Before one can open an e-form M, there are requirements and procedures that must be completed. Here are 4 requirements necessary:
1. Certificate of Registration of the Company in Nigeria
The first and most important requirement is a certificate of registration that shows that the company has been registered in Nigeria. This is an essential step before one can start to operate as a business entity. This must be obtained from the corporate affairs commission (CAC).
This is not a hard requirement but it does require a bit of patience because there are many hoops to jump through and might take a few weeks before one can actually get this certificate.
All the processes involved can be taken care of on the Company Registration Portal.
2. Register with Federal Inland Revenue Services (FIRS)
The FIRS is a government agency that regulates business in Nigeria and collects taxes from individuals, corporations, and other entities. It issues licenses to businesses that want to operate in Nigeria. The FIRS also monitors business activities and ensures compliance with tax laws.
Therefore, the registered company must be also registered with FIRS for tax-related issues.
3. Obtain a Tax Identification Number (TIN)
A tax Identification Number is a unique number that is used to identify an individual or business for the sole reason of paying taxes. A TIN number is a requirement for every individual or business paying taxes.
You can obtain your Tax Identification Number (TIN) by simply going to the Joint Tax Board website either as a business such as (Limited Liability Companies, Incorporated Trustee, Enterprise, Cooperative Society, MDAs, or Trade Association, etc.) with their registration name and number or as an individual with just with NIN or BVN (Bank Verification Number). Also, once your request has been verified and approved you will receive your TIN certificate via email.
4. Up-to-date Tax Payment and Tax Identification Number (TIN)
Importers must have an up-to-date tax payment record with proof. Then, a taxpayer identification number (TIN) must be provided at the time of submission. Additionally, make sure that your email address is active and linked to the TIN number in order to receive correspondence.
How to Process Form M
1. The first thing you will have to do is to fill in your details on the form, including your name, address, phone number, and other important information.
2. Now that you are done filling out the form and all required fields are filled out, you can submit it to an Authorized Dealer Bank for processing. Through the importer's authorized bank, the completed form is sent to the Nigeria Customs Service (NCS) for approval. Also, ensure to attach the following:
- Pro forma invoice
- Local marine insurance certificate
- Product certificate
3. If approved, the NCS grants the importer's request to bring in the products. If refused, the NCS notifies the applicant of the reason(s) for rejection, and the documents are automatically sent back for correction.
4. When the Form is accepted or approved by the NCS, the importer notifies his exporter to start preparing shipments for goods regulated by Nigeria's Standard Organization (SON). In order to obtain a SONCAP Certificate (SC), which is necessary for the customs clearance of goods at any port in Nigeria, this comprises inspection, testing, and certification.
Conclusion
Different people will have different needs for their businesses and form M is one of the most important requirements you need to process imports to Nigeria. As a result, it's likely that the guide on requirements and process presented above be of guidance to you. Still, whether you're physically located in Nigeria or abroad, we hope that our guide on Filling Form M was helpful, and we wish you all the best as you start your journey as a Nigerian business owner.
