How To Incorporate And Run A Bureau De Change Company By Roland Uwakwe, Esq.

Bureau de change business organization is like a mini bank. It is profitable a business venture that you can engage in, as long as you are good with numbers.

A Bureau De Change [BDC] is any company that is licensed to carry out small scale foreign exchange service in Nigeria and whose sole object is the carrying on of such business on a standalone basis.

Those entering into a country from another country would need to change their currency into that of their destination country. And since virtually all countries welcome visitors every day, there is a constant demand for currency exchange. There is also a steady demand for currency exchange services by business owners and entrepreneurs, especially those into importation and exportation of goods.

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The following are the step by step method of giving birth to a Bureau de change business organization. However, it is important to mention here that you will need the services of professionals at each stage.

1. You will need a drafted mandatory application fee of 35million (refundable on approval by the CBN). This draft must be submitted with your application.

2. N100, 000 Application/processing fees

3. After Interim Approval you have to incorporate your company with CAC with a share capital of N10m.

4. You may then joined the Association of Bureau De Change Operators of Nigeria (ABCON), By the time they add all their fees it will get to N500k. Approval letter from the Association is mandatory before you can get your final approval.

5. Inspectors will come to inspect the building you proposed to do business in, this may cost little.

6. Once approved you have to leave 1million naira mandatory deposit with Central Bank of Nigeria (CBN), you will get interest on this half yearly.

7. On receipt of your final approval you are then ready to start bidding from CBN.

To process a Bureau de change company, you will need some good money and you will have to do extensive research in the area of business.

Roland Uwakwe, ESQ., rolanduwakwe@gmail.com

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