AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Register the company where the food is sold and inspected, and add a second one only when production or a second market makes it necessary. A brand made and sold in the UK fits a UK limited company (£100 to register online, per GOV.UK); one made in Nigeria for Nigerian shops fits a CAC company (₦40,000 incorporation fee plus a share-capital fee, per the CAC schedule). A brand made in Nigeria and sold in the UK usually ends up needing both.
Three questions decide it
Founders often start with tax, but for a food brand the first question is physical: where is the food made? Food safety rules, inspections and product registration attach to the kitchen or factory and to the shelf where the product is sold, not to where the founder lives. Answer these three in order and the structure usually follows.
- Where is it produced? A UK kitchen, a co-packer in Nigeria, or both.
- Who buys it? UK shoppers and caterers, Nigerian supermarkets, or diaspora customers in several countries.
- Where does the money land? Pounds from UK card sales and wholesale invoices, naira from Nigerian distributors, or both.
| Your set-up | Structure that usually fits | Why |
|---|---|---|
| Made in the UK, sold in the UK | UK limited company only | Everything regulated happens in the UK |
| Made in Nigeria, sold in Nigeria | Nigerian company (CAC) only | Product registration, distributors and naira sales are local |
| Made in Nigeria, sold in the UK | Often both, or a UK company buying from a Nigerian producer | Export paperwork sits in Nigeria, the importer and retail sales sit in the UK |
| Made in the UK, sold in both | UK company first, Nigerian entity when sales justify it | A Nigerian distributor can import until volumes grow |
What a UK company involves
GOV.UK says registering a limited company online costs £100, paid by card, and the company is usually registered within 24 hours; a postal application on form IN01 costs £124 and takes 8 to 10 days. Each director needs a Companies House personal code, obtained by verifying identity through GOV.UK One Login, and you need a registered office address, a SIC code for what the company does and details of people with significant control, such as anyone holding more than 25% of the shares or votes. For the identity step as a Nigerian national, see Companies House identity checks for Nigerian directors.
Registration is the easy part for a food business. Selling food in the UK brings local authority food registration, hygiene inspection and labelling rules for packaged products. Ask your council's food team what applies to your kitchen before the first sale, and read food hygiene ratings for a Nigerian takeaway if you cook on premises.
What a Nigerian company involves
The CAC fee schedule gazetted on 29 May 2025 lists ₦1,000 to reserve a name, ₦40,000 to incorporate a private company limited by shares, and a share-capital filing fee of ₦10,000 for each ₦1 million of share capital (or part) for small and private companies. A Nigerian company can open a corporate account at a Nigerian bank, sign distributor contracts and hold product registrations in its own name.
Packaged food made for sale in Nigeria generally has to be registered with NAFDAC before it reaches shelves, and the regulator inspects the production site. The steps and documents are covered in NAFDAC product registration, step by step. Plan for that timeline before you print labels.
When you need both
The common diaspora model is a UK company that owns the brand and sells in the UK, and a Nigerian company that runs production and holds the NAFDAC registration. The UK company buys finished stock from the Nigerian one at an agreed price on proper invoices. That keeps each set of regulators dealing with a local entity, and it makes the paper trail clear for banks on both sides.
Two points to plan early. First, ownership: the UK company can hold shares in the Nigerian one; see setting up a Nigerian subsidiary of a UK company. Second, control: if the UK company is in practice run from Lagos, its tax residence can be questioned, which central management and control explains. These are points to take to an accountant who knows both systems; this article is information, not advice.
A worked example (illustrative)
Example only. Ada lives in Leeds and has a pepper sauce recipe. Year one, she cooks in a registered commercial kitchen in Leeds and sells online and at markets. A UK company is enough. Year three, a Lagos co-packer offers lower production costs and a Lagos supermarket wants the product. She now needs a Nigerian company for the NAFDAC registration and local sales, and a supply contract under which her UK company buys export stock from it. One brand, two companies, each doing the job its country requires.
What to check first
- Where the first 12 months of production will physically happen.
- Whether your first customers pay in pounds, naira or both.
- Which regulator inspects your kitchen or factory, and how long registration takes.
- Whether a supermarket or distributor insists on dealing with a local company.
- Who will be a director in each country, and whether they can pass identity checks.
Where Pryme fits
A Pryme Business Account can be opened from any country and holds NGN, GBP, USD and EUR with local account details for each, so UK sales and Nigerian supplier payments can sit in their own currencies (business multicurrency). Swap shows the rate and the fee before you approve, and invoicing handles the supply invoices between the two companies. Naira deposits are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
Can I register a UK company while living in Nigeria?
Yes. GOV.UK sets out online registration for £100, and each director must verify identity to get a Companies House personal code. You also need a UK registered office address.
How much does it cost to register a company with CAC?
The CAC schedule gazetted on 29 May 2025 lists ₦40,000 for incorporation, ₦1,000 for name reservation and ₦10,000 per ₦1 million of share capital for small and private companies.
Do I need NAFDAC registration to sell in the UK?
NAFDAC regulates products sold in Nigeria. Products sold in the UK must meet UK food rules; check with your local authority and importer what applies.
Can one company do both countries?
It can try, but food regulators and distributors usually want a local entity. Many founders end up with a company in each country and a supply contract between them.
Sources
- GOV.UK: Set up a limited company, register your company (updated 3 Feb 2025) · accessed Oct 2026
- Corporate Affairs Commission: New schedule of fees (gazetted 29 May 2025) · accessed Oct 2026
- GOV.UK: Bringing food into Great Britain, meat, dairy, fish and animal products · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.