Elyonchee's Posts
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 Business › Disclaimer by elyonchee(op): 7:23pm On Jan 04, 2022 |
Dear Clients, I don't collect instalments for my services especially for business name and company registration. I only do for incorporated trustee. I am neither a scammer and cannot run with your money, that is why I instilled full payment. As a lawyer, I uphold my profession and practice in high esteem. I also, give updates while executing the job to carry the client along. Ninety percent of my client base, comes from this platform. Most of them never met in person. I have only spoken to them or chatted with them on phone. Only one or two I have met. Not all service providers on this platform or online are fraudsters. Some of us are genuinely trying to do what we love to do and earn in return. So all my services are full payment except incorporated trustee registration. Thanks for your understanding. Barrister Chisom Check my previous posts on my profile to know my services and topics I teach. |
| Business › Officially Opened For Business by elyonchee(op): 8:40am On Jan 04, 2022 |
Good Morning, I have officially opened for business. So you can send in your briefs via my WhatsApp 08127409752 or email infofrankincenselegalservices@gmail.com My services Business/company registration Business Advisory Post incorporation filings at CAC Retrieval of lost CAC documents Drafting of agreements and letters Company secretarial Duties Tax filings Contract bidding preparation Other business support services such as office errands and virtual Assistance. Check my profile for my previous posts. Also, my new charges applies. Enjoy the new year. |
| Business › Did You Know? by elyonchee(op): 9:51pm On Dec 28, 2021 |
Dear Clients, I will be resuming my services again on the 3rd of January, 2022. I will also be introducing my new packages and charges for company registration and other services. I will also be introducing new services too. I will also continue to discuss business topics relating to CAC and other regulatory agencies and also topics that are useful to businesses. In the meantime, you can send in your brief requests to my WhatsApp 08117409752 or my email infofrankincenselegalservices@gmail.com We can discuss and then start the process when I resume. Check my previous posts. |
| Business › Closing for the holidays by elyonchee(op): 11:13pm On Dec 06, 2021*. Modified: 7:13am On Dec 22, 2021 |
We at Frankincense Legal Services will be closing for the holidays on the 24th of December and resume on the 3rd of January. You can still send in questions or proposed briefs to my WhatsApp 08117409752 or my email infofrankincenselegalservices@gmail.com |
| Business › Business Advise by elyonchee(op): 10:33am On Dec 06, 2021 |
Now it's the time to file your annual returns if you registered your company in January of last year. The best time to start gathering all your contract bids documents such as tax clearance, Nsitf, pencom, ITF and the rest is from January. Also now is the time to register that entity or trademarking that brand name or logo. Also now is the time to enter into that business partnership or contact that investor that believes in your business idea. Check my previous posts on my profile. |
| Business › Re: Franchise Agreement by elyonchee(op): 9:06pm On Dec 03, 2021 |
elyonchee: |
| Business › Franchise Agreement by elyonchee(op): 9:02pm On Dec 03, 2021 |
A franchise is a business that adopts the method and style of an existing business. From the name, logo to the method of sales, the franchise must adhere to the same terms and conditions that guides the existing business it wishes to be under as a franchise. Take for instance Shoprite Nigeria, KFC Nigeria and other foreign owned franchise that exists in Nigeria, must adopt the modus operandi of the foreign owned existing business. Checklist to consider Have a franchise Agreement Register the franchise as a foreign company Obtain a business permit Register at Nigerian Investment promotion council Capital Importation Notap if it is tech based Work permit Expatriate quota for foreign employees. You should also have the company policy and training book of the foreign owned company for easy business navigation . Check my previous posts. New registration packages Business name Basic: 21k Name search + Registration + Professional fee Premium: 25k Name search + Registration + Print out documents + professional fee Limited By Shares company For only 1m share capital 55k for basic Name search+ Registration +Stamp duty +professional fees 75k: Name search + Registration + Stamp duty +Printing of documents and sending via courier + Iron seal +professional fees. |
| Business › Did You Know? by elyonchee(op): 10:28pm On Nov 16, 2021 |
Foreigners cannot register or be partners in a business name A minor less than 18yrs old, can also become a partner in a business name provided there are two adults and also an attestation by a legal practitioner, magistrate or police officer from ASP rank at least. My services business registration, post incorporation filings such as annual returns, ctc of lost or missing documents, change of name, change of particles, surrender and reallotment of shares, change of address etc Remember always put a definite registered address that determines where your tax office would be located. Have a good night. |
| Business To Business › Re: Contract Bids Requirements by elyonchee(op): 9:33am On Oct 27, 2021 |
philiancoop:I don't understand your question. I offer legal services and Consultancy. Read my other posts. |
| Business To Business › Re: Contract Bids Requirements by elyonchee(op): 8:05am On Oct 12, 2021*. Modified: 9:52pm On Oct 29, 2021 |
elyonchee: 1 Like 1 Share |
| Christianity Etc › Re: Pandora: My Observation About Bishop Oyedepo's Tax Haven Controversy - Highered by elyonchee(f): 8:00am On Oct 12, 2021 |
Myself2:yeah I was also referring to him too. 1 Like |
| Christianity Etc › Re: Pandora: My Observation About Bishop Oyedepo's Tax Haven Controversy - Highered by elyonchee(f): 11:21pm On Oct 10, 2021 |
Myself2:A pandora is a mystery. 1 Like |
| Christianity Etc › Re: Pandora: My Observation About Bishop Oyedepo's Tax Haven Controversy - Highered by elyonchee(f): 11:19pm On Oct 10, 2021 |
HigherEd:churches are generally exempted from paying taxes. It is only their businesses, that are subject to taxes. 1 Like |
| Christianity Etc › Re: Pandora: My Observation About Bishop Oyedepo's Tax Haven Controversy - Highered by elyonchee(f): 11:14pm On Oct 10, 2021 |
HigherEd:A church is an incorporated trustee, and it cannot pay tax. That is why,they don't have tax identification numbers. |
| Business › Exportation Of Goods by elyonchee(op): 4:26pm On Oct 09, 2021 |
Before you export any manufactured or agricultural goods outside Nigeria, you must obtain license from Nigerian Export Promotion Council. Categories that are eligible; Limited by Shares Company, Co-operative societies, government agencies and NGO. The certificate for license to export, is renewable after two years. A business name, cannot obtain an export license. It is very affordable and fast. Pick up and delivery, is the door to door picking up of goods from a seller to be delivered to a buyer. Pick up and delivery, is not a logistics business. 100k-1m share captial can do. A logistics business is the management of the planning, transportation and packaging of goods. 1m to any amount of share capital, is okay. Freight forwarding business, is the planning and management of goods from the shipping company, to the buyer. They clear the goods from the sea, pay custom and excise duties and also track the goods, till it gets to the end user. Share capital is 5m Shipping company is the transportation of goods by sea. Share capital 25m Cargo business is the movement of goods through air, sea or trucks. Cargo business share capital is 500m Exportation, pickup, and logistics can be registered as a business name. But, ltd company should be better for exportation and logistics. Also courier services, is not pick up and delivery. Courier, is the movement of documents or parcels from the sender to receiver. |
| Business › Business Name Ember by elyonchee(op): 3:19pm On Oct 01, 2021*. Modified: 7:17am On Dec 22, 2021 |
As an entrepreneur you don't have a legal business, if it is still unregistered. It hinders you from doing a lot of things, that will be beneficial to your business. So check out the end of year charges. Business name-19700 Company that the share capital will be 100k-1m (50k) This is only for a limited period. Always remember, never trade with a name that has not been registered with CAC. We are closing for the holidays on the 24th of December. From next year, the new registration packages and fees will take effect. Our new reg price packages with more business support services, will be released by Jan 1(2022) Still on this. You can download telegram for easy communication too. |
| Business › What Are You Solving? by elyonchee(op): 3:27pm On Sep 23, 2021*. Modified: 9:36am On Oct 27, 2021 |
What am I solving? I am a corporate/business lawyer and a CAC accredited agent that helps small private companies, start ups and Smes to bring their idea into reality through business incorporation. I also render business support services after incorporation such as; filing of statutory returns, retrieving certified true copies of their lost documents, drafting and reviewing of commercial agreements, company secretarial duties, due diligence etc Who are your clients? Small companies and Smes Target market? Online entrepreneur prospects Pricing I charge fairly based on my expertise So these are the things an entrepreneur, must ask before they delve into business. You must be ready to take up challenges and take risks. |
| Business To Business › Contract Bids Requirements by elyonchee(op): 1:59pm On Sep 21, 2021*. Modified: 3:14pm On Oct 07, 2021 |
Every year businesses bid for government contracts or private contracts from individuals or international agencies or NGO or association or companies. These entities must provide all required documents for the bidding, before their proposal is approved. Before I delve into the requirements, let me talk about main contractor and sub contractor A main contractor is a big company that bids for the contract. They mostly bid for government contracts for construction or consultancy or procurement. The main contractor most times, re-awards the contract for supply of goods and services to small companies. The small companies are sub contractors. Documents to have before you bid a contract Your incorporated documents or CTC of incorporated documents Pencom Certificate if you have up to five employees or more ITF certificate if you have up to five employees or more or an annual turnover of 50m NSITF certificate NOTAP for tech consultants Registration as a contractor, consultant or service provider with BPP Tax clearance certificate Due diligence report from CAC, Firs Evidence that you have filed all statutory returns such as annual returns and tax returns Audited financial statement and a letter from your bank for financial credibility Others may require sample of your work Company profile that details a brief summary about the company and it's officers A business name cannot enter a contract in it's name. It can only enter through the proprietor or partners. You cannot enter into a government contract or with an organization if your company is not duly incorporated. |
| Business › Re: How Much Would It Cost Me To Start A Car Wash Business by elyonchee(f): 8:21am On Sep 19, 2021 |
Shaolin0147:you can find a mall or a space that is free from all task force wahala preferably in a garden or an office complex. The rent may range between 350-500k. Then others may cost 200k. Then registering the business 20k So in all between 1m-2m will do. Remember to conduct a market research and also look for strategic location that will be favourable for your cash wash business. You can even rent a space in a filling station. |
| Business › Why You Need A Business Incorporation? by elyonchee(op): 8:03am On Sep 19, 2021 |
When I see my clients basking in their business, it gives me joy. Business incorporation gives you the courage to advertise that name with pride. It gives you authenticity. You are able to use that favorite name to trade in exchange for value and money. You can get involved with contracts and share those business cards, without worries. You can also attract investors or business partners to your business. Open a corporate account and also have access to loans and grants You can also apply for business Visa. When you have a registered business, you can grow it and also sell a part through equity. Yes through reallotment, an investor can become a shareholder and invest that amount of shares allotted to him or her into the business. You can also bring in a partner for a business name. Business Incorporation gives it a legal status. |
| Business To Business › Tax And Tin by elyonchee(op): 2:41pm On Sep 14, 2021 |
Tin -Tax identification Number The TIN is the unique identification number that is given to an entity to enable business entity file taxes. Tax is mandatory for all business entities. Joint Tax Board tax identification number is not the Firs Tin, it is just a uniform tax identification number. When a limited company gets incorporated by Corporate Affairs Commission, it comes with the First TIN. The business name does not come with a tax identification number, but business names can always get their FIRS Tin through the First tin verification website. Small companies with less than 25m turnover no longer pay company income tax. Big companies with 25m turnover and less than 100m must pay 20 percent company income tax. But they file for assessment for the preceding year. Assessment is filed based on assessment on the entity's audited financial statement. Withholding tax is deducted from the profits made by a company that rendered goods and services to another company. Foreigners also pay WHT when they make profits from resident companies. Value Added Tax is payable by entities that sell goods or render services in the VAT list. Turnover of a business entity is the total assets that is profits and liabilities of a business. The liabilities are expenses and others. Net assets is gotten after deductions from the total assets minus the the liabilities. For instance if the turnover for a business at the end of a fiscal year( financial year end) is 1m and the expenses or liabilities is 500000, it will be 1000000 minus 500000 =500k is the net assets for the year. Therefore, the net assets after you must have deducted expenses and other liabilities is 500k for the Let me use another example a salary earner's salary may be 400k for the month. Then tax and other deductions may be 200k, it will be 400000-200000 =200000. So the net pay for the month is 200k. I am not good with Maths, the accountants here can help. Check my previous business posts WhatsApp 08117409752 for CAC business incorporation, export license, trademarks, drafting of agreements e.t.c |
| Business › Business CAC by elyonchee(op): 7:29pm On Sep 12, 2021 |
Anyone that says they will register your NGO or association by five or seven days is just lying. The registration takes between 3-8 months or 3-6 months. For company it can take 3-5 days or two week, same with business name. It all depends on luck. Even post incorporation filings take time too or less time depending in the filing. I always give estimated time to my clients. Meanwhile, between October till December Companies that their share capital falls between 100k-1m I will charge 50k Business names 19900 for sole proprietor, for partnership it's 20k. For others WhatsApp me 08117409752 |
| Business › Llp And Lp by elyonchee(op): 12:40pm On Sep 01, 2021 |
LLP aka Limited Liability Partnership and LP aka Limited Partnership. These two new entities have been introduced by the Corporate Affairs Commission. What is LLP? In this type of partnership, all partners are only limited to the amount they invested or contributed to the business. Their personal assets are separate from the liabilities of the business. In the event of winding up, the partners will only be limited to amount contributed or outstanding of the amount decided by the partners. At least two partners and where one of the partners is a foreigner he or she must have a residential permit in Nigeria. For instance, if certain individuals decide to start a tech company as limited liability partnership and they each contributed 1m each or 500k each, they will only be limited to the amount they invested when liabilities arise. They can all make business decisions. For limited partnership, there is one general partner and one limited partner. The general partner in a limited partnership they have unlimited liabilities, oversee business activities, make business decisions and are bound by contract agreements. While the limited partner is only limited to the amount he or she invested in the business. A limited partner is not liable to pay debts. A limited partner can be an investor, who decides to invest money in a business but does not oversee the business activities or is bound to pay business debts. CAC says limited partnership can not have more than 20 partners. LLP and LP is different from business name and limited company or incorporated trustee. 08117409752 Abuja Check my previous posts too. |
| Business › Checklist For A Business by elyonchee(op): 6:21pm On Aug 26, 2021 |
For a business to operate in Nigeria Choose a business structure and make it legally by incorporation. Business name (Sole proprietor or Partnership) Private limited By shares company(small or big companies) Public limited by shares company Limited by guarantee company Unlimited shares company Incorporated Trustee After that you have to know whether your business needs license or a permit before operation Statutory returns to be filed Annual returns to CAC and tax returns to Firs and state revenue offices Company seal for limited by shares company for business dealing. Dear business owners, Before I go to my next topic, please always keep your incorporated documents safe. Make photocopies a lot of them, so that when you misplace the original it will be easy to file for the certified true copies and also it will be easy to make a new file, where your file goes missing in CAC. Books kept by companies Register of Members(members are shareholders) Register of charges( charges are loans taken by a company. Every loan taken by a company that covers the assets of the company must be filed to CAC) Register of shareholding Register of directors and secretaries Minute books Register of debenture holders Most of these books are kept by public limited companies. |
| Business › Good News by elyonchee(op): 10:25am On Aug 23, 2021 |
So the Registrar General of Corporate Affairs Commission said the two new forms of business registration Limited Liability Partnership and Limited Partnership will be made available by end of August. Check my previous posts. 08117409752 call or whatsapp |
| Business › Did You Know? by elyonchee(op): 1:10pm On Aug 21, 2021 |
An individual or a financial company can apply for a money lending license in Nigeria. Money lending license can be obtained from any location in Nigeria, as long as the business is situated in that particular location. Also a business must have a target market on ground, otherwise it is not a business but a hobby. Always show up for business and not act behind the scenes that is how you build a brand. Investors don't invest in a business, without looking at the business competitors, government policies or laws. An investor will always want to build a brand, because money and equity is at stake. |
| Business › Limited Liability Partnership And Limited Partnership by elyonchee(op): 8:39pm On Aug 18, 2021 |
CAMA 2020 introduced these two new legal entities. Some days ago while filing a name reservation for a client, I saw it is has been added I don't know whether CAC has fully started it's implementation maybe they must have or have not fully implemented it's commencement. What is a Limited Liability Partnership? It is a corporate body that can sue, hold or acquire or sell properties in it's name. It has perpetual succession and a corporate legal personality, in the sense that the entity is separate from the partnership. In this type of entity, the partners are liable for the amount of money or assets. Partners personal assets are not liabilities except where the partners defraud their clients or lenders. Limited Partnership one general partner and limited partner. 1 Like 1 Share |
| Business › Re: CAC Matters by elyonchee(op): 8:22am On Aug 16, 2021 |
TruthbyAll:I saw a notification that you emailed me, but I didn't see an email. You can send me a message via WhatsApp 08117409752 |
| Business › Tech And Business by elyonchee(op): 11:37pm On Aug 15, 2021 |
We all know that technology has become a driving force for innovation and development in the today's world. Tech has found itself in every sphere. Tech is the new gold in business. It provides solutions and services for so many businesses. Tech has created visibility for businesses, that ordinarily would not even attract visibility. Pos is one of the innovative ideas that has helped a lot of business solve payment issues in Nigeria. Even transfers too, you don't need to have cash with your card or phone you can buy or sell things physically or not. Tech laws in Nigeria centers around trademarks, patents, privacy and data sections contained in the Constitution of Nigeria. Many tech businesses have more investors than any other, because it is long term and has no plans of going into extinction. Embrace tech and it's solutions despite disadvantages, it's advantages outweighs the former. Check my previous posts. |
| Business › Re: CAC Matters by elyonchee(op): 1:23am On Aug 11, 2021 |
TruthbyAll:name of entity RC or BN Date of registration Turnover and net Assets If it is a small company, your turnover and net assets should not be more than 1m |
| Business › Business Status Report by elyonchee(op): 8:57pm On Aug 10, 2021 |
Business name status report is a summary of what is contained in CAC records about the business name. Currently, CAC has stopped issuing certified true copies of CAC/BN1 for business names Registered prior to 2021. For business names Registered this year, the e-status report is the new business name form. So if your business name form is missing, you can apply for a status report through a CAC accredited agent. People ask can it be used to open a bank account, I believe the status report can be used to open a bank account because it literally contains the name of the proprietor, nature of business and the others. For limited companies, it is only certified true copies of missing certificate or Memart which is the memorandum of association that contains the share capital, nature of businesses, shareholders and others. Check my previous posts. |
