New rules and orders from the CAC commencing from the 29th of November 2008. For you the lucky ones that registered quickly before the new changes in price, Congrats for taking advantage of the cheap prices. There are now new rules for forming companies and price changes but it is done to make things easier for people who need to incorporate companies.

Anyway, i believe anybody that is above 21 that isnt a director of an existing company or plans to own one in future really has no plans to be a financial leader someday. Even if you collect outrageously huge Salaries every month, have you thought of Plan B if the salary well dries up??

I have been getting e-mails and requests about the Filing price but what i fail to understand is where do these rumour emanate from that to register a company costs N100,000 or more for a million share capital? 

While i choose not to state the exact price on This Thread based on personal reasons and fluctuations of prices and costs, i can categorically tell you is way way below that and dont be coerced into believing that story from anyone whatso ever.

Even with the solicitors fee for filing and drafting every legal Thing possible for the company to take shape, it wouldnt still get to that price, so beware abeg!

You need money to run the business and not use the money to get ripped off even before you start the company! 

Post all your Company Registration questions and i will try my best to answer it as soon as possible.

Cheers!

Lawyer, thanks for the info.

i have a company with N100,000 sharecapital and I want to increase to N1.0million s/capiatal. I have done my Anual reports up todate.

What do I need to pay and what docs do I need to sign. I know I have to do a board resolution, so what next after that and what are the associated costs?

Will I have to amend my MEMART to reflect the new s/capital

Thanks

naijacutee:

Thanks again, lawyer. You are an asset to us all, and you never dissappoint. I think I might need your services soon as well.

Wow! Naija cutie thanks once again for the kind comments. At this rate, i would begin to have an online crush on you, lol, Truely appreciate it. I try my best to do what i can and leave the rest to destiny.

Cheers!

Jodesky:

Lawyer, thanks for the info.

i have a company with N100,000 sharecapital and I want to increase to N1.0million s/capiatal. I have done my Anual reports up todate.

What do I need to pay and what docs do I need to sign. I know I have to do a board resolution, so what next after that and what are the associated costs?

Will I have to amend my MEMART to reflect the new s/capital

Thanks

Hmm, your situation is not as difficult as you think and i will try to put you out of your misery.

The major issue here is changing the share capital. That is an Increase of the share capital from 100,000 shares to 1,000,000 shares. Before i proceed, i think it was a bad idea to start with 100,000 shares and who ever advised you to start that low, wasn't being financially prudent and encouraging with you. I advise most of my clients to start with a basic 1,000,000 shares for starters. It doesnt change anything and puts you in a better position to progress instead of retogressing. With this now, you would have to pay to the C.A.C. extra money to get the 1,000,000 shares that you would have gotten for cheap earlier on.

In fact tell the person who advised you to register 100,000 shares waka on my behalf He is a bad company advisor!

Anyway to your problem, Section 100 of CAMA (Company and Allied Matters Acts) provides for the Alteration of the Share capital and Section 102 of CAMA specifically provides for the Increase of Share Capital.

The steps to follow to achieve that increase includes:

1. You must call a MEETING AMONGST ALL THE DIRECTORS: Whether it is you and your wife or you and your brother or there are 5 people that are directors of that company, all of you must sit down and decide that you want to Increase the share capital. You cannot take a unilateral decision on your own without the consent of all the other directors. this is called A GENERAL MEETING.

2. After the General meeting amongst you all, you must now have a RESOLUTION that you want the Shares to be Increased. This Resolution must not necessarily be in a written form but it is advisable that you write it down. Nothing too extravagant. Just scribble it down that "Directors 1, 2 and 3 blah blah blah have agreed to an increase of the share capital of company xyz on so so so date and so so so time during a general meeting called" (Shikena)
This is called an ORDINARY RESOLUTION.

3. After the ORDINARY RESOLUTION, you can now through your lawyer or yourself, go to the C.A.C to purchase THE STATEMENT OF INCREASE IN SHARES FORM from the C.A.C. This statement of Increase in shares form is very important and it should be filled properly. The cost shouldnt exceed #5,000.

You now attach the filled Statement of Increase in Shares form with the written resolution that you have all agred to Increase the shares of your company xyz to be stamped at C.A.C more specifically at the stamp duties office in the C.A.C.

4. The major documents to be filled at once include:

1. A letter of Application to the C.A.C that you want to Increase the shares of your company from 100,000 to 1,000,000

2. Your Memorandum and Articles of Association must be amended to reflect the changes that it has increased from 100,000 to 1,000,000. Better still tell your Attorney to draft a new MEMAT with the changes inherent in it.

3. Your copy of the Ordinary Resolution (The small note showing that the directors met to discuss the Increase of the shares)

4. A notice of the Increase: (That is After the Resolution by all the directors, you now draft a small notice telling the shareholders that the board has agreed to Increase the share capital) Look at any newspaper and steal a sample notice to shareholders about any important issue discussed for you to have a clearer view of what i am saying.

5. Statement of the Increase that has been filled and duly stamped.

The above 5 documents must be submitted to the C.A.C within 15 days after the Statement of Increase has been duly stamped unless it will be queried and rejected and you have to start all the process all over again.

Once you submit it, give the C.A.C a minimum of 6 weeks and your Certificate of Increase of your share capital will be issued to you by the C.A.C

Total cost of everything shouldnt exceed #30,000 because at least #10,000 will be taken for the minimum 1,000,000 share capital and the rest for the stamping and settle ment to speed it up. You will definately still see small change remaining

[size=18pt]Important warning[/size]:

After the certificate of Increase has been issued to you by the C.A.C make sure you draft a statement showing that the company has increased its share capital base from 100,000 to 1,000,000 and within 6 months of this notice, it should be submitted to the C.A.C that you have issued at least minimum of 25% to all the directors to make it reflect that it is no longer 100,000 shares but that it has increased significantly and the other directors have a larger share of it.

e.g

Before you had 2 directors and you both had 50-50 shares in the company. That means you both had 50,000 shares each to reflect 100,000. Now that it has increased to 1,000,000, you now have to show that it has increased significantly from 50,000 shares to 500,000 shares per director.     

If you don't do this, the C.A.C will not recognize that you have increased it and it will be missing from your file.

Secondly, you have deliever to the C.A.C a statutory declaration (Also known as a note or document) that all the directors have consented to the Increase and that the increment from 50,000 to 500,000 has taken effect.

After that you have completed the process of Increasing your share capital.

Shikena

Cheers!

Hey Lawyer, nice info u posted here. i think i might need ur advise very soon . i am about registering my company. i will like to give u a shout when i am ready.
www.depearlmagazine.com
thanks

Please i registered a business name some years ago but lost the reciept and other papers related to it. When i went to get the registration papers, i was told i need the receipt. Is there any way i can get this papers without the receipt? I wanted to abandon it but i can't get the same name to register again. Please advice

@depearl

de pearl:

Hey Lawyer, nice info u posted here. i think i might need ur advise very soon . i am about registering my company. i will like to give u a shout when i am ready.
www.depearlmagazine.com
thanks

Thanks for the compliment. Hope to hear from you and keep your head up.The sky is the limit!


@idhigbe

Please i registered a business name some years ago but lost the reciept and other papers related to it. When i went to get the registration papers, i was told i need the receipt. Is there any way i can get this papers without the receipt? I wanted to abandon it but i can't get the same name to register again. Please advice

Ouch am sorry to break the bad news but the C.A.C. can be very cruel atimes. Without the recipet or a photocopy of the true documents, you can't get that business name. You ought to have filed a police report or affidavit the day it went missing so that they can trace it for you. I dont know how long this case has been but immediate steps ought to have been taken to redeem it. Anyway a business name costs just #5,000 to N7,000 so you can close your eyes and do it again. But this time be careful and make thousands of photocopies. As per the name, if it hasnt been given to anyone yet that is if a certificate hasnt been issued to anyone else with that name, then it ought to be still available.

Try your luck, things could still work out fine. Dont give up.

Cheers!

@ lawyer
thanks for your very informed inputs on a very useful topic. ive got a registered business name and would like to upgrade to a company. please wot steps are necessary and wot r the cost implications? cheers

taggevents:

@ lawyer
thanks for your very informed inputs on a very useful topic. ive got a registered business name and would like to upgrade to a company. please wot steps are necessary and wot r the cost implications? cheers

The answer to this question has already being answered. There is no extra cost implication. It is just as if you want to register a new company all over again and you go through the same process as i explained in the first post. The only difference is that if you still want to retain the same business name and want to transfer that name as your new company name too, you would have to attach the the certificate of the business name given to you in the search or availability of name form.

Adding this certificate would make it easier for C.A.C to locate that name and give it to you and reserve it, but if you want a new name you have to go through the same process. There is no extra amount of money you should pay for upgrading.

Cheers!

@LAwyer,

Please send same to me, i am looking at stating a new company (Training School) to be precise.

Can you also send me the procedure for stating a Training School in Lagos.

Email is: sinewyconst@yahoo.com

Thanks


Const

sonety2k:

My lawyer , please how much is it to incorporate a company with N1,000,000 or 2m

sharecapital . kindly send me full details to my mail box ~ sonety2k@yahoo.com

Thanks

At sonety2k

I have replied your mail and i will get you the new info by monday or tuesday as promised!

const6:

@LAwyer,

Please send same to me, i am looking at stating a new company (Training School) to be precise.

Can you also send me the procedure for stating a Training School in Lagos.

Email is: sinewyconst@yahoo.com

Thanks


Const

@const

I would reply you as stated above next week when i get the full details but i am curious abit about the type of training school you intend to establish because the CAC are very cautious in registering schools without any certificate of proficiency stating that you have the necessary know how and knowledge to run the training school, so i would like you to enlighten me more so that i know how to properly advise you on what next to do.

Kindest Regards

@ lawyer

I have a business name registered with CAC - trading in general goods.

However, I would like to upgrade this to a limited liability Company. Is this possible or must I register a seperate and new LLC?

What are the cost implications and how can you help me get this achieved.

Please reply me at chibiks@gmail.com in the first instance stating the procedure, CAC charges and your service charges.

Kind regards.

GREETINGS TO YOU THE LAW

PLEASE I NEED YOU TO HELP ME WITH THE REQUIRED INFORMATIONS AND STEPS TO TAKE FOR ME TO REGISTER MY COMPANY, LIKE YOU have RIGHTLY SAID BEFORE THAT THEY HAS BEEN A NEW LAW FROM THE CAC, PLEASE THE LAW HELP WITH THE new LAW INFO'S, HERE IS MY EMAIL ID:

kfulfilment@yahoo.com

remain blessed

I promise to reply you all on friday when i get everything together. Now its just speculations but since friday might be the last working day for them this year, i believe i will get it all to post to you via email and we can move on from there. Until then please excercise patience till all is sorted out unless you might just be having scattered fees that might be beyond your budget and knowledge.

Kindest Regards

I need infomation about the new rules applying to company formation and incorporation

my e-mail is lmd_steve@yahoo.com

will be expecting ur reply

thanks.

@lawyer

a quick question,i incorporated a company last yr,problem was that on my cert of inc there is a mistake on my biz name my coy name is currency and eurovision ltd but on my cert is currecy , N is missing from the name, what procedure do i need to fix this mess,i dont know if the error is from my lawyer or from cac, advice needed, other problem is that i dont live in 9ja, thanks

sorry folks that i havent replied in a while. I was kinda held up in one or two things that distracted me, so i am sorry once again. Although i would still reply your posts through your emails, i will try and answer general questions that are similar from your requests:

euromilion:

@lawyer

a quick question,i incorporated a company last yr,problem was that on my cert of inc there is a mistake on my biz name my coy name is currency and eurovision ltd but on my cert is currecy , N is missing from the name, what procedure do i need to fix this mess,i don't know if the error is from my lawyer or from cac, advice needed, other problem is that i don't live in Nigeria, thanks

I dont think the mistake is from the CAC because they are very merticulous about their searches and registration procedure. In fact if the name ended without an "N", then the lawyer who registered it for you probably forgot to add it during the availability and search period which they approved. And there is no way they will help you add the "N" because if a future person wants to register that same name with an "N" at the end, they will reject it.

What i can advise you to do is to take the certificate of incorporation and file a change of name to the desired name you want but am sorry it will cost you some thousands for that grave error!

edimalo:

I need infomation about the new rules applying to company formation and incorporation

my e-mail is lmd_steve@yahoo.com

will be expecting ur reply

thanks.

Ok now these are the new rules for registering a company:

1. Select 3 names but those names must be extremely unique. Trust me, i have had a horrible year at the CAC trying to file names that has been rejected continously because the client thinks the names are unique but someone in Jigawa or Yobe has registered that same name. Think of something out of the blues and hopefully it will scale through, because for every name rejected, you pay another extra cost for another name search so abeg think hard enough!

2. Choose the number of directors you want for your company, normally, 2 minimum is the best if you want to start small scale and choose someone you can do business with and wont disturb your progress or get too greedy tomorrow.

Possible choices are wives, brothers, or family members you trust. Other choices include close friends with considerable knowledge of the business.

3. Now one of the new rules of the CAC is that you can only do between 1 and 4 things as a company unlike the previous ones where you can change company objects like today interior decor to oil and gas and tomorrow general export and import or I.T consultant.

Now you have to specifically sit down and choose what you intend to do e.g, if it is farming, then your only allowed to do farming, if it is forex, your only allowed t do forex etc

Before people could do up to 80 kinds of business with that one same company but no more. The aim is to make more money for the CAC so if you want to change to another company to do something else you have to register another company.

So think hard about what you want to do before you attempt to register it. No more room for add this one or add that one!

4. Also the Share capital i always advise first timers to register is 1Million share capital and it should be divided amongst your directors either 80-20 or 60-40 or whatever but 90-10 is always frowned upon.

5. Also if you are going into a business that is technical or requires some form of expertie or managerial skill, the CAC now demands for certificate of proficiency. This certificate is a sort of diploma or degree or letter of authorization that you are capable to do that job. Normally it is only the certificate of proficiency that is needed from just one of the directors, so if your the one raising the funds to start the company but you do not have that requisite skill, the other director could bail the company out with his certificate of proficiency.

So another advise is to add a director who has this requisite certificate unless the registration process will be queried and you will pay for the penalty for defaulting!

Also the fees has increased as suspected. I guess government needs to make up for the loss of the global economic crunch through higher registration fees.

I[b] will not post the original fees here anymore[/b] because the last time i did it, i recieved some flacks from other lawyers on nairaland and some other people that i was trying to spoil business, so i dont want anymore katakata. If you need to know the New exact fees personally send me a mail and i'll tell you in confidence.

Congrats to those who started their registration processes before the new rules and fees or those who registered their companies ontime this year ending, I hope 2009 will bear fruits of your newly registered company!

JFKennedy:

@ lawyer

I have a business name registered with CAC - trading in general goods.

However, I would like to upgrade this to a limited liability Company. Is this possible or must I register a seperate and new LLC?

What are the cost implications and how can you help me get this achieved.

Please reply me at chibiks@gmail.com in the first instance stating the procedure, CAC charges and your service charges.

Kind regards.

Yes it is possible to upgrade your business name to a LLC (Limited liability Company). All that needs to be done is attaching the business name registration certificate you have to the new availability of name form and ask them to revalidate and upgrade it to the new name. Although there is a 90% success rate when this option scales through but the negatives is that if someone has already registered that business name of yours as a company, there is really nothing that can be done unless you have a new name to register!

Also when you upgrade to a LLC the business name ceases to exist and you now run it as a company. They cannot bothe exist together with the same name!

const6:

@LAwyer,

Please send same to me, i am looking at stating a new company (Training School) to be precise.

Can you also send me the procedure for stating a Training School in Lagos.

Email is: sinewyconst@yahoo.com

Thanks


Const

There is no problem per se! The only thing is that you must have a certificate of proficiency in either school trainning, education, management or consulting for your registration to fly past the verification stage. If you have that everyother thing as stated above is applicable!

Okay i think i am done!

Have a wonderful newyear and may your New company help nigeria out of its present economic crunch and make more billions for you!

Cheers!

@lawyer

thnx man,i am coming 2 9ja by mid next yr by the grace of god.hopefully i'll give u call.

Hello Lawyer,
please what is the cost of Registration for NGO that assist widows and ophan in the society.

i need urgent reply.

David

@tope777

Send me a mail and i'll tell you the price exactly but its more expensive than a regular company formation sha and the process of registering them are quite tedious and very demanding! NGOs are big business for the CAC! And it makes no difference whether its for widows,orphans or a social club or church! Same price for all of them! For starters, you have to be prepared to advertise the NGO in 2 dailies. (One local and the other national) also you must be more than one trustee that is, you alone cannot form the NGO. You are called trustees not directors and you must be ready to draft or have a constitution of the NGO and must have held meetings with the other trustees to ratify the name and objects of the NGO which must also be attached to the forms for registration.

Anyway mail me for more info!

Cheers!

Hi Lawyer, I would like you to post us your e-mail cause I do have something important that I would like you to help me out with. You can also contact me on here at ademoyeidowu@yahoo.com. I hope you get back to me real quick. Thanks

edwardd:

Hi Lawyer, I would like you to post us your e-mail cause I do have something important that I would like you to help me out with. You can also contact me on here at ademoyeidowu@yahoo.com. I hope you get back to me real quick. Thanks

Ok i have replied you through my email address!

Cheers!

this where i have been looking for, i will soon be in need of your help or i am in need of your help, i am about to start a company or a biz name i am in to IT ( web building, computer seals/ repairs and programming) i am also planing to go in to Medea with the company name,
i would love if you could tell me what i need break it down on this page
thanks for the good work help us all out. Naija for life, one love.

de pearl (depearlmagazine) i thing i need to learn some thing from you about start a magazine.

Hello lawyer
I'll like to know what is takes to register a business with the CAC and also how much it will cost. Please send the details to my email address at preciousg81@gmail.com
Thanks

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