The importance of registering a business can never be over-emphasized. For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.
Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.
People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.





REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.
The steps for incorporating a new company at the nation’s registry, The Corporate Affairs Commission, can be summarized in the following 10 steps:
1. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc. It takes an average of 5 business days to get availability results.
2. Details of Directors. Long story short, you will be required to provide the biodata of the Directors of the proposed company. This information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.
3. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company.

PS – the shareholders can also double as the directors of the company.
4. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors’ responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company. The company secretary could be an in-house person or an outside consultant. Some of the roles of a company secretary include:
a. Maintaining the Statutory Registers;
b. Liaison between the company and the CAC and other relevant government agencies;
c. Providing members and auditors with notice of meetings.
5. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.
6. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “Negative List”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.
7. Valid Identification. Although this requirement has been stated earlier, it is worthy of mention here again. A photocopy of Identification of all the directors is required. (E.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).
8. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10, 000:00 (Ten Thousand Naira only) However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1, 000,000: 00 (One Million Naira only) share capital company. A company’s share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized share capital must be subscribed and paid for.
Once the issue of share capital has been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.
9. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.
10. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.
These are the basic requirements for incorporating a private limited liability company in Nigeria. However, EXPATRIATES are subjected to additional requirements and laws – Nigerian Investments Promotion Act, Immigration Act, Investment and Security Act, and Foreign Exchange and Monitoring Act.

Adeolu Adesuyi Esq.
deolumike@gmail.com
0818-905-1347
https://deolumike./2015/11/24/what-you-need-to-know-about-registering-your-companybusiness/

what if its a sole-ownership busines as in no third party involve but just one person

Gideon9947:
what if its a sole-ownership busines as in no third party involve but just one person

Then you'll need a registered business name.

A registered business name secures your brand name. Meaning no one else can use your registered business name.

Do you mean other people can still use the company name if its private liability company?

deolumike:
Then you'll need a registered business name.

A registered business name secures your brand name. Meaning no one else can use your registered business name.

A registered business name secures your brand name. Meaning no one else can use your registered business name.[/quote]

How much does it cost to register business name?[/color]A registered business name secures your brand name. Meaning no one else can use your registered business name.[/quote]




How much does it cost to register business name?

onyeogalu1:
A registered business name secures your brand name. Meaning no one else can use your registered business name.

How much does it cost to register business name?[/color]A registered business name secures your brand name. Meaning no one else can use your registered business name.




How much does it cost to register business name?

I'll do it for you for just N25,000. Only

Rightworld:
Do you mean other people can still use the company name if its private liability company?

They are fine. Thanks

The difference is that a limited liability company separates a owners and the business. The business is a legal entity on its own. Capable to own as assets and a bank account for corporate transactions. It can sue and be sued in its own name without getting it's owners involved in law suits brought against it

Business Name wey you go just log online and do sharp sharp with little or no money.
BROTHERS! why are we no longer our brother's keepers?

blessedapple:
Business Name wey you go just log online and do sharp sharp with little or no money.
BROTHERS! why are we no longer our brother's keepers?

After you do the same search and reservation online, will you not purchase the forms and pay for the oath at the commissioner of oaths' office or notary public's office?

Then your transport to CAC is not free.

All that aside, can you quantify the "wahala" you will pass through in the hands of the CAC people before and during filing?

Even in the absence of the above, one is entitled to professional fees for services rendered.

deolumike:
I'll do it for you for just N25,000. Only

Is it the same price if i want to register a company?

deolumike:
After you do the same search and reservation online, will you not purchase the forms and pay for the oath at the commissioner of oaths' office or notary public's office?

Then your transport to CAC is not free.

All that aside, can you quantify the "wahala" you will pass through in the hands of the CAC people before and during filing?

Even in the absence of the above, one is entitled to professional fees for services rendered.

Ok i hear you Man-must-wak.
No intention of mixing your eba with sand ooo
Just my 2cent shaa.
No offense please!

onyeogalu1:




Is it the same price if i want to register a company?

No. A totally different process . Here you'd be a shareholder and not a sole proprietor. The business becomes a separate legal entity capable of owning properties, obtaining loans and can sue and be sued in its own name without personally involving its owners.

Must one have a means of identification e.g National ID card, passport, license et al before they can register only a business name or obtain TIN for small one man business?

obiaguna:
Must one have a means of identification e.g National ID card, passport, license et al before they can register only a business name or obtain TIN for small one man business?

Yes. It is a requirement that you submit along with other relevant documents some means of identification e.g National ID card, passport, driver's license. It is to verify the identity of members of the company.

deolumike:
Yes. It is a requirement that you submit along with other relevant documents some means of identification e.g National ID card, passport, driver's license. It is to verify the identity of members of the company.

Okay. Thank you.

How much will it cost to register a private limited company?

Richdotcom:
How much will it cost to register a private limited company?

please mail me via deolumike@gmail.com

onyeogalu1:




Is it the same price if i want to register a company?

No. That's an entirely different procedure. For enquiry, you may reach me at deolumike@gmail.com.

Take your business to the next level, incorporate your business and file your company returns at the CAC at discounted prices. Our efficiency is hinged on a solid experience corporate relations.
Take advantage of this opportunity to register:

- Business Name (#25,000).
- Limited Companies (from #60,000).
- Incorporated Trustees i.e churches, mosques, clubs, NGOs and associations (from #125,000) - 30days

We deliver your Incorporation certificates within 5 working days to any part of the country.

Call/chat us up today on 0803 765 3364 or mail us on deolumike@gmail.com for an amazing customer experience.

WHAT YOU NEED TO KNOW ABOUT REGISTERING YOUR COMPANY/BUSINESS IN LESS THAN 10 DAYS