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Company Registration: Questions People Ask & Answers! - Business - Nairaland

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Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 12:47pm On Mar 12, 2013
This was an inquiry made by a prospect earlier this morning. Our answer may be of good to someone reading...

QUESTION: Does one need a certificate of proficiency or a Master's degree to incorporate a management consulting firm?

ANSWER: Thank you for your question.

The CAC usually requests that we provide a certificate of proficiency for companies that engage in professional/specialist areas. e.g. Accounting, Management, Medicine, Architecture, etc. This is done in order to prevent "quacks" from deceiving unsuspecting members of the public.

However, from your question, you don't necessarily need a Masters' Degree. Your First degree plus a Certificate of Membership in a recognised professional/trade association will be required in most cases. This may however differ with regards to individual nature of business.

You need to consult an accredited specialist should you be in doubt.
-----

Do you have specific questions with regards company registration? Keep the questions flowing... Tel 08055981421 or email aybanky@gmail.com
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 12:00am On Mar 13, 2013
CLIENT: I registered a business name in 2009 to cover sales of engineering tools,construction materials, and furniture fittings which was the business i was doing before going to school but between 2010 and now i had evolved and acquired skills in Internet marketing and promotional materials which am making my business focus from now on, this means that i had dropped the previous business.
My question: what's the implication for using the business name registration for my new business

LM: If i understood your question, you want to
know the implication for using a biz name with a different registered nature (objects) from your current biz nature?

CLIENT: that's right

LM: By implication, your registered nature of business is what your business name was approved to carry or deal in. Any business activity outside this, is outside the approval given by CAC.

CLIENT: ok i get.

LM: In a more sophisticated business deal, where your business might be asked to submit registration/­
incorporation documents for sighting and perusal, you might be assumed to be unqualified because your company isn't registered for a particular job - especially specialist jobs. It is also ideal you work within the ambit of your registration in order to avoid unforseen legal issues.

LM: Has this information been useful to you?

CLIENT: Yeah it has. I really do not want to drop the business name, is it possible I change my business focus or better still include other services when i upgrade from business name to corporation. What's your best advice?

LM: You don't have to change the business name. All you need do is change the nature of business to reflect current business focus.

-------------------------
END.

Have you got questions too? Talk to us...

(Please note: This thread is only meant to guide nairalanders on incorporation matters, and of course, promote our services. You are free to consult any outside professional advisor for clarification where in doubt)
Re: Company Registration: Questions People Ask & Answers! by OluEmmaAss: 11:48am On Mar 13, 2013
Can you register a startup as a group? Is every firm under a group registered individually or group registration (if possible) enables you to create any number of subsidiaries 'for free?'
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 1:13pm On Mar 13, 2013
Olu-Emma & Bottom.:
Can you register a startup as a group? Is every firm under a group registered individually or group registration (if possible) enables you to create any number of subsidiaries 'for free?'

You cannot register a start up as a group. Every company under a group is registered individually. You must have at least 3 separate associate companies before you can apply for a "group" of companies status; and the companies must have common membership in terms of the Directors.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 3:18am On Mar 18, 2013
Keep your questions rolling in...
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 4:04pm On Mar 18, 2013
RECENT CUSTOMER INQUIRY:
"Please, I would like to know if you actually extend your company formation services to clients who need to incorporate a UK company of their local businesses? My company is a magazine publishing outfit that focuses on Real Estates and I look forward to having a UK representative company name and office for our international audience. Also intimate me on possible cost implication.
----
Yes, we offer registration services to Nigerians looking at entering new markets abroad, or clients who may only need an overseas registered company name and a virtual office that handle customer inquiries and forward mails to the recipient's destination (Nigeria).

We work with our accredited registration partners in these jurisdictions to ensure you get prompt and genuine services.

For UK registrations, the total cost range from N15,000 to N100,000 depending on the package so desired.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 9:00pm On Mar 18, 2013
Client: I heard that the CAC now requests a copy of valid identification document of directors, company secretary and subscribers before a company can be registered. But I don't have a valid ID. Does it mean I can't register a new company?
----

The 2012 Company Regulation demands that all directors, coy secretary and subscribers in the registration document of a new company must include a photocopy of their ID - International Passport, Driver's Licence or National ID. (I think the Voter's ID is now accepted.)
YOU CANNOT REGISTER A LIMITED COMPANY WITHOUT IT (except you are registering a Business Name).
 
Re: Company Registration: Questions People Ask & Answers! by olushollys: 8:43am On Mar 20, 2013
Thanks for d info given above.
Pls I need to know wot I need to register my company (ltd) how much will it cost, and business name wot are the requirement for this as well and is it possible to up grade a business name to ltd coy latter.
Thanks
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 10:15pm On Mar 21, 2013
olushollys: Thanks for d info given above.
Pls I need to know wot I need to register my company (ltd) how much will it cost, and business name wot are the requirement for this as well and is it possible to up grade a business name to ltd coy latter.
Thanks

To incorporate a limited company, you need to decide on a company name; the company's capitalisation, ownership of the company and details on Memorandum of Association and Articles of Association; and a company secretary.

In summary, you'll need:
1. an approved company name
2. A valid ID card
3. Duly completed set of forms
4. Preparation of Memo
5. Payment of Stamp duty and filing fees

Registration process of a biz name (sole proprietorship/partnership) is less formal compared to LTD. All you need is an approved name, details of your biz's nature, two passport-sized photographs, biz address, details of the proprietor (name, sex, age and addresss).

Please, check our website for details on our fees.
Re: Company Registration: Questions People Ask & Answers! by olushollys: 12:15am On Mar 22, 2013
LOUDmedia:


Please, check our website for details on our fees.
r

Please, check our website for details on our fees. [/quote]for details on our fees

Wots ur web address?
Re: Company Registration: Questions People Ask & Answers! by Ebestsmscom: 7:49am On Mar 22, 2013
olushollys: r

Please, check our website for details on our fees. for details on our fees

Wots ur web address?


www.cac.gov.ng
 
Re: Company Registration: Questions People Ask & Answers! by wedoit: 6:12pm On Mar 22, 2013
olushollys: r

Please, check our website for details on our fees. for details on our fees

Wots ur web address?

Check @Loudmedia's signature or profile for the web address.
 
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:17pm On Mar 25, 2013
olushollys: r

Please, check our website for details on our fees. for details on our fees

Wots ur web address?

@Olushollys. Please, check my signature below or profile details for website info. If you are not logged in, you may need to login to view.

May trigger off the anti-spam detector for placing a link here.

Thanks.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:30pm On Mar 25, 2013
This is an inquiry we got earlier today from a caller at Warri, Delta State.

QN: I hired someone to register a business name for me, but he said I needed to appear at th CAC before the company can be registered. The issue is that I live in Warri and he says I have to come down in person to the CAC's office at Benin where he filed registration. I hope he's not trying to play a fast one on me?
--

ANS: Whether or not he's trying to "play a fast one on you", I can't really determine that. However, the new policy at the CAC favors accredited persons or firms who carry on registration services on behalf of clients.

What this means is that unaccredited agents will not be able to directly file company registrations anymore. If he's not an accredited agent, you may have to go to the nearest CAC office yourself to file your business name or ensure you get an accredited agent to do it for you!
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:34pm On Mar 25, 2013
Whether you live in Lagos or Kano; Nigeria or Abroad, we have logistics in place to serve you better. Please, do visit our website for details.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 2:01pm On Mar 31, 2013
Do you need specialist guidance on registering a company in Nigeria or abroad? Post your questions here...

Visit our website to start your company registration online. Check profile or signature below for website address. If you are not loggged in to Nairaland, you may have to in order to view.
Re: Company Registration: Questions People Ask & Answers! by goryorhal: 5:43am On Apr 01, 2013
Thanks for your enlightment.,..i will like to ask some questions..i intend opening a personal buziness for the sales of wrist watch,perfumes..how can i go about the registering?
How much will i be charged and what are the steps and requirements?
Thanks
Re: Company Registration: Questions People Ask & Answers! by arbitrage: 7:12am On Apr 01, 2013
Is it true that your registered company cannot have a corporate bank account with banks (e.g GTbank) without collecting another document/registration called scum from EFCC?
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:24am On Apr 01, 2013
arbitrage: Is it true that your registered company cannot have a corporate bank account with banks (e.g GTbank) without collecting another document/registration called scum from EFCC?

I don't know what you meant by "scum", but that's not true. Apart from the regular Know Your Customer (KYC) documents and info the banks do requests from their customers, banks will also request your Tax Identification Number (TIN) and TIN is issued at the Federal Inland Revenue Service (FIRS).

I have never heard of getting some approval at the EFCC before you can open a biz account.
Re: Company Registration: Questions People Ask & Answers! by arbitrage: 7:30am On Apr 01, 2013
LOUDmedia:

I don't know what you meant by "scum", but that's not true. Apart from the regular Know Your Customer (KYC) documents and info the banks do requests from their customers, banks will also request your Tax Identification Number (TIN) and TIN is issued at the Federal Inland Revenue Service (FIRS).

I have never heard of getting some approval at the EFCC before you can open a biz account.

Yeah, I signed a GTBank reference form for a colleague yesterday in which he showed me the things they wrote that he must get. Apart from those requirements you mentioned, that other item was listed as part of the requirements and the writing was not clear to me. It looked like scumi but it was to be obtained from EFCC. So he was asking me where EFCC office is located in the Island.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:38am On Apr 01, 2013
goryorhal: Thanks for your enlightment.,..i will like to ask some questions..i intend opening a personal buziness for the sales of wrist watch,perfumes..how can i go about the registering?
How much will i be charged and what are the steps and requirements?
Thanks

I guess you are thinking about registering a biz name (Sole Proprietorship)?
There are two options opened for you:
1. Go to the nearest CAC office in your state. Pick up name availability search form. Once your preferrred name is approved, complete the process and your certificate will be ready in days.
2. Get an accredited professional to do the job for you. Only accredited agents CAN register a company on behalf of clients at the CAC, otherwise you'll be asked to appear in person at the CAC to complete your registration.

We help to register new companies irrespective of your location. We have logistics in place to serve you anywhere in Nigeria. Check my profile or signature for website address to see our current pricing.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 7:39am On Apr 01, 2013
goryorhal: Thanks for your enlightment.,..i will like to ask some questions..i intend opening a personal buziness for the sales of wrist watch,perfumes..how can i go about the registering?
How much will i be charged and what are the steps and requirements?
Thanks

I guess you are thinking about registering a biz name (Sole Proprietorship)?
There are two options opened to you:
1. Go to the nearest CAC office in your state. Pick up name availability search form. Once your preferrred name is approved, complete the process and your certificate will be ready in days. The Customer Service department at the CAC will give you directions on how to go about it.
2. Get an accredited professional to do the job for you. Only accredited agents CAN register a company on behalf of clients at the CAC, otherwise you'll be asked to appear in person at the CAC to complete your registration.

We help individuals and corporate clients to register new companies at the CAC. We have logistics in place to serve you anywhere in Nigeria. Check my profile or signature for website address to see our current pricing. (Can't post links here cos of the antispam bot).
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 3:36pm On Apr 01, 2013
arbitrage:

Yeah, I signed a GTBank reference form for a colleague yesterday in which he showed me the things they wrote that he must get. Apart from those requirements you mentioned, that other item was listed as part of the requirements and the writing was not clear to me. It looked like scumi but it was to be obtained from EFCC. So he was asking me where EFCC office is located in the Island.

I just sent an email to GTBank to confirm this. Once they respond to the mail, I will let you know about the outcome.
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 4:55pm On Apr 01, 2013
LOUDmedia:

I just sent an email to GTBank to confirm this. Once they respond to the mail, I will let you know about the outcome.

GTB just responded as follows (the email reads in part):
Dear Esteemed Customer,
Thank you for your patronage.
You do not have to get any clarification from EFCC before you can have an account with us.
 
Re: Company Registration: Questions People Ask & Answers! by LOUDmedia(m): 1:58pm On Apr 22, 2013
Question: How long does it take to confirm if a name submitted for search at the Corporate Affairs Commission is available or not?

Answer: Recently at the CAC, biz name search gets ready in 24 to 48 hours. However, due to unforseen situations, it could take 72 hours.
Re: Company Registration: Questions People Ask & Answers! by boazic: 2:22pm On Apr 22, 2013
please where can one register a business name in Lagos and how much does it cost?
Thanks
Re: Company Registration: Questions People Ask & Answers! by boazic: 2:23pm On Apr 22, 2013
please where can one register a business name in Lagos and how much does it cost?
Thanks.
You could send details to saylaa@gmail.com
Re: Company Registration: Questions People Ask & Answers! by arbitrage: 2:33pm On Apr 22, 2013
boazic: please where can one register a business name in Lagos and how much does it cost?
Thanks.
You could send details to saylaa@gmail.com

Someone has answered your question in this business section today. So search for it.

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