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HOW TO REGISTER A BUSINESS NAME AND COMPANY IN NIGERIA

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In this article, you’ll find out how business name or company registration can be done with the CAC and the top 3 reasons why you should register your business.

Steps for the Registration of a Business Name in Nigeria

Business name registration happens to be the lowest (as well as easiest) form of business registration in Nigeria. Below are the steps involved in the registration of a business name in Nigeria:

Step I: Choosing your business names

Obviously, the choice of a suitable and non-existing business name is what comes first in the process of business name registration. By reason of this, you’ll have to create several names before visiting a nearby CAC office. Although it’s just one name you’ll register for your business, you have to think up a couple of befitting names as any name you’re eventually registering for your business must not have been registered by someone else.

At the CAC office you’re visiting for business name registration, a check will be run on the list of names you’re submitting to see which of the names isn’t in current use. This may then be chosen and registered as your business name.

Step II: Form filing

This step entails getting a form (at the CAC office) and providing the names you intend to check in the form. The other things you’ll be required to provide in the form are personal details such as your residential address, your full name, passport photographs and your other contact details including telephone number. In the course of this form filing, you’ll be charged a certain filing fee and it’s possible you find out the available name(s) for your business registration on the day of form filing.

Step III: Picking up your business certificate

Once your business name registration has been successfully executed, you can expect to obtain your business certificate in the next couple of days. While this certificate serves as a written confirmation of your successful business name registration, it is noteworthy that business name registration actually occurs in 24 hours as soon as you’ve chosen the name to register for your business.

Steps for the Registration of a Company in Nigeria

Unlike business name registration, company registration appears more procedural and elaborate. Below are the three steps you should follow for successful company registration in Nigeria:

Step I: Thinking up company names

This is likely some homework required of you so that you can eventually have a company name that has not been registered before. CAC will check whatever names you’re sending to it for availability and as such, you have to think up several names you consider befitting for your company.

Step II: Engaging the service of a reliable registration expert

For you to safely and legally register your company, it’s highly recommended that you work with a registration expert such as a chartered accountant or legal practitioner who should offer you professional guidance regarding the filling of several registration forms as well as sailing past certain technical issues.

Step III: Completing the forms

To carry out this step, you’ll have to visit the company registration portal (CRP) of the CAC. Follow the instructions below to proceed with your company registration on CRP:

  • Fill necessary details in the pre-registration form CAC1.1
  • Make necessary payment for filing and stamp duty
  • Get the signed copies of your pre-registration documents ready. You’ll have to scan these copies and upload them on CRP in the following ways:
  • Form CAC1.1
  • Memorandum and Article of Association
  • Recognized identification form for Director/Subscriber/Secretary
  • Evidence of payment made to CAC
  • After uploading the scanned copies for processing, prepare the original copies of the uploaded documents for submission to your preferred CAC office. It’s at this CAC office that you’ll receive the Certified True copies as well as your (company registration) certificate in return for the original copies you’re submitting
  • Note that the business/company (registration) certificate is an essential document which you’ll receive at the end of the company registration process. Endeavour to safely keep the certificate as it could be required in future for essential purposes such as visa application, loan application, bank account creation and tax registration for your company

 

Top 3 Reasons Why You Should Register Your Business

Although some people neglect the need for registering their businesses, this doesn’t erase the fact that business registration is an indispensable requisite for formal business operation. Without any doubt, a number of benefits are attributable to business registration and these benefits are described (in this article) as the top 3 reasons why you should register your business:

  1. Separating your business from yourself –This is described as legal separation and it’s a beneficial way of ensuring that there’s no collision between your business liability and your personal liability. Although it isn’t all forms of business registration that offer it, legal separation likely guarantees some assurance of limited loss in the event of business or personal disaster.
  2. Giving proper identity to your business –This, undeniably, is one of the reasons why serious-minded people cannot undermine the importance of business registration. Of course, many people like doing formal transactions with registered businesses. They do this not only to assure themselves financial safety but also to ensure they’re doing business on a formal note. Importantly, people will likely take you seriously if you’re running your business under a registered business name rather than your personal name.
  3. Eligibility for external funding –It’s very possible that the funds at your disposal aren’t enough for your business needs. In this case, you might need to source funds externally and before you’re deemed qualified to obtain funds from a governmental body or even a serious financial institution, your business must have been duly registered with the CAC

Types Of Business Name Registrations In Nigeria

1. Business Names

It is the most common and doesn’t require the assistance of a professional.

Any individual or business owner can register their business name without hassles.

You don’t need to go through any law firm or accountant for any professional services regarding registering your business in Nigeria.


2. Limited Liability Company (LTD)

This type of business name registration is a little complicated and typically requires a business lawyer or accountant’s services.

The legal structure of this business is ideal for businesses with a vision to grow big.


3. Others…

Other types of business registration include:

  • Limited by Guarantee
  • Public Companies
  • Limited by Shares

I am not going to treat those since it goes beyond the perimeters of this article.

At least, you’ve got a rough idea of the process of having your business registered.


CAC Office Addresses And Contact Details

CAC Office Addresses And Contact Details

In case registering your business online doesn’t sound appealing, you can visit the CAC office and have your business registered manually.

Here are the addresses of their offices. If your state is not listed, please make some inquiries.


1. CAC Office In Lagos

Address: 18/20 Catholic Mission St, Lagos Island, Lagos

Contact: 08182298971

Email Address of CAC: helpdesk@cac.gov.ng

Address: Plot 7 Otunba Jobi Fele Way, Agidingbi, Ikeja

Contact: 08182298971

Email Address of CAC: helpdesk@cac.gov.ng


2. CAC Office In Abuja

Address: 420, Tigris Crescent, Off Aguiyi Ironsi St, Maitama, Abuja

Contact: 08182298971

Email Address of CAC: helpdesk@cac.gov.ng


3. CAC Office In Imo

Address: Port-Harcourt Rd, New Owerri, Owerri.

To find the CAC head office location in your state, do a Google search like:

“CAC Office address in ‘location.’

Replace the “location” with your current state, and you will see results.


Certificate Of Incorporation

When you successfully register your business name, the agency will issue a Certificate of Incorporation.

It will look like the image below, a proof that your business name is a registered entity.

Certificate Of Incorporation CAC Business name registration in Nigeria

It can also be called Certificate of Incorporation, so don’t allow the variation to confuse you.


Article Of Incorporation

The Article of Incorporation is a document called Memorandum of Association.

This unique document enlists essential information like business name, the number of share capital, and mode of allocation, address, and contact of the business.

If you’re working with a lawyer or chartered accountant, they will help you put this information together.

This document looks like the image below:

Article Of Incorporation cac

Difference Between A Business Name And An LTD Company

Business Name LTD Company
Ownership Single entrepreneur Two or more shareholders
Shareholding None From two to fifty entities
Legal liability Business owner Company/company assets
Intellectual property None Strong Ownership
Registration process Easy and straightforward Rigorous processes

Frequently Asked Questions On Business Name Registration In Nigeria

Frequently Asked Questions On Business Name Registration In Nigeria

Which Documents Do I Need To Upload To Register My Business Name?

The documents you will need to upload on the CAC website include:

  • Notice of Approval (Availability Printout)
  • Payment Receipt
  • Method of Identification. Eg. National ID Card, Driver’s License, Voters Card, etc.

How Much Is Business Name Registration In Nigeria?

The cost of registering your business name is #10,000. There will be an additional fee of #500 for business name reservation.


How Long Does It Take To Register A Business Name?


It takes an average of 1 – 2 weeks to completely register your business. But if you’re running into some hurdles, it might take a little longer.

Is There A Difference Between Registering A Company And A Business Name?

Registering a business name is like registering a trading name you intend to use for a sole proprietorship business.

At the same time, a company is legally incorporated Limited Liability that separates your business from you as an entity.


Who Is The Head Of The Corporate Affairs Commission?

The current head and acting registrar-general goes in the person of Lady Azinge Azuka Obiageli.

Conclusion

We hope that this article has helped you find out how business registration is done in Nigeria. Also, we believe you’re convinced about the explained reasons on why you should register your business.

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Business

How to Form an LLC company in the USA

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Are you considering forming a indebtedness or LLC company? If so, there are just a couple of things that you simply got to realize how it all works. First of all, let’s discuss what this is often and why someone would want to make one.

A indebtedness Company (LLC) is essentially any business that has been found out intrinsically by filing paperwork with the state where they’re going to be located. the rationale people prefer to do that is that it offers some protection for the owners from being held responsible for debts or lawsuits incurred by their business.

You will accept as true with me that for several reasons an LLC in recent times has become more popular as a legal structure for little businesses than it had been within the past.

One of these reasons is that LLCs are more flexible than corporations, which suggests you’ll maintain your individual status and yet be protected by a business structure if need be.

There are some restrictions to forming an LLC company within the USA though, so please research carefully before making any final decisions on this matter.

In this blog post, we’ll offer you the knowledge and steps to make your own LLC company within the USA. If you’re considering going into business for yourself or starting alittle side project on the side, then an LLC may be a good way to go! you’ll get your business up and running quickly by completing these 10 easy steps:

1) Name your Business

Before arising with a reputation for your business you would like to see together with your state’s Secretary of State office and confirm your required name is out there to be used which the name generally isn’t violating any trademarks or other laws.

You may also want to try to to a fast search on the web to ascertain if there are the other businesses already using this same name, just just in case you finish up needing legal assistance with trademark infringement or something similar.

Choose a reputation that’s concise, easy to recollect , and not too generic.

Your legal name must be peculiar, ends with LLC, and can’t be an equivalent with the other LLC already filed with the State.

Once you discover a reputation that’s available, confirm to register the corporate and obtain an EIN number from the IRS.

As for what sort of business entity your LLC should be classified as (LLC vs S Corp vs C Corporation), this may depend upon what proportion control you would like over taxes and which legal protections you would like .

2) Obtain LLC from your State

Register your business name with the state. you’ll do that at any Secretary of State office. Some states may require alittle fee, but most won’t take quite $200 to register your LLC company and obtain you found out as a vendor for them.

3) Accurately fill the LLC Article of Organisation Form

There are many websites that you simply can find to assist found out your LLC company and obtain the required paperwork filed with the State.

However, you’ll get this done yourself, here you’re required to fill in your business details like office address, business name, sort of business, names of initial members, and other legal documents which will be required.

4) Create an LLC Operating Agreement

An operating agreement may be a legal instrument outlining the ownership and operational procedures of an LLC.

An operating agreement outlines the ownership and operational procedures of an LLC. A comprehensive document provides guidance for all business owners while reducing conflict between them on future operations.

5) Choose a Registered Agent

A registered agent may be a person or company that agrees to simply accept and process legal papers on behalf of an LLC. this may include receiving service of summonses, subpoenas, notices of lawsuits against your business, and other important documents from the government also as any county where you are doing business in.

If the registered agent doesn’t have a physical address in your state, there are private service companies which will act as agents for the method of law on behalf of their clients. As long as you’re an LLC member and live at an equivalent residence where business is conducted, it’s possible to be appointed by yourself to serve this role.

6) Compliance With Tax and Regulatory Requirements

The process of forming an LLC isn’t something that ought to be taken lightly.

One must make sure that they need complied with all tax and regulatory requirements so as for the business structure to face up against any challenges from outside entities like IRS, government , or other competing businesses.

If you’re brooding about registering your company as an LLC confirm you’ve got all the knowledge and facts about what this suggests for your specific circumstances before moving forward with any paper filing.

7) IRS Employer number (EIN)

Your LLC may have an IRS Employer number (EIN). this is often a nine-digit number that identifies the corporate and its account. Your members will got to get this if they need to rent employees or be taxed sort of a corporation rather than being disregarded as an entity with just one member. If you’re starting your own business, do not forget about its needs! you’ll obtain EIN by completing a web application on the IRS website in only minutes.

8) Get a Physical US address

You will need a physical US address to make an LLC company within the USA. you’ll use your home, but it’s better if you’ve got your own office space or rent one.

There is no requirement on the amount of days/hours for this location to be open, just that mail are often delivered and received thereby postal carrier(mail carrier won’t deliver mail if the address doesn’t match with USPS record).

A physical address also can function an address for opening a checking account once you register your company.

This is because the United States government requires that each one LLCs have a registered agent to receive notifications and court papers on behalf of the corporate , which can’t be its members or employees. It’s better if this agent may be a one that also can receive mail on behalf of the corporate .

9) Open a US checking account .

You need to open a US checking account . you can’t keep your company’s funds in another currency and use them for business transactions.

American concealment laws are a legal norm for many years , and are designed to guard the country from criminal activities.

As such, banks require you recognize who your clients are before opening an account on their behalf (due to the present requirement they’ll need you to travel into bank branches in person).

There’s one big catch: American banking law is extremely strict when it involves these rules due to its more rigorous regulations in comparison with other countries; if caught slipping up knowingly or unknowingly then there are often severe consequences.

Therefore, whilst tough in the least – doing so will make sure that both parties remain compliant with US legislation as needed by federal agencies like FinCEN which monitor international financial transactions.

10) Publicize your LLC within the Papers

If you’re the owner and founding father of a successful LLC company, then it’s important that your brand gets some publicity.

This means doing things like publishing a piece of writing about your business on blogs or in newspapers.

There also are many tools out there that make this easier for companies to try to to so.

Conclusion

The LLC company may be a great choice for several entrepreneurs. It provides the foremost flexibility when it involves taxes, and has fewer restrictions on ownership than other sorts of entities. With an LLC, you’ll have multiple members with one member owning more shares or voting power than another if they so choose.

You also don’t need any special paperwork like articles of incorporation; all that’s needed are minutes from your first meeting of directors where you outline how things will work within the business entity.

So what are some benefits? there is no limit on who are often a part-owner in an LLC – whether individuals, corporations, partnerships or trusts (although there could also be certain limitations counting on state law). this suggests even someone without tons to take a position can participate .

There also are fewer restrictions on ownership than in other sorts of entities, sort of a corporation or partnership. One member could hold more shares or voting power than another if they so choose otherwise you might want to possess only one person own it entirely.

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Business

Top 4 Capital-Intensive Business Opportunities in Nigeria

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The shape of the Nigerian business sphere is quite impressive due to the fact that many businesses have continued to thrive year after year. Whether you’re a low-budget investor or the multi-millionaire investor, there are a vast number of business opportunities open to you.

In some of our previous write-ups, we discussed some of the profitable small-scale businesses you can engage in as a Nigerian. However in this very write-up, we have decided to review the top 4 capital-intensive business opportunities in Nigeria. Notably, these businesses are best suited for high-budget Nigerians who are thinking about what businesses to invest their massive capital in.

Housing

Housing is one of the large-capital businesses many Nigerians have capitalized on. Besides real estate management, housing covers several other things such as the construction of houses and the sale/distribution of building materials. Without any doubts, housing is one of the most lucrative businesses that have attracted large-scale investors.

In Nigeria, houses are built in different areas on a continual basis probably because shelter is one of the most essential necessities for human existence. Moreover, landed properties are great sources of income because they have the potential to increase in value year after year.

Auto Business

This business usually requires the sale automobiles manufactured by leading automotive brands such as BMW, Hyundai and Toyota. Without being skeptical, auto business is one of the businesses that will continue to thrive as long as transportation remains an essential part of human existence.

By investing largely in car dealership, some investors have been able to maximize their profits and establish great business empire for themselves. Auto business will potentially yield massive returns but it requires a huge capital layout.

Fashion 

Many Nigerians value their looks and this has given much significance to the aesthetic appreciation of fashion in Nigeria. With billions of Naira currently invested in the fashion industry, you must accept that fashion is one of the trendy businesses in Nigeria.

Today, multi-million and ostentatious fashion brands are spread across many Nigerian cities simply because thousands of Nigerians pay much attention to fashion needs such as makeup, hairstyling and so on.

As a capital-intensive business, you need to have gathered a number of resources together before establishing a fashion brand. And depending on the size of your business, you may need to employ several professionals such as hairstylists, barbers and makeup artists.

Transportation

Besides being the means by which goods, supplies and humans are conveyed from one place to another, transportation is a great business opportunity which yields profits regardless of the time being. In Nigeria, transportation companies make reasonable profits but as good as it seems to them, supernormal profits roll in during some festive periods when numerous Nigerians travel from one corner of the country to another.

With huge capital layouts, many shrewd Nigerian investors have bought several cars and employed professional drivers to convey passengers/goods from one place to another.

 

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Agriculture

9 Amazing Benefits of Fish Farming In Nigeria

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Fish Farming In Nigeria

9 Amazing Benefits of Fish Farming In Nigeria

Amazing benefits of Fish Farming business In Nigeria

The business of fish farming in Nigeria is no doubt a very lucrative, considering the lots of amazing benefits attached to it; Nigerians should give much attention on the business.
It is surely a step forward in the improvement of agricultural business industry of Nigeria.

There have been series of questions on the importance of fish and fish farming. All these questions will be answered.

The invention of ponds has enormously helped in the harnessing the lots of benefits one can get from fish apart from those ages of catching and consumption of fishes. One outstanding benefits of fish farming business in countries like, to Nigeria, Ghana, Togo, Gambia, Tanzania, Chad and other countries who engage in them is the fact that it provides us with ready meat.

But in general, the aquaculture and economic benefits goes beyond that and cannot be overlooked. Fish is seen to be a great gift of nature to mankind, ranging from the provision of food, to the source of revenue and more.

What are those benefits of Fish Farming in Nigeria?

There are so many benefits attached to this business of fish farming which will be discussed below.

  1. Source of food

With the increase in the population of human beings, means of feeding people is one of the most important challenges faced globally. People need to eat even in times economic recessions. And there is need for provision of a healthy diet, rich in protein to make sure that growing population does not fall victim of sickness and disease. Fish and other aquatic organisms can fit into this model for healthy source of food (protein). The best way to achieve this is to directly or indirectly engage in aquaculture.
So there is great need for the government and related agencies to fund loans to encourage people to engage in this long-overlooked business for the interest of the nation at large.

  1. Serves as a source of income

High rate of Poverty in Nigeria can be attributed to unemployment opportunities in the country while we sit on lots of opportunities yet to be harnessed. Most individuals now make their income and revenue for themselves and their families as well as create employment opportunities for others through this business of fish farming. Don’t be left behind, the door is open for all.

  1. Serves as the choice of the customer

Fish is seen to be more affordable than most meat and that may explain it is being rushed by people more than the meat. Boarding schools and houses adopt fishes as a compulsory part of their diets thereby increasing its popularity.

4. Used as Poultry feed
the unused parts of fishes like scales, bones, innards and dried fish powder helps in Egg and meat production of poultry as these portions are highly nutritious feed ingredients of poultry farming.

  1. Unrestricted environment

Fish farming is seen to be from any environmental pollution or hazard unlike others like poultry, piggery which contributes to pollution of environment. One can set up fish pond anywhere without being a nuisance to his or her neighbors. That gives you an edge over other people dealing on other agricultural business like poultry and piggery, even other industries which can be restricted from being in some areas.

  1. Ready and available on demand

One can hasten the growth of his/her fish by feeding them with the right diet. This will make them ready and available on demand for consumers and marketers. That means, you won’t be lacking sales and incomes.

  1. It encourages mutual agriculture

Another amazing benefits of Fish Farming business In Nigeria is that supports mutual agricultural establishment, whereby one use proceeds from your other products to care for the fishes. This generally makes things easier for the farmer and reduces the cost of running the farm.

  1. Easy to maintain

The feeding of the fishes is less expensive. Also maintenance of the facilities involved is easy.

  1. Demand supply of choice

There are opportunities of breeding different species of fishes; therefore one can gain access to his/her favorite species of fish easily on demand rather than going to streams or rivers to get it.

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