If you discovered that a multinational company is using your company name to do business and you also find out that it is not registered with CAC from CAC and CAC is saying that the approval of your company name was a mistake that a company ve being registered before your company,that they advice you to change your company name free of charge......please i need ur legal advice.

@taharga

The Registrar-General said the Companies Regulation 2012 has also been approved by the Minister of Trade and Investment in pursuant to Sections 16, 585 and 609 of the Companies and Allied Matters Act, which he said would assist the Commission to meet the expectation of its customers and standardize its processes and procedures in line with global best practice. The new regulation, he said, include the removal of restriction that only Lawyers, Chartered Accountants, and Chartered Secretaries could register Companies with CAC, explaining that under the new Regulation, the first Directors/Subscribers can now register their Companies directly, saying that the new system is expected to reduce the cost of registering a company by at least 50%.

but we are still operating under the Companies Regulation 1990, and the new one hasnt being passed into law, so the above is irrelevant.

Also you cannot register a company without your CAC/IND Number and sign an affidavit in court stating your a lawyer, so that restriction that lawyers cannot do it again is not true. i just purchased a set of forms and the lawyer's form to register a company is attached.

okpara ugo:

I dont know what you are talking about.

I have registered 2 company names, all by myself. Am not a lawyer. Only uneducated traders employ laywers and pay N50,000 to register Okonkwo and Sons Nig. Ltd.

Thats not true, you cannot have two companies registered by yourself and not be either an accountant, lawyer or chartered secretary. pls get your facts right. you probably have a business name and anybody can register a business name.

okpara ugo:

I dont know what you are talking about.

I have registered 2 company names, all by myself. Am not a lawyer. Only uneducated traders employ laywers and pay N50,000 to register Okonkwo and Sons Nig. Ltd.

You are making a fundamental and foundational error. Dont be surprised if all such certificate of Incorporation is invalidated. The law states that to register a limited liability company, there is a document that can only be signed by a lawyer which presumes that everything relating to the company being incorporated is done according to the law(Companies & Allied Matters Act:which regulates and provides procedure for the registration of companies, business names and incorporated trustees). You can find this in Sec 35(3) of the above stated law.

This law has not been amended or altered since I was called to the bar...The consequence of your action will be when a new Registrar General assumes responsibility in CAC and decides to sanitise unperforming/dead/irregularly incorporated companies...your company will fall victim. Except what you did is a biz name registration and you are calling it ltd liability coy.

austinolisah: If you discovered that a multinational company is using your company name to do business and you also find out that it is not registered with CAC from CAC and CAC is saying that the approval of your company name was a mistake that a company ve being registered before your company,that they advice you to change your company name free of charge......please i need ur legal advice.

The thing is sometimes the CAC do make errors and register/incorporate biz names/companies with names that are close in resemblance to other existing companies or companies/entities whose names have been approved but they are still undergoing registration.
Normally, when such errors are found, they write you and notify you that you should chose a new name and they bear the cost for this error. If however, your name is so unique and you believe you are being cheated, you should employ the services of a lawyer to help you ascertain the date the "cheating" company's name was registered and reconcile it with the date you brought yours for registration.
Hope that clears it for you?

However, what would have been applause-worthy for me is
A faster incorporation time anywhere in Nigeria.
Simplified taxation for SMEs.
Quick registration of patents,copyrights & other intellectual properties(We should start getting protective of such intangible real estate).
Registration of intellectual properties should be possible in all states of the federation and should be expedited too. That commercial agency of the Govt is very stagnant and obscure.

If they can do these, i will consider giving them 5 stars.

okpara ugo:

Registration with CAC is cheap between 5k and 15k.

.in abuja cac registration take how long for business name

[quote author=edo.girl]Rubbish. Why cut fees for foreign investors, while only last week or so, the same government increased the cost of registering a limited liability company at the CAC . You reduce for foreigners who don't need the reduction only to increase for long suffering locals?

At the end of the day, it is small businesses established by ordinary Mr Chinedu and Mummy Junior that will create the jobs that we need, not mostly fake foreign 'investors' who come with empty pockets but are able to obtain big loans from local banks 'cos they are Oyinbo.

Surely, a genuine foreign investor with millions of dollars (supposedly) in his 'back pocket' will care less about a reduction in fees equivalent to just USD 250.

As things stand today, it will cost me less than £20 (N5000) to register a company in the UK, but registering an equivalent company in Nigeria will cost at least 6 times that amount due to GEJ government's latest increase.

To encourage entrepreneurship, Government must get out of people's way and cut down on needless barriers and costs. The cost of registering a company should be cut down to N10K or less.

Confused Government.

GBAM!!! [quote author=edo.girl]Rubbish. Why cut fees for foreign investors, while only last week or so, the same government increased the cost of registering a limited liability company at the CAC . You reduce for foreigners who don't need the reduction only to increase for long suffering locals?

At the end of the day, it is small businesses established by ordinary Mr Chinedu and Mummy Junior that will create the jobs that we need, not mostly fake foreign 'investors' who come with empty pockets but are able to obtain big loans from local banks 'cos they are Oyinbo.

Surely, a genuine foreign investor with millions of dollars (supposedly) in his 'back pocket' will care less about a reduction in fees equivalent to just USD 250.

As things stand today, it will cost me less than £20 (N5000) to register a company in the UK, but registering an equivalent company in Nigeria will cost at least 6 times that amount due to GEJ government's latest increase.

To encourage entrepreneurship, Government must get out of people's way and cut down on needless barriers and costs. The cost of registering a company should be cut down to N10K or less.

Confused Government.

GBAM!!!

Ngwakwe: Federal Government wants to encourage investment by reducing cost of registration of company with foreign equity participation from N50,000 to N15,000.

Lagos State under our (yet to be messiah President) Babatunde Fashola is discouraging business by forcing Spare Parts and Auto Dealers to pay yearly renewable "levy" of N50,000 and N100,000 without recourse to the size of their business.

If APC is to adopt the Economic policies of Lagos State Govt, I will "advise" my Eastern Nigeria brethren to keep of this so called mega party until Fashola's ulterior motives are purged from the system for better Nigeria.

Bros, I told people that fashola would soon show his true colours be they didn't believe me. They are seeing it for themselves now...

edo.girl:
Rubbish. Why cut fees for foreign investors, while only last week or so, the same government increased the cost of registering a limited liability company at the CAC . You reduce for foreigners who don't need the reduction only to increase for long suffering locals?

At the end of the day, it is small businesses established by ordinary Mr Chinedu and Mummy Junior that will create the jobs that we need, not mostly fake foreign 'investors' who come with empty pockets but are able to obtain big loans from local banks 'cos they are Oyinbo.

Surely, a genuine foreign investor with millions of dollars (supposedly) in his 'back pocket' will care less about a reduction in fees equivalent to just USD 250.

As things stand today, it will cost me less than £20 (N5000) to register a company in the UK, but registering an equivalent company in Nigeria will cost at least 6 times that amount due to GEJ government's latest increase.

To encourage entrepreneurship, Government must get out of people's way and cut down on needless barriers and costs. The cost of registering a company should be cut down to N10K or less.

Confused Government.

I agree with you to some extent but you must understand the context in which this reduction was done. You rightly stated that Foreign Investors would care less about such a small fee. But there is something Called the "Ease of doing business Index". Many foreign investors look at these indices before deciding on what country amongst a couple similar countries they would choose to invest. Things like how long it takes to register a company, the number of regulatory offices you have to deal with, the cost of registration and a host of others are used in scoring countries. What Aganga is trying to do is to make the country more investment friendly, get us up on the rankings investments that would have otherwise gone to Ghana, Kenya, South Africa and the likes.

edo.girl:
Rubbish. Why cut fees for foreign investors, while only last week or so, the same government increased the cost of registering a limited liability company at the CAC . You reduce for foreigners who don't need the reduction only to increase for long suffering locals?

At the end of the day, it is small businesses established by ordinary Mr Chinedu and Mummy Junior that will create the jobs that we need, not mostly fake foreign 'investors' who come with empty pockets but are able to obtain big loans from local banks 'cos they are Oyinbo.

Surely, a genuine foreign investor with millions of dollars (supposedly) in his 'back pocket' will care less about a reduction in fees equivalent to just USD 250.

As things stand today, it will cost me less than £20 (N5000) to register a company in the UK, but registering an equivalent company in Nigeria will cost at least 6 times that amount due to GEJ government's latest increase.

To encourage entrepreneurship, Government must get out of people's way and cut down on needless barriers and costs. The cost of registering a company should be cut down to N10K or less.

Confused Government.

I agree with you to some extent but you must understand the context in which this reduction was done. You rightly stated that Foreign Investors would care less about such a small fee. But there is something Called the "Ease of doing business Index". Many foreign investors look at these indices before deciding on what country amongst a couple similar countries they would choose to invest. Things like how long it takes to register a company, the number of regulatory offices you have to deal with, the cost of registration and a host of others are used in scoring countries. What Aganga is trying to do is to make the country more investment friendly, get us up on the rankings investments that would have otherwise gone to Ghana, Kenya, South Africa and the likes.

Ease of doing Business Index: [url] http://en.wikipedia.org/wiki/Ease_of_doing_business_index[/url]

That's a good move from the federal government. Now I can plan to register my business!

what process and where did you do that, I paid 10,000 to register a business name in 2012 unfortunately the person I contracted said she was unable to complete it on Dec 2012 by 2013 January I understand there was an increase I paid another 10,000 making it 20,000.I still want to register two more so how do I go about it.

okpara ugo:

I dont know what you are talking about.

I have registered 2 company names, all by myself. Am not a lawyer. Only uneducated traders employ laywers and pay N50,000 to register Okonkwo and Sons Nig. Ltd.

0Edward0: Please what is the major difference between CAC and NIPC? This one that they are both registering companies. Which do we use?

CAC is incharge of registering companies, business names and Incorporated trustees. Thus Cac is relevant in the formation of a company to give it legal existence. NIPC Nigeria Investment Promotion Commission / council is the one that deals with companies formed by foreigners or where foreign investors have equity participation in form of Foreign Direct Investment. If such a company , it is mandatory that it registers with NIPC and that is where the fee reduction has been reduced. CAC rather increased company registration and indeed all fees by about a 100% this year frm info available to me

Very good move by Jonathan

taharqa: Maybe am not aware sha of d lastest increases and activities of d CAC (since sm of u guys are saying it startd dis yr), but dis is what I know:

late last yr, CAC took sm really important Administrative and Policy moves that was supposd to actuali lead to significant Reduction in d OVERALL amount of money businesses usd to complete all d Registratn Processes (and am not just talking about d Actual money paid for d Registratn). Such moves included bringing all d relevant companies necessary for d complete Registration process (like FIRS, etc) unda same roof so dat prospective company owners wud not need to spend unnecessary Stress, Time and of course, Money to run around these oda Govt agencies in dier various difference locations.

CAC also removd d Compulsory requirement of using a Lawyer/otherProfessional to register one's company ; one can now register directly without having to pay additional fees to Lawyers and odas, which was esp meant for SMEs- all these moves was supposd to reduce d OVERALL money spent by as much as 50%.

I wont know sha if they increasd d Actual fee payable to CAC dis yr, and wud want to know where u guys got dat info. Thnx in advance

Hahahahahaha brother na wetin lawyers do u nah? U no want make lawyers chop after spending 6years to learn how to register ur company? Lol. Asking a layman to handle ur legal services is like asking a mechanic or carpenter to perform a surgical procedure on you, u put ur life in serious danger. You can't just be smarter than a trained professional in his field. Ok let assume u are allowed to incorporate you company as a non professional, how do u draft the various documents needed? Possibly u copy verbatim the ones already drafted by a lawyer without knowing the consequences on ur company.

austinolisah: If you discovered that a multinational company is using your company name to do business and you also find out that it is not registered with CAC from CAC and CAC is saying that the approval of your company name was a mistake that a company ve being registered before your company,that they advice you to change your company name free of charge......please i need ur legal advice.

You have to comply with CAC directive or appeal to it and if the appeal fails and u knw u have a good case then proceed to FHC to challenge the decision. When there is conflicting names of companies registered, CAC can direct u to within a given period change ur company name. To do so is very simple. Just consult a lawyer.

edo.girl:
Rubbish. Why cut fees for foreign investors, while only last week or so, the same government increased the cost of registering a limited liability company at the CAC . You reduce for foreigners who don't need the reduction only to increase for long suffering locals?

At the end of the day, it is small businesses established by ordinary Mr Chinedu and Mummy Junior that will create the jobs that we need, not mostly fake foreign 'investors' who come with empty pockets but are able to obtain big loans from local banks 'cos they are Oyinbo.

Surely, a genuine foreign investor with millions of dollars (supposedly) in his 'back pocket' will care less about a reduction in fees equivalent to just USD 250.

As things stand today, it will cost me less than £20 (N5000) to register a company in the UK, but registering an equivalent company in Nigeria will cost at least 6 times that amount due to GEJ government's latest increase.

To encourage entrepreneurship, Government must get out of people's way and cut down on needless barriers and costs. The cost of registering a company should be cut down to N10K or less.

Confused Government.

Very, very good talk!
I'm one of those that blive that GEJ should be given a chance, but I must admit, this ur comment should MAKE FRONT PAGE!
It's about time the Federal, States and Local Governments started encouraging businesses in Nigeria by drastically reducing de costs of doing businesses in Nigeria by Nigerians. Starting from registration to taxes,to levies, etc.
Infact, let's advance rebroadcast this position until it gets to GEJ.

Thank you very much.am already talking to a lawyer

Abbott:

The thing is sometimes the CAC do make errors and register/incorporate biz names/companies with names that are close in resemblance to other existing companies or companies/entities whose names have been approved but they are still undergoing registration.
Normally, when such errors are found, they write you and notify you that you should chose a new name and they bear the cost for this error. If however, your name is so unique and you believe you are being cheated, you should employ the services of a lawyer to help you ascertain the date the "cheating" company's name was registered and reconcile it with the date you brought yours for registration.
Hope that clears it for you?

Lol.very true bro.there re somethings you need a lawyer to explain when it comes to policies governoring a company.

eldoradoxx: Hahahahahaha brother na wetin lawyers do u nah? U no want make lawyers chop after spending 6years to learn how to register ur company? Lol. Asking a layman to handle ur legal services is like asking a mechanic or carpenter to perform a surgical procedure on you, u put ur life in serious danger. You can't just be smarter than a trained professional in his field. Ok let assume u are allowed to incorporate you company as a non professional, how do u draft the various documents needed? Possibly u copy verbatim the ones already drafted by a lawyer without knowing the consequences on ur company.

Empty words and even emptier promises by the government mouthpieces on this thread.


Nigerian governments and their agents routinely TALK about making Nigeria a better place to do business but their ACTIONS show what their priorities really are. Some posters have given details of how prompt and efficient the company registration process is in other countries. These places are serious about this because they know the ease of doing business (company registration, etc) is a key part of the competitiveness index.


The Nigerian government and its officials still do not understand what these other countries figured out a long time ago. The CAC claims on its website that “the establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived INEFFICIENCY AND INEFFECTIVENESS of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible for the registration and administration of the repealed Companies Act of 1968”.


If indeed, the CAC was set up to right the wrongs of the past, then there is NO reason under the sun why in 2013, a key piece of legislation (the Companies Regulation 2012) affecting company registration in Nigeria cannot be made available in downloadable pdf on the CAC website. How hard can it be to do this? In its current form on the website, this 101-page document cannot be downloaded or printed. It can only be viewed (in barely legible font) on the website. Why is this so?


It is so because the ‘wise’ men at the CAC would prefer to swell their coffers by charging members of the public NGN 1,000 (one thousand naira) per hard copy of the Companies Regulation 2012, obtainable only at the CAC’s offices. What more evidence is needed to show that the CAC is staffed by yesterday’s men? Nigerians who want to register businesses and create wealth must physically go to the CAC’s office (in 2013!!) to buy a hard copy of the laws governing the registration and setting up of businesses in Nigeria.


^^^This here is the character of Nigerian bureaucracy and officialdom. Wasteful, inefficient and violently predatory. Should Nigerians have to pay one thousand naira for the report of a committee hurriedly cobbled together in 2010, and which only just (last year) finished its assignment? When the power of the internet is accessible to all?


Perhaps even more disturbing is the CAC Registrar–General’s claim that the monopoly held by lawyers, chartered accountants and chartered secretaries on company registration would no longer exist from 2013. Is this true? Is it now possible in practice for first Directors/Subscribers to register new limited liability companies directly with the CAC in 2013? Or was the Registrar-General peddling falsehood?


The CAC should shape up or throw in the towel. Taxpayers deserve more! And if they know what's good for them, they should insist on it!

Please can someone advice me on what to do. My kid sister is in houdegbe north america university benin studying and am getting info that d university is fake that it is not accredited and their certificate is not recognised in Nigeria by NUC(Nigeria University Commission).please I want to know if is true.tnx

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