Many people just start up their business outfit or set an organization without first sitting down to consider some very vital legal aspects of preliminary foundational issues. One of those issues is that of getting the business, company or organization registered at Corporate Affairs Commission. Before I go ahead, I will like to state some of the advantages of carrying out such registration as early as possible.
1. It gives the business a legal capacity i.e makes it a legal entity which means it can sue and be sued.
2. It makes it possible for you to open up a corporate bank account in the name of the business/company/organization.
3. It enables you to effectively bid for contracts because without being a legal entity, you can’t go for some certain contracts.
4. It enables you have the name of the business/company/organization all to yourself without rival. Some persons start up businesses or organizations and by the time they have gone far with it and feel they are now ready to get it registered, they are shocked to be informed that such a name is already registered by someone else and they are left with no option than to have a change of name; this can be very bad and devastating. This accounts for why all of a sudden, you see a business, church or school change their name.
5. It makes a business outfit have the capability to outlive its owners/promoters.
What then is required of a person who wants to carry out such registration? First we must consider the nature of the business, its intended objects (activities it tends to carry out) and its intended scope. This will help to determine the basic requirements that will be needed as well as the most suitable form of registration needed because we have different forms of registration at Corporate Affairs Commission.
We have the following forms of registration; Business name, Private Company, Public Company, Incorporated Trustee etc.
However the basic process for each of them is:
a. Get the proposed name(s) of the business/company/organization.
b. You do an application for name search/availability.
c. Once the name is approved, then the necessary documents are drafted/prepared (memorandum /articles of Association, Constitution, Consent Letters, Resolutions etc as the case maybe depending on the form of registration).
d. Proceed to do the necessary stamping processes at the Federal Inland Revenue Services (FIRS)
e. Then Do the final filing at Corporate Affairs Commission
The fee/charges depends on the form of registration you want to go for.
Note: A Lawyer or a Law Firm can be of serious assistance in helping you get your Business, Company or Organization registered/incorporated because you may not be able to do all the legal processes needed.
Feel free to contact us for more details/assistance.
Godswill Egede Esq.
08174907563
godswillchukky@nigerianbar.ng