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 Business › Re: Your Name Is Only Reserved For 60 Days With CAC by elyonchee(op): 7:05pm On Dec 03, 2024 |
elyonchee: |
| Business › You Can Start Your Delivery Business Without Bikes, Cars Or Vans by elyonchee(op): 12:15pm On Dec 03, 2024 |
Hian, how? Yes. Do you know you can start your delivery, logistics or courier business without a car, van or bike? How can it possible? Partnership. Set up an ecommerce store or use any of your social media platforms for the online store. Then partner with other delivery services or rental companies that rent or lease out courier bikes, vans or cars. Anytime there are scheduled orders, you inform them ahead of time. Define the delivery fees with your partner. Have a partnership agreement too, very important If lease is involved, have a lease agreement. Contact for CAC filings, business advisory services, secretarial services, content writing and marketing services, legal documentation on 08117409752, chisomezinneobasi15@gmail.com |
| Business › NGO Aka Incorporated Trustee by elyonchee(op): 12:20pm On Sep 27, 2024 |
Churches, Mosques, Social clubs and associations are called Non-governmental entities. They are also non-profitable. The tithes or money they use for projects, are simply known as donations from members, general public, trust funds or bequests. NGO'S have board of trustee. All trustees are members of the governing board. The chairman is a member of the trustee and the Head of the board. A Non-governmental organisation can own properties in its name and also enter memorandum of understanding in its name. It can sue and be sued in its name. It also has perpetual succession. Perpetual succession means eternity succeeding of trustees. NGO'S usually aims and objects always fall under targeted programs that aligns with promoting education, sports, helping the needy,religion, helping a community group and catering for friends, kindred or social circle. They can have annual general meeting, executive meeting and monthly meeting. They can open a bank account in its name. The chairman and secretary can be signatories to the account if they so wish. Now when it comes to delivery of projects for NGO'S, i feel it is best for these organisations to appoint project managers amongst the trustee to handle such issues. The project managers, can also be in charge of the fund raising. Also an NGO can partner with a business entity to carry out the corporate social responsibility. They can also partner with government organisations and other stakeholders to achieve their aims and objectives. NGO'S can partner with other similar NGO'S to carry out targeted projects. NGO'S can also appoint non- executive trustees as advisors . These non-executive trustees are people who really understand the tenets of running an NGO, funds, proposals and grants. Running an NGO is a huge task. NGO'S are not cooperative societies. Cooperative societies are profitable entities that rely on contributions and loans from members and the general public. |
| Business › Re: Why Proficiency Certificate Is Needed For CAC Registration? by elyonchee(op): 9:00am On Sep 27, 2024 |
Daheru:Yes |
| Business › Removal Of Businesses From CAC Register Due To Failure To File CAC Annual Return by elyonchee(op): 12:20pm On Jul 25, 2024 |
Knock Knock, I am here again to remind you that if you are a registered entity and if you haven't filed your CAC annual returns in the last ten years or since you registered your business with CAC, you are about to be removed from the CAC register. It is mandatory for every business name, limited by shares company, NGO or partnership businesses to file for CAC annual returns. The CAC annual returns is not the same with tax. The CAC annual returns is for updating of status from active to inactive. Once your entity status enters inactive for a long period, you are prone to be exposed to strike off from the CAC register. Even if it is still showing active, it can still be due because of the year of registration has reached to a year for business names and NGOs, and 18 months for limited by shares company. Note: If your entity is struck off, you risk not participating in business operations, no bank loans or investors, no business visa and you cannot use it as proof of funds or business. Also, you can only relist it back through court order. So, my dear business owners what are you waiting for, file your CAC annual returns in order to comply with your business regulations. 1 Like 1 Share |
| Business › Do You Know A Private Limited By Shares Company Can Be A Partner In A Business N by elyonchee(op): 3:26pm On Jul 21, 2024 |
First of all, What is a business name? A business name is an entity that operates on a small scale. It is not a corporate body, does not have a legal structure, no share capital, no director, no shareholders, cannot sell or own properties in its name, can't operate taxes in its name, cannot sue or be sued in its name and it does not have perpetual succession. A business name can operate like this: Verab Hairs and Accessories Store Be Calm Wine Bar Ekwensi Arts and Crafts Store Please note a school or any form of educational services can no longer operate as a business name. Also certain businesses cannot operate on a business name scale due to their regulatory guidelines. So, let's delve further into this discussion. A business name can operate as a one man business aka sole proprietor or with two people as partners. The partners can either be two natural persons or a natural person and an artificial person ( company). In this case, I will be talking about corporate partners. Corporate partners are private limited by shares companies that can be added as partners during business name registration. They are represented by natural persons. So, if you are a company investing in a small and medium enterprise, you can be added as a corporate partner. Just make sure you are an already registered entity, your status is active and you have your incorporated documents and the representative must be a director of the company. +2348117409752 whatsapp or call Or email Infofrankincenselegalservices@gmail.com 1 Like 1 Share |
| Business › Re: KYC Requirements That Every Business Should Have by elyonchee(op): 8:43am On Jul 15, 2024 |
elyonchee: |
| Business › KYC Requirements That Every Business Should Have by elyonchee(op): 8:43am On Jul 15, 2024 |
Know your Customer also means KYC KYC are those requirements that are provided by the customer for easy identification and integration into the system. For opening of a bank account, here are the requirements for both old and new businesses 1. CAC certificate 2. Other accompanied CAC documents For old companies, other documents includes: CAC 2( Statement of Allotment or Certified True Copy of CAC 2, in today's dispension, it will be status report where the CAC 2 is missing). Memorandum of Association or Certified True Copy of Memorandum of Association. For old business names: CAC certificate, CAC/BN 1 or Certified true copy of certificate and status report. For NGOs : CAC certificate, Form 1, Constitution For new companies registered from 2021 CAC certificate, Status report, Memorandum and Articles of Association For new business names: CAC certificate, status report For new NGO'S: CAC certificate, status report and Constitution Other requirements for opening of bank account are: Utility bill( Electricity or water bill). You can generate your electricity bill by buying electricity token from any electricity online channel. Application letter to apply for opening of bank: This applies to business names and NGO'S and it must be stamped for business names. For NGO'S, the red seal and seal must be crested on the application letter. NIN slip Scuml for businesses that falls under the category and for NGO'S Tax identification number for businesses Board resolution with the red seal for private limited by shares companies Passport photographs at least two Remember your name on your nin must correspond with your name on the CAC documents. KYC requirements for Contract or Pitch bidddings are almost the same with the above, the only difference is Means of id for all directors/shareholders Proposal or work samples Company or business profile For NGO'S: Grant application letters and portfolios TAX clearance certificate VAT registration evidence(in some rare cases) Pencom, NSITF, BPP registration, and ITF Pencom( If you have up to five employees, then you must obtain pencom certificate). You can check my profile for other articles. For CAC filings, business agreements drafts, scuml, and trademarks: WhatsApp: 08117409752 or email barristerchee2016@gmail.com |
| Business › Your Name Is Only Reserved For 60 Days With CAC by elyonchee(op): 2:30pm On Jul 11, 2024 |
Note your name for the proposed business is only reserved with CAC for 60 days. Always make sure you understand what, why and how you want to go about doing your business. Prepare the relevant documents Prepare the money to be spent in registering Prepare documents for compliance with relevant agencies after the business has been registered with CAC (if applicable) After registration, if your business is a profitable business, you must obtain tax identification number Open a corporate account Don't wait until a day or two days expiration before you say, you want to file for registration. Also, please don't go about using the name when you haven't filed for registration, nor registration approved. Read other topics in my profile. Also coming up, why old companies can't have one shareholder? Coming soon WhatsApp or call +2348117409752 Email: barristerchee2016@gmail.com |
| Business › POS Agents Can Register As Business Names Or Private Limited By Shares by elyonchee(op): 10:20pm On May 09, 2024 |
POS agents can register their business as a business name or private limited by shares company. Check my previous topics. 08117409752 only whatsapp |
| Business › CAC Has Directed All POS Owners And Agents To Register by elyonchee(op): 11:29pm On May 07, 2024 |
What is POS? Point of sale The CAC has a standard share capital for Point of Sale Merchants, Terminal Owners or Terminal Aggregators. Point of sale merchants are financial and non-financial institutions. For Merchant Pos terminal ownerships, Point of Sale Terminal aggregators and Pos merchant and agent training support is 100m share capital. POS Involves withdrawal, payments for personal or professional obligations, deposit and transfer of funds via a point of sale. Being a Point of sale agent for a merchant, one can register as a company or business name. But, if you own a POS terminal or you engage in Point of Sale machine disbursements or business training and ownership it is 100m share capital. For Pos agent for a merchant company, business name or company limited by shares. It is better to register in the latter business entity structure. The deadline for registration is 7th of July, 2024. |
| Business › Re: Change Of Your CAC Particulars by elyonchee(op): 12:17pm On Apr 17, 2024 |
elyonchee: |
| Business › Change Of Your CAC Particulars by elyonchee(op): 12:16pm On Apr 17, 2024 |
If your bvn name does not correspond with your CAC name, just do an affidavit and include the the name on bvn and nin slip on the affidavit Then file for particulars if you are a director, persons with significant control, secretary, proprietor, partner, shareholder or trustee. Note: Filing of particulars in your CAC document, can be done by a CAC Accredited Agent. You can't do this change without filing up to date your CAC annual returns. Whether you have started the business or not, annual returns is compulsory. 08117409752 whatsapp or call Email: Infofrankincenselegalservices@gmail.com |
| Business › Re: Why Do Business Loans Applications Get Rejected? by elyonchee(op): 8:09pm On Apr 14, 2024 |
Because they didn't file for annual returns. Once, they file for annual returns, it will become active. Annual returns for CAC is mandatory and it doesn't matter if you have commenced business or not. 1 Like 1 Share |
| Business › Maybe Old CAC Entities May Not Really Have Only One Single Shareholder And Direc by elyonchee(op): 11:49am On Apr 10, 2024 |
So, a colleague of mine said she was trying to remove two shareholders and add retain only one but CAC queried it. It may seem as though, CAC application of single shareholder and single director only applies to newly registered limited by shares company. That is companies that were registered from 2021. Those that were registered from 2020 it is not allowed. So, if you an old limited by shares company and you want to change shareholders, the minimum the company can have is two. If you are trying to add a new shareholder and then transfer all shares to the new shareholder, it cannot be possible. You can only remove some percentage of shares, and transfer to the new shareholder. I am a CAC Accredited Agent and Creative Writer Check my profile and other posts. 08117409752 whatsapp/text /call or email barristerchee2016@gmail.com |
| Business › CAC Annual Return VS Tax Return by elyonchee(op): 7:20am On Apr 03, 2024 |
Many business owners, often interchange the two. CAC annual return and Tax returns, are two different financial returns. CAC annual returns is filed by a registered entity to Corporate Affairs Commission. While tax returns, is filed to Federal Inland Revenue and State Inland Revenue Services. The CAC annual returns is a statement of Affairs returns. It is used to update status of entities from inactive(red button) to active(green button). It is now compulsory to file CAC annual returns before updating a post incorporation change. That is, an entity which is due to file CAC annual returns, can not retrieve their lost CAC documents, change name, address, signature, the business officers particulars, increase share capital, without filing CAC annual returns. Where an entity is due to file and in default, all default years, must be duly paid for. So, if an entity was registered in December 2018 and It is a limited by shares company, it has to file for 2020, 2021, 2022 and 2023. For business name and incorporated trustee, it is yearly after year of registration. If the business name or incorporated trustee was registered on December 2017, It will file for 2019, 2020, 2021, 2022 and 2023. Failure to ignore filing of CAC annual returns for years, can lead to striking out of your business from Corporate Affairs Commission and once your business is struck out, they will notify the public not to trade with struck out entities until they are relisted through court order. For tax returns, the entity must have a tax identification number. Entities have certain percentage of returns. For instance VAT is 7.5 percent. New entities pay for assessments based on the transaction inflow in their corporate accounts. Entities registered by CAC from August 2023 can assess tax promax. We have Company Income tax, Withholding tax, Value Added Tax, Capital gains, Personal Income tax. Tax returns is not the same thing as CAC annual returns. If your tax returns is up to date, you can file for tax certificate. Your tax returns can be attached for visa applications if you are using your business account and for prove of ties to your country as a self-employed person. You can also apply for tax waivers, if you are a newly registered business. Visit the nearest tax Federal and state office for your business tax id if you haven't gotten anyone. The end #cheewrites. |
| Investment › Re: My Review On Legit Online Jobs That Pays Daily by elyonchee(f): 9:12am On Mar 27, 2024 |
RiyadhGoddess:What is the name of the program? |
| Business › Why A Business Name Cannot Own Title To Land by elyonchee(op): 8:16am On Mar 25, 2024 |
A business name is a small scale entity that does not end with LTD or Limited, buy properties in its name, enter into contract in its name. A business name does not have directors and shareholders nor shares. A business name is a small entity that is owned by a sole proprietor or partners. Examples are Mai Mai Stylings KeneOG Properties A business name liability is not separate from its owner. The owner bears it all. A business name is not a company. A registered business name can obtain loans and grants but it is widely recognised as a small and medium enterprise. A business name cannot use its name to buy a land. It can't pay taxes in its name. If the owner's name is Esmelda Oge, it is Esmelda that will use her name to buy land, pay personal income tax, enter into contract as Esmelda Oge and not as Esmelda Kitchen Hub. Good news, you can upgrade your business name to a limited by shares company. That is Esmelda Kitchen Hub to Esmelda Kitchen Hub Limited. Take notice that before you upgrade, you upgrade your status inactive to active through annual returns and also pay for outstanding years. Contact me for anything CAC, Legal documentation, creative writing ans storytelling, customer services for your brand, trademark and business agreements. 08117409752 call or whatsapp |
| Health › Re: My Aunt Grows Beard Like A Man, Is It A Health Condition? by elyonchee(f): 7:54am On Mar 21, 2024 |
Testiebobo:PCOS which is a hormonal issue for women, causes this when there is too much progesterone in the woman's body. It is a health condition. She can go to the hospital and they will place her on hormonal drugs, to reduce it. A good hospital with a good gynaecologist. |
| Business › Cac Old Documents Versus Cac New Documents Part 1 by elyonchee(op): 7:43am On Mar 21, 2024 |
Hello, everyone I keep getting request from newly registered business owners that when they went to bank or government agencies or pursuing tax clearance, they asked for Form CAC 2, Form CAC 2A, Form CAC 7, Form 1 for Business name or Application form for Incorporated trustees. Let me educate you about these documents. Companies: Prior to 2021 Companies registered in the 70's up to year 2010 Documents issued then were( Certificate of incorporation, Form Co2(Statement of Share Capital), Form Co7(Particulars of directors), Form 4 then was Particulars of Secretary and then Memorandum and Articles of Association. So if your company was registered in the 70's to 2010, then these are the documents you may have. Companies that were registered from 2010 -2015 Documents issued were: Certificate of Incorporation, Form CAC 2(Statement of share capital and Return of Allotment), Form CAC 7 (Particulars of directors) , Form CAC 2.1(Particulars of Secretary) and Memorandum and Articles of Association. From 2016-2020, documents that were issued to companies and when I say companies, I mean limited by shares companies Eg, Uben Auben Auto Ltd or Uben Orben Auto Limited. Documents issued then were: Certificate of Incorporation, CAC 1.1( Which contains particulars of directors and secretary and statement of share capital), and Memorandum and Articles of Association. Prior to 2021, Documents were printed as hard copies and despatched in persons from CAC office but in 2021, the former RG of Corporate Affairs Commission, decided to bring in new policies to reduce influx of people in CAC buildings and make customers feel comfortable getting their CAC documents from the comfort of their homes. So in 2021, CAC decided to fuse CAC 1.1, 2, 7, 2.1, 7A, CAC 4 into what we now call Status report for companies. The status report contains the Particulars of the company details, a brief description of principal nature if business, directors details, shareholders details and a new addition persons with significant control. So what CAC now issues for Limited by shares companies are: Certificate of Incorporation, Status Report and Memorandum and Articles of Association. If you are old company, and you misplaced your documents and after duly paying annual returns, you file for retrieval of the missing documents for instance, you misplaced your CAC 7 or CAC 7A( old companies Particulars of directors or change of directors documents), if you want to retrieve such documents, it is status report, that will be issued and not same CAC 7 or CAC 7A. In part 2, I will discuss business names and incorporated trustees. Call or WhatsApp me on 08117409752 or email me at barristerchee2016@gmail.com 1 Like 1 Share |
| Business › CAC Post Incorporation Changes by elyonchee(op): 8:34am On Mar 07, 2024 |
You can't retrieve your lost documents, upgrade your business name to limited by shares company, change of name, change of address, change of directors/secretary/trustees/partners, amend your business objects or constitution, change shareholders, guarantors or increase in share capital if the status of your entity is inactive(red) or your account is due but still shows green. You must pay for CAC annual returns and all default years must be paid. It is after annual returns have been filed and status changed to active, then you can now file for other post incorporation changes. Pay your annual returns on time, to avoid piling up of penalties for your business. For business name, annual returns is paid before 30th of June or 31st of December every year except in the year of registration. It means, that if your business was registered in 1st January 2023, 1st January 2024, makes it a year. Then you have to file it before June 30th of 2024. Limited by shares company annual returns is filed 18 months after it was registered. Incorporate trustee such NGO, churches, mosques and associations file it every year after the year of incorporation. |
| Business › Re: Why Proficiency Certificate Is Needed For CAC Registration? by elyonchee(op): 7:48am On Mar 05, 2024 |
ucyoma:You must attach Teachers Registration Council Certificate. You can add someone who has the TRCN certificate as a director and shareholder. |
| Business › How To Retrieve Your Missing CAC Documents In 2024 by elyonchee(op): 7:25am On Mar 05, 2024*. Modified: 7:51am On Mar 05, 2024 |
The new way of retrieving your missing CAC documents. You can no longer retrieve missing CAC documents without filing annual returns up to date. If your business entity is inactive(showing red on CAC portal), it means you have not filed your annual returns. Annual returns is mandatory and must be filed every year except in the year of registration. Annual returns is used to update records. After annual returns has been filed up to date and status changed from red(inactive to green active), then one can proceed to file for certified true copy application to retrieve missing documents. Documents CAC now issues to retrieve missing documents Business name> Certified true copy of certified and status report Limited by shares company> Certified true copy of certified, status report and ctc of memart Incorporated trustee(NGO, churches and mosques and associations)> Certified True copy of certificate, certified copy of constitution and status report Note: Each document retrieval is filed as a separate application. You can whatsapp or call me on 08117409752 or email me at barristerchee2016@gmail.com Business |
| Business › Why Proficiency Certificate Is Needed For CAC Registration? by elyonchee(op): 1:11pm On Feb 26, 2024 |
You will have to obtain a Teachers Registration Council Certificate before you register a school, training center, academy or institute. If you have the word media, engineer or any other professional word in your business or Company name or the nature of business deals with rendering professional services, you will have to provide a Certificate that indicates you undertook a course relating to it. The Certificates are called proficiency certificate because you undertook them as a study in the university, college, or an online course program that is valid @cheewrites For CAC, trademark, scuml or business agreements whatsapp or call 08117409752 |
| Business › Why Do Business Loans Applications Get Rejected? by elyonchee(op): 8:30am On Feb 26, 2024 |
Many businesses always apply for loans for expansion and to bring in more products due to limited funds. Business loans, can be obtained from commercial banks and private lenders such as friends, money lenders or cooperative societies. Due diligence must be conducted for verification purposes. It is after due diligence and the lender finds out everything is okay with the loan application, then the loan will be approved. Here are some reasons why business loans get rejected; 1. The business is not registered 2. The business details in the form, does not match the details in the CAC documents 3. No tax id for the business and its officers 3. No bvn of officers 4. Expired means of identification 5.No corporate account for the business 6. The corporate account is still new 7. The corporate account has not been transacting 8. Scuml certificate for the corporate account for some entities is required 9. No tangible collateral. Some commercial banks requires landed properties when a business entity like limited by shares apply for loan 10. Bad debts #cheewrites For any CAC, trademark or Scuml registration call or WhatsApp 08117409752 or send an email to barristerchee2016@gmail.com 1 Like 2 Shares |
| Business › How To Apply For Change Of Address For Your Bank Account by elyonchee(op): 11:32am On Feb 21, 2024 |
Change of address involves changing your former place of residence to a new place of residence. For individual accounts, you will have to get a utility bill such as Electricity bill and your National Identity card or slip. You can use the Electricity bill generated from any electricity or utility mobile app such as buypower or any other platform. Make sure you fill an individual update form in your respective bank. Submit the form with the utility bill and National Identity Slip. Depending on the bank, it can take from 30 minutes to 72hrs. For a change of your business address, you have to first do a change of address with CAC(make sure annual returns is duly filed if yours is due, before filing for change of address). Then, you take the status report, CAC certificate and other documents, accompanied with a written letter on your letter head( for business name, the letter must be stamped and for companies, it must have the read seal crested with your company name.), utility bill and National Identity Slip. Make sure you are the signatory to the account. Submit all documents, fill the Corporate update form, do biometrics(Individual accounts will also do biometrics too). It can take up to 24-72hrs depending on the bank. Where the original Certificate and other incorporated documents are missing for your business, you can apply for the certified true copies and attach them. Remember, if your CAC annual returns is due and your CAC status is inactive, you have to file for annual returns and make sure that account is green before filing for certified true copies. #cheewrites elyonchee Check out my other posts Contact me on any thing related to CAC, trademark filings, creative and business writings. |
| Business › NIN As The New Means Of ID For Pre And Post Incorporation Filings by elyonchee(op): 5:08pm On Jan 14, 2023 |
CAC said from Jan 1, 2023, the new means of id for any one that wishes to register a new business or file any change is National Identification Number as long as they are Nigerians or Foreigners living in Nigeria. So if you must register a new business or make post incorporation changes to your already existing business, such as. Change of directors, secretary, shareholders, trustees, partners, proprietors, ID must be NIN. My services Registration of businesses Post incorporation changes Retrieval of lost CAC documents Business letters, agreements and profiles Check my profile to see other posts. Whatsapp: 08117409752 |
| Education › Re: University Of Abuja Informations by elyonchee(f): 6:03pm On Jan 01, 2023 |
sammieone:How can one apply for transcripts without visiting University of Abuja? How much is transcript request from University of Abuja? |
| Education › Re: University Of Abuja Informations by elyonchee(f): 6:01pm On Jan 01, 2023 |
sammieone:How can one apply for transcripts without visiting University of Abuja? |
| Business To Business › NIN As Means Of ID For Business Registration by elyonchee(op): 11:03am On Dec 12, 2022 |
The Corporate Affairs Commission says from January 2023, only NIN slip will serve as means of id for directors, secretary, shareholders, Trustee and proprietors during business registration or any post incorporation filings. It applies to Nigerians and Non-Nigerians resident in Nigeria. Check my previous posts. |
