HOW TO CLOSE A BUSINESS NAME?

For a business name, the process of ending a business is encapsulated under Section 819 CAMA, 2020. Under the Act, for a business
name that ceases to carry on business, the following processes must be followed:

1. The individual or his representative or partners of the firm must deliver to the Registrar of Business Names, a notice that it has ceased to carry on business. This notice must be delivered to the Registrar within 3 months after the business has ceased to be carried on and if they fail to send the notice to the Commission, they would be liable to a conviction of fine as spelled by the Commission in its regulations.

2. On receipt of the notice above, the Registrar may remove the business name from the register.

3. If the Registrar has reasonable cause to believe that a business name is not carrying on business, he may send a notice to such firm, individual, or corporation.

4. The firm, individual, or corporation (business name) has 2 months to reply to the notice sent by the Registrar and if not sent, the Registrar of Business Names may remove such name from the register.

5. If the Registrar receives a letter confirming that the firm is no longer In business, he may remove the name from the register.

We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public Limited Company), Limited Partnership and Limited Liability Partnership, Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC.

We also undertake the rigorous process of your CAC post registration services such:

As Annual returns, change or correction of name, name substitution, change of address, change of directors, change of nature of business, registration of business name as a limited company etc.



If you would like us to undertake the whole process of registering your business in Nigeria and get your approved Certificate of registration or Incorporation to you,reach us by Call/WhatsApp on 07033097160.

THE PUBLIC NOTICE of Corporate Affairs Commission's deadline is April, 2024.
IF you do not file your Annual Returns sections 421 (1) & 822 (1) CAMA 2020, your business risks being struck out!

We are CAC Accredited Agent.
Call/WhatsApp 07033097160

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Change Of Objectives

A company may choose to venture or to diversify into new businesses which were not originally in the Memorandum and Article of Association of the company. This will ultimately lead to filing a notice to change or alter its Memorandum and Articles of Association.

Requirements for filing notice of alteration of Memorandum and Articles of Association include the following:

Special resolution for alteration of Memorandum and Articles of Association signed by a director and secretary or 2 directors and stating the altered clauses and or articles.

Duly stamped Memorandum and Articles of Association marked “as Altered” and reflecting the altered clauses and or articles .

Updated annual returns filing

Payment of fees

Let's file your annual returns. Updated annual returns is crucial to the success of your business venture.

File your annual returns.

Change Of Name

An existing company may voluntarily decide to change its name. It could be to enhance its goodwill or as a result of a change of ownership or a merger/acquisition. It could also be compulsorily. A Company may be directed by the CAC to compulsorily change its Name under the following circumstances:

Inadvertent registration of a new Company with the name of an already existing Company or one so nearly resembling it as to be likely to deceive.
Later discovery that the Company’s name conflicts with an existing trade mark or business name registered in Nigeria without the consent of the owner of the trade mark.
After a successful passing off Action, the Court can direct the newly registered Company to change its name.

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Reasons for Cessation of Business:

1. By Court order

2. Cancellation by the commission (CAC)

3. Death of proprietor or all the partners

4. Voluntary

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There is a fundamental difference between an annual returns and tax filing. CAC annual returns are specific to maintaining an entity's legal status and providing updates to the CAC registry, while tax returns are related to reporting income and financial information for the purpose of calculating and paying taxes to the government.

Did you know the Commission''s Refund Policy?

CAC Nigeria has a refund policy. There are some situation where a refund will be necessary e.g double payment deduction, a mistake of overpayment etc. This will demand the applicant apply for a refund. The process is as follows:

An application for refund stating clearly the reason for refund.

Such application must carry the name, telephone number, account number and an active email address, for ease of communication with the applicant/beneficiary.

Applicant must attach evidence of payment(s) made (i.e. Remita Retrieval Reference).

Where there are multiple payments in a transaction, all the receipts must be attached to the application.

Where the reason for refund is as a result of the applicant’s fault, a deduction of 5% administrative charge is applicable.

Where refund relates to Pre-incorporation and Post-incorporation applications, payments shall be made to the Payer and Principal respectively.

Application for refund shall be forwarded to the audit department email address.

Let's Register your business today.

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For all registered businesses owners, it's advisable to file for a change of business address is you have re-located your business services to a new location or used a demo address during your registration.

Significance of filing Annual returns

1) It enables companies to process and access post-incorporation services from the CAC, e.g request Certified True Copies (CTC) of Incorporation documents, carry out increases in share capital, changes to business objects or registered addresses, and changes to directors, partners, or trustees. If annual returns are not filed on time and any applicable penalties have not been paid in full, CAC will not provide any post-incorporation services to any registered entity.