₦airaland Forum

Hello Nairalanders,

Let's dive into the latest updates from the Corporate Affairs Commission (CAC) in Nigeria. The CAC is constantly evolving, and keeping up with their changes is crucial for any business operating in the country. Here's a rundown of some recent developments:

Key Updates and Developments:

Enhanced Online Services:
The CAC continues to push for a fully digital experience. They've been improving their online portal, making company registration, filing, and other services more accessible from anywhere.
Emphasis on electronic filing of annual returns and other mandatory filings.
Company Registration Reforms:
Ongoing efforts to streamline the company registration process, reducing the time and cost involved.
Increased focus on verification of company directors and shareholders.
Beneficial Ownership Register:
The CAC is actively working on implementing a beneficial ownership register, aimed at increasing transparency and combating money laundering. This means companies will need to disclose who the real owners are.
Integration with Other Agencies:
The CAC is working on integrating its systems with other government agencies, such as the Federal Inland Revenue Service (FIRS), to improve data sharing and efficiency.
This is to help reduce the amount of times a business has to provide the same documentation to different agencies.
Enforcement and Compliance:
Increased emphasis on enforcement of compliance with company regulations.
Companies are advised to ensure they are up-to-date with their filings and other obligations to avoid penalties.
Digital Certificates:
The CAC is now providing digital certificates. This speeds up the process of receiving your official documentation.
Why These Updates Matter:

Ease of Doing Business: The CAC's digital transformation is making it easier for businesses to operate in Nigeria.
Transparency and Accountability: The beneficial ownership register and increased enforcement are promoting transparency and accountability in the business environment.
Compliance and Risk Management: Staying up-to-date with CAC regulations is essential for avoiding penalties and ensuring compliance.
Questions for Discussion:

Have you used the CAC's online portal recently? What was your experience?
What challenges have you faced with CAC registration or filing processes?
How do you think the beneficial ownership register will impact businesses in Nigeria?
Have you received a digital certificate?
What other CAC updates are you aware of?
Let's share our experiences and insights to help each other navigate the CAC's evolving landscape.

For all your CAC issues and instant help, please send a whatsapp message to 07033255396

#CAC #NigeriaBusiness #CompanyRegistration #CorporateAffairs #DoingBusinessInNigeria #BusinessUpdates

Hey Nairalanders,

Let's talk about something crucial: your National Identification Number (NIN). Many of us got it years ago, but are you sure it's still valid and up-to-date? In today's Nigeria, having a properly validated NIN is becoming increasingly important, and here's why:

Why is a Validated NIN Essential?

Government Services:

Many government services now require a validated NIN. This includes things like passport applications, driver's license renewals, voter registration, and even opening bank accounts.
Without a valid NIN, you might find yourself unable to access these essential services.

Financial Transactions:
Banks and other financial institutions are increasingly relying on NIN verification for transactions.
This helps to combat fraud and ensures the security of your financial information.
Telecom Services:
Remember the NIN-SIM linkage? This is still important. A validated NIN ensures your SIM card remains active and compliant.

Security and Identification:
Your NIN is your unique identity in Nigeria. It helps to prevent identity theft and ensures that you are properly identified in various official processes.
It is becoming a requirement for many security checks.

Future Planning:
The NIN is being integrated into more and more systems. Having it validated now will save you headaches in the future.
How Do You Know if Your NIN is Valid?

You can check your NIN status through the NIMC (National Identity Management Commission) website or by visiting a NIMC enrollment center.
You can also use the USSD code *346# on your mobile phone (charges may apply).
If your details are incorrect, or your biometrics need updating, you will need to visit an enrollment center.
What to Do if Your NIN Needs Updating:

You can message 07033255396 on Whatsapp for assistance.

Ensure all your personal information is accurate and up-to-date.
Let's discuss:

Have you checked your NIN status recently?
Have you experienced any issues due to an invalid NIN?
What are your experiences with the NIMC enrollment process?
Do you think the government should create easier ways to update NIN data?
Let's share our experiences and help each other stay informed!

#NIN #NIMC #Nigeria #Identity #GovernmentServices #FinancialServices #Security

More readings: https://www.nasdaq.com/articles/how-cryptocurrency-aligns-with-the-principles-of-islamic-banking-and-finance#:~:text=Sharia%2Dcompliant%20cryptocurrencies%20are%20digital,with%20sharia%20compliance%20in%20mind.

Here's Prof. AbdulRasaq Alaro's lecture on cryptocurrency:
https://www.youtube.com/watch?v=Ef8weFo_r0k?si=6mAFmjqNhi6fKp_C

For those who are keen on learning and making informed decision:

https://joebradford.net/bitcoin-crypto-islamic-law-joe-bradford/

As Muslims, we are always looking for ways to live our lives in accordance with Shariah. This includes our financial dealings, and in recent years, there has been a lot of discussion about the permissibility of investing in cryptocurrencies.

While there is no consensus among Islamic scholars on the permissibility of cryptocurrencies, some scholars have argued that they can be permissible if they meet certain criteria. I'm most inclined with Prof. AbdulRasaq Alaro, and Researcher Joe Bardford's detailed explanation on cryptocurrency, you can send a DM if you want to go through it as well. These criteria include:

1. The cryptocurrency must have a real-world use case and not be used for illegal activities.

2. The cryptocurrency must be traded in a transparent and fair manner.

If a cryptocurrency meets these criteria, then it is possible to invest in it in a way that is compliant with Shariah. However, it is important to do your own research and to consult with a qualified Islamic scholar before investing in any cryptocurrency.

Here are some additional things to keep in mind when investing in cryptocurrencies from a Shariah perspective:

1. Avoid investing in cryptocurrencies that are used for gambling or other haram activities.

2. Do not invest more money than you can afford to lose.

3. Be aware of the risks involved in investing in cryptocurrencies, and take steps to mitigate those risks

Investing in cryptocurrencies can be a risky proposition, but it is also a potential opportunity to generate returns. If you are considering investing in cryptocurrencies, be sure to do your research and to consult with a qualified Islamic scholar before making any decisions.

O Allah, I ask You to bless my investments and to make them profitable. I ask You to protect me from losses and to help me to invest wisely. Ameen.

_______
I'm a trusted cryptocurrency merchant, feel free to contact me to buy or sell your coins.
_______
I'm a professional role-seeking crypto community manager within almost 6 years experience, authored a book on this and I have the largest community of crypto community managers and moderators in Africa (@ExpertCms) on Telegram.
_______

Lawal Afeez Arishekola
Lagos, Nigeria.
13th October, 2023

Scammers target you with a variety of methods all calculated to make you fearful or curious. They aim to access your security information (pin or password), identity or money.

Here are some ways you may be targeted by scammers

📍Phishing scams:This is where fraudsters create fake websites or apps that look like legitimate financial apps or websites to trick you into giving them your personal and financial information. They might send you an email or message with a link to the fake site, asking you to log in with your username and password. Once you enter your details, they can steal and use your information for fraudulent activities.

📍Impersonating a bank official or customer service representative:This is when fraudsters trick you into giving them your personal or financial information by pretending to be a bank official or customer service representative of a financial institution you use.

📍Malware: This is when fraudsters use software to infect your device and steal your personal and financial information. This can happen when you download a file from a harmful website or connect to public Wifi.

Which of the above have you experienced before?

- SME CONNECT BY KIPPA

Answer:

It’s summer now and you’ll definitely encounter a lot of power-cuts. Especially in the evenings. It’s only after the power-cut that you even start searching for a candle and matches right?

If you find no candle, the only option you have is to turn on your mobile torch. Most of the times, the torch isn’t so bright.

So here’s a beautiful hack. It’s just class 8 physics.

Steps:

Fill in a bottle with water. (Preferably a transparent water bottle)
Close it tight.(Very much needed, else you’ll have to face consequences)
Turn on the torch on your phone and lay it on a flat surface keeping the torch light facing upwards.
Keep the bottle on the LED.
That’s it.

This is the basic sciences that you’ve learnt. Refraction of light. It’ll really illuminate the room.

It’ll look like this.

Looks really beautiful right?

It's a nice hack. Try it out.

Source: Engineers from my college hostel. Friend's Instagram pic.

Edit 1: I guess properly dissolving sugar/salt would increase the refractive index.

Balaji Kasiraj I Quora

Rape:
080072732255

Police Emergency Numbers:
01-4931260, 01-4978899

Inspector General of Police (IGP)
0805966666 (SMS only)

Child Abuse HelpLine
08085753932
08102678442

Lagos Emergency Service (Police, Ambulance, and Traffic Service)
112, 199 or 767

Adult Domestic Violence
08102678443
08057542266

Child Domestic Violence
08107572829
08131643208.

Violation of Girls and Women Helpline
080072732255

Rapid Response Squad
070-55350249
070-35068242
080-79279349

State Security Service SSS
08132222105–9

Federal Road Safety Commission FRSC
122
07002255372

Nigerian Army Human Rights NAHR (If you are harassed by Army officials)

08160134303
08161507644

Please share to save someone.

So, while in ogbomoso. I was running a small business. I raised some money from my local laundry service.
I 'charged' as low as fifty naira per wear. Smiles.

I got a shop; moved in my laundry equipments. First month was challenging.
I needed to make more money since I now own a shop. I thought of making small chops. I learnt it in Abia state. I added pure water and drinks too.

I had more chances of introducing my laundry work to customers who came around for drinks. And it worked.
But that's not the story.

Each day I returned in the morning, I would see the front of my shop already clean.
Wonderfully swept. I kept wondering how.

'But I didn't sweep here yesterday now. Who must have?!'
It remained a mystery for long.

So that night, I forgot to pick a customer's clothe for ironing at home; since we do have 'light' more frequently. I returned.

It was past 11; and very dark. As I approached the front of my shop, I saw a guy seated.

"Could this be a mad man?!" As I kept on with the little pace in my steps as I was still wondering.

He stood up. I put up the torch to his face.
Of Course it's my shop. I wanted to challenge him.

He held bread on his right hand and 'Akara' (beans cake) on the other, as there were still some in his mouth.

He isn't a mad man. He's one of the rough guys I know from the streets. I put down the torch.

He already prepared his resting place.

I didn't say a word. I returned home.

That night, i couldn't sleep well.

"Someone will sleep in that open place; out there in the cold!
That's not home, no family, no security, no love, no companion..."

If there was anything bothering my heart before that night, I don't think I remember any.

In the morning, I got to my shop. Then he came around. He came to apologize.

"No! You don't need to"

Apparently he had been the one sweeping the front of my shop.

He wanted to leave.
I called him.

I told him, he can make himself a better person...
He can get himself a home:
Somewhere save, warm, a place he would enter at his own will with no one to question him..
I told him, he could prevent himself from unforeseen attacks, and someday get himself a wife; and make a home.

He was in tears. He asked "how?!"

Then, I asked if he could work with me.
I make small chops: donuts, chin-chin, meat pie and the likes. We will make good sales if he can take them to schools and few other places. Children will buy.
Then in the evening, he will assist me with the laundry.

I told him, I will pay him handsomely at the end of the month or better still hand him some amount then save the remaining till it's well accumulated to get him a room.

He agreed. He worked hard. We made double of the amount I used to. Truly, two heads are better. There was so much money.

Soon, we expanded our shop. He was sleeping inside one of those shops.
He did for 4 months. I've got a pregnant wife, so I couldn't take him home.

He saved for himself so much money; enough to get a room. We did get a good room.

He can never forget that day.
He remembered my words. He hugged me.

Soon, he filled his room with 'conveniences'.

It was really a turn around.

Not long, I got a job in Ibadan. A job that left me no option than to leave ogbomoso totally.

I told him, I was leaving. He wept. I did too.
I told him, i will be leaving everything for him. He worked for it. He deserved it.
The joy he felt that day was overflowing. He was more than grateful.

He has since then expanded that business more than I imagined.

He remembered me sometime ago and sent me 100k

Ogbomoso.

©️ Oluwanishola Akeju[b][/b]

Blendy77:
And your post isn't rude and saucy to someone who responded to the question with the name of the hospital and Drs phone number already and u are still asking for address instead of calling or using google to check? My Dear, if truly you are looking for a child you cod hav done better with your post instead of throwing shades. May God make whatever Is paining u easy for you

Where exactly in life did you miss it that asking for information due to personal experience from someone doesn't make one ignorant of Google details or search result?

No where did I tell you I'm looking for child, I have been blessed with them and looking for information about fertility doesn't mean I'm childless, get that simple fact.

If you're looking for a rude + saucy + uncouth responses, reread your comments here since the conversation started.

That you're in a position to provide simple details isn't a means to say anything to the other person.

May you get better. Aameen

What is CAC ?

The Corporate Affairs Commission(CAC)is a regulatory body, established to regulate the incorporation, running and winding up of companies, business names and incorporated trustees, in accordance with CAMA.

CAMA means Companies and Allied Matters Act

Corporate Affairs Commission is a body of the Nigerian Government responsible for the regulation and management of companies in Nigeria.

What is CAC Business Registration?

Corporate Affairs Commission business registration is the act of rendering a services to help business owners legalize and authorize their businesses,companies and NGO's in Nigeria.

Basically, We have 3 major categories:

Business Name(Enterprises and Ventures)BN

Limited Liability Company(RC)

Incorporated Trustees (NGO) IT

Many small businesses, especially online entrepreneurs in Nigeria, are not (or do not have their businesses) registered with the Corporate Affairs Commission (CAC) despite being in business for a year or more.

They conclude transactions using an unregistered “business” name but when it is time for payment by customers or clients, they receive payment with their personal bank accounts.

Please note that the nonregistration of a business is a big turn off and disadvantage to its owners in many ways.

1. Business Expansion: At a particular point, every business will need to scale, even if it is through private equity.

A business must be registered with the CAC to receive loan from many major investors or lenders.

To expand your business, you may need investors to inject funds into the business and many investors usually insist on seeing corporate documents including certificate of incorporation and proof of regulatory license, amongst others.

2. Operational license: Apart from professional license which is grantable to individuals, a business license is usually granted to a registered business that meets stipulated requirements for the relevant license. Also, without proof of certificate of incorporation, application for a business license may not succeed.

3. Liability for Debts and other Civil Wrongs: Another important advantage of registration of company is that it limits the risk of its shareholders liability. It may be strange to nonlawyers to learn that if your company is registered, you may not be liable for the debt or other civil liabilities of the company except the to the extent of the number of shares taken or bought by you (the shareholder).

This means when the company falls into debt, only its assets can be sold or managed to settle the debt; the assets of the company’s shareholders cannot be attached to settle such company’s debt.

4. 4. A Boost to Entrepreneurial Drive: when a company is registered and its directors/shareholders are confident that the company has its own separate legal personality to bear rights and liabilities, this quite naturally boosts the morale and drive of those in charge to pursue maximum profit.

5. 5. Branding Purpose: An incorporated business is better branded than unincorporated one.

© ARKTIVE LIMITED provides you the swiftest CAC registration service at the most affordable price.

Call I Text I Whatsapp 07033255396 today to start yours

BUSINESS NAME VS COMPANY NAME

A Business name is the name you register to do business with. It’s governed under Part B of the Companies and Allied Matters Act (CAMA) 2004 and the registration is administered by the Corporate Affairs Commission (CAC) here in Nigeria.

Business names do not end with Limited or Company. Business names are usually Enterprises or Ventures

Business names registration number starts with BN not RC

A Business name can be run as a sole proprietorship or partnership. They do not have directors or shareholders. They are most suitable for a one-man business.

The Owner of a business name has no separate liabilities from the Business name in order words, in a legal suit, the assets of the business and that of the owner can be gotten.

They are less expensive to register WHILE

Limited Liabilities are governed under Part A of the Companies and Allied Matters Act (CAMA)2004 and the registration is administered by the Corporate Affairs Commission(CAC) here in Nigeria.

Limited Liability can either be Private or Public.

Limited Liability Companies end with Limited or Ltd.

Their registration number starts with RC
Limited liabilities have directors and shareholders.

They do not by structure run as a one man business.

Limited liabilities business has its own legal identity separate from its directors.

The company is a person and enjoys the benefits ordinarily put on a natural person such as right to own property in its own name, it can borrow, can sue and be sued etc.

Limited Liability has perpetual succession.

This means that the death of a member does not end its existence.

Members of a Limited Liability are not personally liable for its debts; the liability of members is limited by shares.

The company is liable for its own debts.
Limited liabilities are governed strictly by CAMA and need close monitoring.

Limited liabilities are required to notify CAC on any change that happens in the Company

Limited liabilities are more expensive to register compared to a Business Name.

ARKTIVE LIMITED helps businesses register with the Corporate Affairs Commission (CAC) in Nigeria within few working days.
WHATSAPP: +2347033255396

- Cracking the Code: Why Clients Ghost You After Receiving Requirements.

We've all been in situations where we felt overwhelmed by paperwork or forms. Your clients are no different. Instead of placing blame, let's shift our perspective. Imagine you're the client; wouldn't you appreciate someone taking the time to explain things? Empathy goes a long way in business.

Do you know why some clients won't get back to you after you have sent them the CAC Registration Requirements?

It is simply because they don't understand the Requirements, yes, some don't know the jargons and big words you throw around, and they aren't to be blamed!
It is your work to simplify things for even a 4 years old can understand.

It is also because they feel it is too much/bulky, and they feel lazy to fill it, and revert to you!
They are already facing the 'stress', why do they need to face another 'stress' because they want to register with CAC? Take the stress off your client, make it concise and meaningful.

And you know, money can't come in without client sending their requirements first.

*Solve this today, call your client before or immediately you send the requirements to them to explain things to them, or follow your requirements with a short and simple voice notes!* It not only clarifies any doubts but also shows your commitment to making the process as smooth as possible for your clients.

The weekend is a perfect opportunity to reflect on your client relationships and take steps to strengthen them.

Do this and see your CAC Business multiply in profit, revenue, and sales.

By addressing the client's concerns and ensuring they understand and feel comfortable with the requirements, you're not just boosting your chances of closing the deal, you're also reducing the CAC. A happy and engaged client is more likely to refer others and become a loyal, repeat customer.

Remember, the success of your business is closely tied to the relationships you build with your clients. Don't let misunderstandings or paperwork hurdles stand in the way. Take proactive steps to engage with your clients, and you'll see your CAC business flourish with increased revenue and sales.

Good morning everyone.
Enjoy the weekend!

Lawal Afeez Arishekola writes from Lagos, he is a foremost Corporate Affairs Commission (CAC) Agent, he's also one of the most experienced business formation expert in Africa.

- Lawal AbdAfeez Arishekola⁩
+2347033255396
ARKTIVE LIMITED
Pioneer CAC Registration Service Provider in Nigeria

Do you know that there is an advanced way to do CAC Name search?

Aside using https://search.cac.gov.ng/list

Yes there is, and it brings more genuine and advanced search result.

How to do it?

✔️Put a name in the name reservation box.
✔️Choose name substitution as the reason you're searching, under the box that is asking you the name you want to substitute for
✔️Type the business name or NGO name you want to search and you will see real time results of already registered, ongoing registration and all categories of the name.
✔️With that, you know if you should go on to submit that name or not.

Thank you, and have a fruitful day ahead!

- Lawal AbdAfeez Arishekola⁩
+2347033255396
ARKTIVE LIMITED
Pioneer CAC Registration Service Provider in Nigeria

Blendy77:
They are in Abuja. Google is free of charge. The Drs number is also in my post so call him for further enquiries.

Asking questions doesn't mean I didn't know that Google is free of charge.

You don't need to be rude to answer simple questions, if you're feeling arrogant, you can clearly ignore the question. That is better than sounding saucy.

Blendy77:
Ivf price price at Primecare is between 850k and 1m. He normally gives discounts if you are a returnee from a failed ivf cycle. Dr Ese is one of the best n affordable so far. Call or ping the Dr for more info 07039706610

Thanks

Where is it located?

ivy500:
I got this message from trucare. I heard they are very good and they do routine blastocyst transfers without extra cost.... Wen I got the message I went there for enquiry and I was told the flat rate of 600k plus drugs, treatment and investigations. Then those who would require donor egg would pay 650k. The price is amazingly cheap. The staff were so friendly and empathic. They truly


FERTILITY CLINIC Victoria island, an affiliate of union diagnostics & clinical services plc, in celebration of d 20th anniversary of union diagnostics is offering "50% DISCOUNT ON ALL ASSISTED REPRODUCTIVE TECHNIQUES" from 1st Sept-30th Sept 2014. For enquiries call 08068691568

Hmmmmn Trucare

Thank you Gazzuzz

This is so brilliant and informative.

IF YOU HAVE VISITED BANK RECENTLY TO OPEN A BUSINESS ACCOUNT, WHEN YOU MUST HAVE PRESENTED YOUR CAC CERT AND OTHER DOCUMENTS, BANK WILL ASK YOU FOR YOUR E- STATUS REPORT...

HERE COMES THE ANSWER TO THE QUESTION I ASKED IN MY PREVIOUS POST

" WHAT IS E-STATUS REPORT"

IT IS A DOWNLOADABLE ELECTRONIC DOCUMENT YOU OBTAIN FROM CAC AFTER BUSINESS NAME REGISTRATION CONTAINING ALL YOUR INFORMATION AS A BUSINESS.

YOU CAN OPEN A BUSINESS ACCOUNT IF YOU FAIL TO PROVIDE THAT DOCUMENT .

IT IS AVAILABLE FOR YOU TO DOWNLOAD IT FOR FREE FROM YOUR CAC ACCOUNT WITHIN SEVEN "7" DAYS AFTER ACCOUNT REGISTRATION TOGETHER WITH THE REGISTRATION CERTIFICATE..

BUT IF AFTER 7DAYS AND YOU REFUSE TO DOWNLOAD IT, YOU WILL HAVE TO PAY 5000 BEFORE IT CAN BE DOWNLOADED..

ON THIS END, IF YOUR BUSINESS WAS REGISTERED FOR YOU BY A THIRD PARTY, KINDLY REQUEST FOR IT AS SOON AS POSSIBLE..

*****YOU REGISTRATION CERTIFICATE IS INCOMPLETE WITHOUT IT

SEE SAMPLE BELOW

Please learn and share to reach others

#everyone

Chikwado Victoria

Sample CAC CERTIFICATE

It's a confidential document, keep it so

Your CAC registration certificate, and other documents are confidential information, stop uploading them on social media and everywhere.

If you must upload them on social media, please cover the QR code and registration number.

We've had cases where scammers download people's registration documents and use it to defraud others, don't put your business in unnecessary risk that may lead to court cases, or make you pay for what you know nothing about.

Only send your registration certificate and documents to trusted corporate outfits, or governmental parastatals that request for it.

Be business wise, confidentiality is a key business ingredient, don't lose it because you want everyone to know that your business is registered with the Corporate Affairs Commission (CAC).

ARKTIVE Global provides CAC registration and post incorporation services swiftly and we have helped more than 1500 businesses to register with CAC since 2018 till date.

Call I Text I Whatsapp 0 7 0 3 3 2 5 5 3 9 6

YOUR COMPANY IS INACTIVE!

The first step in making sure your firm has the proper legal standing and access to endless opportunities is to keep its status ACTIVE on the CAC portal.

At ARKTIVE Global, we care about your business and we are dedicated to your company's success and reputation.

Call/message us on this number: 0 7 0 3 3 2 5 5 3 9 6

#CAC #ANNUALRETURNS #Acknowledgementletter #InactivetoActive #Arktive #efficiencyfirst #swift

Business Name Registration vs LTD Registration:

Understanding the difference as a Nigerian Business

Making your business legal is a big step in your growth journey as a business owner. In a lot of ways, it signifies that the business stands on its own without the many limitations of it being tied to you. Business owners choose to register their businesses for numerous reasons some of which include:

Get Investors
It’s not possible to get legit investors without having a legit business. You build trust and credibility if you are looking for investors to join your business.

Loans
An essential part of loan applications is business registration. Without it, you will be unable to secure loans to grow your business.

Grants
Certain business grants are available year-round for small and medium businesses. To avoid fraud, most grants require proof of business registration.

Trust
Having your business registered builds trust with your customers as they are assured that you are not a scam.

Business account
Business registration allows you to open a business account which means you can separate your finances from that of your business.

For some businesses, a business name registration is the way to go and for other businesses, you need to get registered as a private company. In this article, we would be breaking down these two routes to getting your business legal and opening your eyes to which would work for you.

WHAT IS A BUSINESS NAME
Registering a business name simply means getting legal recognition of a name other than your name. This name recognized by law is what your business will be known as. For example, Mr Duke Ololo runs an electronics store, and when he wants to register his business name, he can register Cavemen Electronics. Once he registers this name, nobody else can use it.

WHAT IS A COMPANY LIMITED BY SHARES or LTD
While there are several types of companies. A private limited company is easily recognizable because it is the type of company that ends in "Limited" or "LTD"

But what does this kind of company mean? A private company limited by shares (LTD) means a company formed by a minimum of one person and a maximum of 50 where the liability (how much they are obligated to pay in the event that the company has debts or is closing down according to provided legal steps) is limited to the contributions made at the time the company was set up.

ADVANTAGES OF A PRIVATE COMPANY LIMITED BY SHARES (LTD)
Liability- In an LTD, the liability of the shareholders is limited to the shares they own. This means if the company falls into debt, the debtors cannot demand that the shareholders use their personal assets (cars, real estate, cash) to settle their debt.

Continuity- The existence of a company is not determined by its shareholders. Even when the shareholders die, the company will continue to exist.

Personality- Under the law, the company is regarded as a separate legal entity meaning that it can sue or be sued in its own name.

Process- All the activities and processes of a private company are governed by the articles of association and the Companies and Allied Matters Act 2020. This gives investors confidence knowing that it is properly regulated by law with checks and balances.

ADVANTAGES OF A BUSINESS NAME
Ease- A business name can be registered quickly with only a National identification number, signature and passport required to register a business name. Kippa Start allows you to conclude this process in days and get a certificate via email without stress.

Cost- A business name registration is relatively cheap and affordable.

Control- There is no requirement to have a partner in order to register a business name. A sole proprietor can register a business name alone giving such an individual total control over the operation of the business and also access to all the profit.

No formality- Running a business name does not require formalities such as meetings mandated by regulatory agencies.

Conversion- A business name can eventually be converted into a private company allowing the business to grow at its own pace until it is ready to convert.

WHAT ARE THE DIFFERENCES BETWEEN A BUSINESS NAME AND A COMPANY LIMITED BY SHARES (LTD)

LEGAL STATUS

A private company limited by shares (LTD) is a separate legal entity. This means if there is a legal dispute where parties have to go to court, the company can sue and be sued. Effectively, it is a separate person.

A business name does not have this legal status. In instances where there is litigation, a business name can only sue or be sued under the name of the business owner(s). For instance if Mr Duke Ololo in our previous example is being sued, it will be “ Mr Duke Ololo trading under the name and style of Cavemen Enterprises" You cannot sue "Cavemen Enterprises" directly.

TAXATION

A private company limited by shares (LTD) is required to pay Companies Income Tax and other relevant taxes to the Federal Inland Revenue Service(FIRS). However, if such a company has a turnover (This is your gross revenue or income before you deduct things like marketing costs, rent, salaries e.t.c) below 25 million it will not be required to pay Companies Income Tax.

A Business name on the other hand is not required to pay Companies Income Tax. The owner is only required to pay taxes on their income as an individual.

LIABILITY

The liability ( your financial obligations/ the amount you are required to contribute to the business entity) is also another distinguishing attribute between a business name and a company.

In a private company limited by shares (LTD), the liabilities of the shareholders are limited by the number of shares they take on when the company is being formed. This means that if the company is being wound up (the company is being shut down) or the company has debts, all they will be required to pay is the value of shares that they took when the company was being formed that have not been paid.

A debtor cannot go beyond that to request that the personal assets (cash, real estate, cars etc.) of the shareholder be used to settle any debt of the company.

However, if a registered business name incurs debt or is declared bankrupt ( unable to meet its financial obligations) then the debtors can sue to recover the debt from the personal assets of the business owner.

DOCUMENTATION

A registered business name receives a certificate of registration of business name while a private company limited by shares (LTD) receives a certificate of incorporation. Both documents are issued by the Corporate Affairs Commission.

MEMBERSHIP

In terms of membership, a company limited by shares is required to have a director(s) and shareholder(s) while a business name is only required to have a sole proprietor or partners (proprietors).

A company limited by shares has the capacity to accommodate a maximum of 50(fifty) shareholders while a business name is limited to a maximum of 20 partners except for law and accounting firms.

FUNDING

A company limited by shares can secure funding by selling shares to private investors. A business name does not have shares it can issue. It is generally funded by the owner with opportunities to take loans from financial institutions or family and friends.

DISSOLUTION

A business name is automatically dissolved ( it ceases to exist) when its founder dies unless there are other partners available to carry on the business.

However, a private company limited by shares (LTD) is not affected by the death of its shareholder. In the case of death, the operations of the company will continue to be run by the other shareholders or directors of the company.

If the company has a single shareholder or director then the family of the deceased can take over the company and appoint a new director by applying for a letter of administration or probate from the court.

This is because, under the law, a company is its own person and can only be dissolved by following a process laid down by the law. The death of a shareholder or director is not the death of the company.

CAN I CONVERT MY TYPE OF BUSINESS AFTER I REGISTER?
Yes, you can.

A private company limited by shares (LTD) can be converted into a public limited company (PLC). A business name on the other hand can be converted into a private company limited by shares (LTD).

CONCLUSION
The two routes to making your business legit that have been explored in this article serve different needs. Before making a decision, it is important to understand the unique benefits of each one, the current needs of your business and your future growth plans.

Kippa

We started this CAC BUSINESS NAME REGISTRATION yesterday evening around 8pm, 12th December 2022.

The client gave us a deadline to get the Certificate ready before Friday 16th December, 2022 and we told her it will be achievable God willing.

During our conversation, she changed the deadline to Thursday 15th December, 2022 and I told her that her CAC Business Name Registration will be completely registered, approved with incorporation certificate by Wednesday 14th December, 2022, or Thursday 15th December, 2022 In shaa Allah.

Lo and behold, we got her Business Name Registration finally approved with the certificate ready to be delivered to her today Tuesday, 13th December, 2022 (3:30pm).

For swift, legit, confidential and assured CAC registration and post incorporation, our team at ARKTIVE Global are your surest plug.

Call I Text I Whatsapp 0 7 0 3 3 2 5 5 3 9 6 today to start yours

What advantages does registering my business offer?

Benefits of Corporate Affairs Commission Business Registration (CAC)

This is a common query among business owners. Many Nigerian business owners have failed to register their companies with the Corporate Affairs Commission.

Typically, registering your business name with the Corporate Affairs Commission is the first step when starting a business in Nigeria (CAC). You can use this to find out if the name you have in mind is still available and hasn't already been registered by someone else.

Most business owners develop brands only to discover later that their "business name" is actually legally owned by someone else. When you consider the suffering of the other person, I think this is not a fun experience.

Due to ignorance, some people don't register their businesses, while others regard it as a way to avoid paying taxes. However, you should be aware that any perceived disadvantages are greatly outweighed by the advantages of registering your firm.

In this presentation, we've listed 12 advantages of registering your company with Nigeria's Corporate Affairs Commission (CAC). Please read carefully.

1. A corporate account may be opened using your registered business certificate.
2. Because they are aware that their money may be tracked, potential clients feel more secure making payments into a business account. Additionally, once your firm is registered, you can open a corporate account with any bank of your choice.
3. As soon as your company is registered, you can apply for loans and grants.
4. Customers trust you because they perceive you as trustworthy and legitimate when you register your business.
5. The initial stage in structuring your firm is to register it. You are operating your business as a glorified hobby without registering it.
6. Interns from the NYSC may be hired by a registered firm.
7. Customers feel more confident doing business with a company that is registered.
8. If your firm is registered, it will continue to operate even if you pass away or become disabled, especially if the proper organizational structure is in place.
9. Businesses that are registered have simple access to funding and limitless options.
10. If your firm is registered, you will have easier access to investors because they first consider the organization of the business before making an investment.
11. You can quickly get a visa and travel anywhere for conferences and business with a registered business.
12. Registering your business improves how prospective customers view and perceive your organization.

One person or a maximum of two people may register the business name on behalf of a lone proprietor. You will require a minimum of two directors and a secretary in order to register as a limited liability company in the past. An individual may now register a limited liability company under a new law.

If you register as a business name, you are responsible for all financial obligations. The business, however, is regarded as a distinct entity from the owner if you register as a limited liability company. As a result, the firm is responsible for all of its liabilities.

The steps for CAC Business Registration.

Get a Pro to Assist You With Registration

Inexperienced people may find it challenging to register themselves. Therefore, it is always preferable to hire an expert like us at ARKTIVE Global with team of CAC Accredited Agents.

Most often, when they reach a certain stage, people become stuck. You can use a professional's services to prevent this as it may be a major issue.

You can rely on ARKTIVE Global to assist you with the registration of your business. It is quick, inexpensive, and seamless with us.

To top it all off, your certificate will be prepared in 2 to 4 working days.

Don't hesitate to contact ARKTIVE GLOBAL through: for further information.

Telephone: 0 7 0 3 3 2 5 5 3 9 6

Gain recognition for your business, and put your well-built business on the world map. Contact us today to make your brand the preferred choice for our audience of entrepreneurs and investors.

BENEFITS OF REGISTERING YOUR BUSINESS.

1. Recognition by the Federal Government

2. Certificate of Incorporation

3. Getting Loans

4. Reputation With Customers

5. Account Opening in Your Company Name

6. Legal Liability Protection

7. And others

Let's start yours today.
Call I Text I Whatsapp 0 7 0 3 3 2 5 5 3 9 6

We're always here for you