Let's register your Private Limited Liability Company, business name,NGO and do your Post Incorporation Filings with CAC (CAC Accredited Registration Agent)
We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public Limited Company), Limited Partnership and Limited Liability Partnership, Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC.
We also undertake the process of your CAC post registration services such:
As Annual returns, change or correction of name, name substitution, change of address, change of directors, change of nature of business, registration of business name as a limited company etc.
Have you registered your business? Do you have a formal structure for your business? The benefits of registering your business or ventures cannot be over emphasized. Most people operating an unregistered business are taking a business risk. How would you attract investors and business funds to support your business? How would you maintain trust with your partners and associates? My experience over the years formalizing businesses has shown Nigeria entrepreneurs are recognizing the need to be on the side of the law by registering their enterprise and companies in due course.
Benefits of Registering your Business
The process of registering your businesses and granting it a legal status comes with enormous benefits. Now, you can refocus on other critical areas of your business knowing well your registration process is carried out by credible and capable hands. We are credible, trustworthy and delivers on time.
There are several benefits of incorporating a company. First is the ability to open a Corporate Accounts, Customers/Clients take you more serious if your Company is registered, Banks only grant business loans to registered businesses, Your Company becomes your brand, Investors are more comfortable with a registered business etc.
When you register your business, you can easily sell off shares to raise more money for your business. Investors will have confidence to purchase the shares of your company for diversification purposes.
Sincerely, People hold their money very dear to their hearts, and they will not invest in a business that is not registered. You will not invest in and buy shares from a business that is not registered.
Investing in an unregistered business is like walking blindly into a room filled with mattresses and wooden furniture, then hoping you land on the mattress. Your eyes are closed, what is the guarantee that you would land on a mattress? None.
Investors do not want to invest money in a business that they do not trust. If your business is not registered, they cannot trust you, their lawyers will not trust you. As a matter of fact, you will most likely be asked for proof of registration before anyone buys shares from your business. They want to be sure that your business is recognized by the authorities that matter.
Your business will continue if you are longer there. There will be continuity in operation. Unless you are building a business that will die with you, you will need to register your business. Registering a business is like creating a legacy that your family will carry on and on after you are long gone.
Not registering your business is like opening a small kiosk, and then when you die, the family just closes it down and share the goods inside with different people. If you want your business to be one that would last, you will need to register it as early as you start. Whether you are there or not, the company stands in your name, it remains.
For a quick recap, these are several benefits of having your Business and NGO registered:
Legal Recognition and Status
Enhanced Credibility and Trust
Protection from Liability
Access to Loans and Grants
Ability to Bid for Government Contracts
Increased Business Opportunities
Ability to Open a Corporate Bank Account
Ability to Hire Employees
Ability to Conduct Business with Other Countries
Increased Brand Awareness
Ease of Transferring Ownership
Increased Compliance with the Law
Peace of Mind
Access to Government Services
Increased Professionalism
Protection of Intellectual Property Rights
Getting on Record
Etc
Hence whatever the nature of business you are starting or managing, be it Social club, Association, Schools, Hospitals, Exportation, Electronics brand, Electrical company, Construction firm, Medical equipment supply, Clothing, Accessories, Interior designs, Exterior designs, Painting, Installations, DSTV, Gotv, Airtime, Data subscriptions, Cryptocurrency, Commercial bank, Marketing agency, Water supply company, etc, the point is to formalize it by getting it registered.
What is a Company
A Company is a business arrangement which enjoys legal personality. It is a corporate body and separate from its members (owners). The liabilities of members (owners) of a Company may be limited by shares or guarantee or may be unlimited. A Company may be public or private. The name of a Company must end with the word “Limited” or “Limited by Guarantee” or “Unlimited” or their abbreviations (“Ltd or PLC” or “Unltd” or “Ltd/Gte”).
What is a Business Name
A Business Name means the name and style under which a business is carried on. A Business Name may be a Sole Proprietorship or a Partnership. It is a Sole Proprietorship if it is carried on by an Individual or a Corporate Body solely.
It is a Partnership if it is carried on by two or more Individuals or Corporate Bodies or a combination of Individuals and Corporate Bodies. A Business Name does not enjoy legal personality. It is not separate from the proprietor or partners for the purpose of liability. The liability of the proprietor or partners in a Business Name is not limited.
What is an NGO (Incorporated Trustees)
NGOs are voluntary, non - profit groups organized for a common interest and perform several services and humanitarian functions. They deal on specific issues as health care, child right, freedom, human rights etc. They are usually funded by donations, fund raising and mostly run by volunteers. They are exempted from paying taxes in Nigeria.
Although an NGO is not commercial entity, the Corporate Affairs Commission views it as an entity and need to be registered. To register an NGO, one need to follow laid down process. It's registration is peculiar in that it can only be done under Part A of the Companies and Allied Matters Act as a company limited by guarantee or by Part C of the Company and Allied Matters Act as Incorporated Trustees.
Registration of Private Limited Company In Nigeria
Introduction
The Corporate Affairs Commission (CAC) was established by the Companies and Allied Matters Act, which was promulgated in the year 1990 to regulate the formation and management of companies in Nigeria. The CAC is saddled with the responsibility of registering companies in Nigeria. It is a must for company formation in Nigeria if you want to run a legal business here.
Get A Company Name
The first step for any individual to start a company is to get its name registered with the authorities. In the case of Nigeria, after choosing a suitable name for your company it should be promptly submitted to the CAC website to check for its availability. Usually, you should submit two names so that if one is taken, the other might be available. A name can be rejected if it already exists, is confusing, or includes prohibited words such as ‘National’, ‘Federal’, ‘Government’ or ‘Holdings’ without special permission. It normally takes up to 2 weeks to complete the process of Private Limited Company registration in Nigeria.
The Procedure to register a limited liability company in Nigeria
After your decision to register a private limited company, the first step required by the applicant is to choose two suitable proposed names for the company. When this is done, an availability check will be conducted on the CAC online portal to find out if the name is available and not already registered by another company.
The objectives and business of the company must be provided.
The registered principal address of the company.
The share capital and shareholding formula among shareholders will be required.
The particulars of a minimum of one director will be required. A copy of their means of identification such as voter’s card, national ID, drivers’ license or international passport and signatures on plain paper.
Particulars of the company secretary (this is optional for a private company in line with CAMA 2020).
The applicant will be required to furnish details of the shareholders of the company. Details such as names, occupation, residential address, email address, mobile phone number and means of identification such as driver’s license, international passport or national identity card. The director can also be the shareholder of the company.
The Memorandum and Articles of Association of the company to be registered, which is advisable to be drafted by a Legal Practitioner. However, the CAC has provided a generic MEMART in their portal, which any new company may adopt.
The applicant will thereafter be required to pay an official filing fee to the CAC and stamp duty paid to the Federal Inland Revenue Service (FIRS). Where a lawyer or CAC accredited agent has been hired for such a process, the service fee or professional fee will also be paid.
Incorporation can be commenced online by an individual applicant or through a CAC accredited agent at the CAC’s portal, however, it is also advisable to use the services of an accredited agent to achieve a seamless registration.
In conclusion, to operate any company in Nigeria, such a company must be registered with CAC. However, it is important to note there is a mandatory share capital threshold applicable to certain businesses in Nigeria. For instance, any company seeking to engage in financial services must register a company with a minimum of N20,000,000 (Twenty Million Naira) authorized share capital. For Bureau de change, It’s 35M, Shipping company or agent is N25M share capital, private security company is 10M, general Insurance is 10Billion, National Microfinance bank is N5Billion, State Microfinance bank is 1Billion, Tier1 unit microfinance bank is 200M, Tier2 microfinance bank is 50M and fund and portfolio manager is N150M. It is advisable to consult with a company registration agent or a lawyer to determine whether your business falls under any particular threshold for shares.
HOW TO REGISTER A BUSINESS NAME OR AN ENTERPRISE IN NIGERIA
Companies are not the only business organization in Nigeria. There are others like sole proprietorship and partnership, which are covered as business names under the Companies and Allied Matters Act (CAMA). Business name, also known as an enterprise which is covered under Part B of the CAMA.
A business name is a fastest and most convenient form of doing business by a sole proprietor or partnership in a more recognizable form. The registration of a business name can be done by a sole proprietor or partners. Most micro businesses fits under the structure of business name in Nigeria.
What does the law say about the timeline of your business registration with the actual commencement of operation? Section 574(1) CAMA makes it mandatory for every firm, individual or corporation required to be registered under Part B, to be registered within Twenty-Eight (28) days from the date of the commencement of the business for which registration is required.
It is important to note that the requirements for registration of an enterprise differ from that of a limited liability company.
PROCEDURE FOR THE REGISTRATION OF BUSINESS NAME IN NIGERIA
There are procedure for business registration in Nigeria. The first important thing to do before proceeding with a registration of the business name is to gather the necessary requirements or documents to b used for the registration. The requirements for registration of business name are minimal and simply involve names and identification of the partners or proprietors of the business, where more than one person is to register the business name.
The requirements may also include a partnership deed where necessary.
The procedure for how to register a business name in Nigeria or how to register a business enterprise in Nigeria with the Corporate Affairs Commission (CAC) includes few steps, which must be adhered to strictly in getting the desired results. These steps include
STEP ONE
• First, an applicant should apply for availability check and reservation of the proposed business name through the CAC Portal.
• Applicant should now proceed to fill all necessary columns rightly in the Statutory Form (FORM BN1) and submit it appropriately. After the successful filling of the form, the applicant is to proceed with the payment of the necessary fees
• Subsequently, the applicant must print Business Name FORM BN and sign and date the required aspects of the form.
STEP TWO
Applicant must now submit or upload the duly completed statutory form together with two sized passport photographs
Below are the documents to be uploaded:
– Availability Printout —– (It is the same as the Approval Note).
– Statutory Form (FORM BN 1)
– Proficiency Certificate (where applicable)
– Means of identification
– Payment Receipt.
Finally, after the registration of the business name, the following documents would be given back to the proprietors by the CAC:
– Original Certificate of registration of the business name
– CTC of the Application for the Registration of the business name
Meanwhile, a business name of more than one proprietor may choose to file a partnership deed with CAC after completing the registration process.
How To Choose a business name for Registration in Nigeria
One of the first and important thing after conceiving a business idea is choosing a business name for registration. A good business name is crucial to the overall success of the business venture.
There are ready made tips you can implement to achieve this objectives which includes:
Ensure the name resonates with the nature of the business.
Pick a name that is easy to pronounce.
Make sure the domain name is available.
Avoid similar names with existing businesses.
You can use your name.
Check a name generator online.
Make sure the name can be easily abbreviated.
Deliberate with your partners and co-founders.
Abbreviate your name.
Consider the demographics of your audience
CONCLUSION
Business name registration is indeed a convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name is less tasking compared to the procedure for a company registration in Nigeria. The advantages of registering a business name include simplicity in registration, and affordability, as there is no need to pay stamp duty.
How long does it take to register a business name in Nigeria?
If you will want to know how long it will take to complete Business name registration in Nigeria, I will say 72 hours or 3 days average if there is no hiccups as network issues from the headquarter in Abuja.
Business name registration is faster. If the applicant provides all the required information, it takes just within 72 to register a business name in Nigeria.
Register your Business Name, NGO or Company Now
We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public Limited Company), Limited Partnership and Limited Liability Partnership, Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC.
We also undertake the due process of your CAC post registration services such:
As Annual returns, change or correction of name, name substitution, change of address, change of directors, change of nature of business, registration of business name as a limited company etc.
To start, Call/WhatsApp 08146494702