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 Business › Re: CAC Matters by elyonchee(op): 12:04pm On Aug 10, 2021 |
TruthbyAll:it means you have not filed for annual returns up to date. Yes I can file it for you. I will need to send your details to assessment desk to know the due amount. |
| Business › Letter Of Good Standing by elyonchee(op): 9:00am On Jul 31, 2021 |
A letter of good standing is issued by CAC to an entity to show that it was duly registered,complied with all statutory returns or not yet due for any statutory return and is allowed to conduct business in Nigeria. Foreign investors or business Partners usually want an entity in Nigeria, that they wish to partner with or invest in to provide a letter of good standing for authenticity. Also some organizations or government agencies or businesses ask entities they wish to engage with, to provide it for authenticity. Or an individual that wants to buy an entity or takeover or merge with it, may ask the owner of the entity to request for it Annual Returns must be filed before you apply for one, that is if your entity is due for annual returns payment. Where your entity's annual returns is updated or not yet due and you wish to request for it, it can be filed. Check my previous posts. |
| Business › Re: It's All About Trademarks by elyonchee(op): 8:25am On Jul 21, 2021 |
Mide3367:It's all about choice. First stage is 80k and second stage is 80k. |
| Business › It's All About Trademarks by elyonchee(op): 8:18am On Jul 21, 2021 |
A name, word, mark or design can be trademarked to distinguish it from other products or services of a business in the marketplace. Indomie represents the noodle name manufactured by three companies. Every good or services has it's own class. There are 45 classes of trademark and most times each goods are classified into different classes and if you want to trademark each, you must file separate applications for each of them. Classes 1-34 represents classes for goods and 35-45 represents classes for services. Trademark application must be filed by the applicant through an accredited trademark agent. Most trademark agents are legal practitioners. Patents are filed by inventors of a product or service through an Accredited agent who is a patent lawyer too. The trademark is in two stages The acceptance letter stage and the certificate stage. Each stage has it's own fee. When you want trademark a name, make sure it is not illegal or contrary to public policy or national interest. A trademarked name or design cannot be used by another business for trading. Any one using your trademarked name for trading can be sued. Nafdac always requires that all products for Nafdac Registration must trademark the products they intend to get a Nafdac number. 08117409752, 08139095734 call, WhatsApp or send a text message. 1 Like 1 Share |
| Business › CAC Matters 2 by elyonchee(op): 7:11am On Jul 20, 2021 |
Why do people dump their old existing entities and register a new one? For fear of not paying huge annual returns penalties. But aren't you going to pay annual returns for the new one when it is due for it? A business owner, yes I will prefer paying as at when due. Dear Business Owner, Don't dump your old business due to huge penalties. Annual returns is mandatory whether you have done business with the entity or not. Pay up the penalties and use your company. If you are not interested in the entity sell it, after annual returns payment and other necessary post incorporation stuffs have been done. Also, where a director removed was also a shareholder, he or she is still part and parcel of the company. They can only leave the company as a shareholder through surrender and reallotment. |
| Business › Re: CAC Matters by elyonchee(op): 6:52am On Jul 20, 2021 |
jefy:You can file your annual returns through a CAC accredited agent. For your company status to be active it is annual returns. I can help you file annual returns and do the necessary things. |
| Business › CAC Matters by elyonchee(op): 9:23am On Jul 17, 2021 |
When a Registered company or business name or incorporated trustee does not pop up on the search registry, especially when the entity is old, it means your file is either missing or your records have not been updated with CAC. Incorporated Trustees are associations, churches, mosques, clubs, foundations and association. If the word involves development or center or University then it is a Limited guarantee company. When choosing a name remember not to choose a name that is similar to another Registered entity, contrary to public policy, against national interest etc. The memorandum of association contains the nature of business of a company, the name of the shareholders and the share capital. Companies that were Registered from April 2017-December 2020 it is CAC 1.1 you have and not CAC 2 and CAC 7. CAC 2 and CAC 7 are for companies that were Registered before April 2017. CAC 1.1 is now e-status report and e-memart for newly Registered limited companies today. Newly Registered entities don't have a physical file in CAC. |
| Business › Did You Know? by elyonchee(op): 10:46pm On Jul 05, 2021 |
An inactive status of an entity on the search registry, shows the entity has not filed an updated annual returns. Also sometimes an entity's status may be active even when it is due, that doesn't mean you are free. You have to update otherwise you can't file post incorporation changes. Also where a director is also a shareholder and decides to leave the company, removal of the director is not only sufficient. After the director has been removed from CAC records, you have to also remove the director as a shareholder too. Check my previous posts. |
| Business › Re: Did You Know? by elyonchee(op): 10:32pm On Jul 05, 2021 |
adekusibe10:if you have not filed annual returns and you are due for it, your entity status will read inactive, there are some that will still be reading active even when they have not filed but you can't proceed with any post incorporation changes, without an updated annual returns. Filing annual returns to CAC shows your company is still in operation. |
| Business › Did You Know? by elyonchee(op): 9:14pm On Jun 29, 2021 |
Annual Returns is filed to CAC and tax returns is filed to Firs. If you need to do any changes in your company, business name or incorporated trustee records you must file annual returns. Small companies are no longer required to attach financial statements when required to file for annual returns. Even if your share capital is 25m or 5m, if your turnover is from 1m and less or net assets 1m or less, no foreigner as a shareholder or director your company qualifies as a small company. Companies can be registered with share capital from 100k-1m except businesses with a standard regulation share capital. Business names must file their annual returns on or before the 30th of June, LTD 18 months after incorporation, NGOs, Churches, Mosques, association it is a bi- annual returns filing. Business name is either sole proprietor or partnership Also you can decide to add shareholders, if you are a single shareholders and do a reallotment. Remember a director must not be a shareholder. A shareholder has ownership in the company. The shares allotted to the shareholder is the liability of that shareholder. If you decide to remove a director, it doesn't end there. You remove him through reallotment. |
| Jobs/Vacancies › Re: Interview Invitation For A Job I Never Applied by elyonchee(f): 6:53pm On Jun 27, 2021 |
Gabriel459:419 and kidnappers use this tactics. |
| Business To Business › Do You Know? by elyonchee(op): 6:45am On Jun 25, 2021 |
Transfer of shares is now done internally within the company. Then the company gets it in the company records at CAC, through filing an application for Surrender of Shares and then Reallotment of shares. Surrender of Shares, is when a shareholder that decides to leave the company surrenders his or her shares back to the company. The company will then Reallot the shares to existing shareholders For increase in share capital, when a share capital is increased either to meet up industry standards or when the company has new share holders or probably for other business purposes. For instance, you have 100k share capital you may want to increase to one million probably because you want to apply for a contract or add more objects and one of the objects is a regulated object, that must automatically lead to the increase. For example a hotel decides to run a travel and tour the share capital must increase to 30m. Or a company decides to add sport betting, Nigerian Lottery demands any betting company must have 30m share capital. Another thing you should know, the board of a company is made up of the directors and shareholders. The shareholders are owners or subscribers to the share capital. The shares allotted to them is their stake in the company. Also board resolution is filed internally |
| Business › Business Tips by elyonchee(op): 8:22pm On Jun 23, 2021*. Modified: 7:01am On Jul 20, 2021 |
A minor cannot be a director in a limited company, but can only be a shareholder where two or more people are of full age. A foreign participation like foreigners as directors attracts a share capital of 10million naira. Where the person is a Nigerian but has a foreign passport, it is still a foreign participation. A firm can become a secretary of a company through a representative An existing company can only become a shareholder of a company through a representative A foreign company or foreigner without residential permit cannot be a proprietor of a business name. A foreigner who wishes to register a business name, must be resident in Nigeria with residential permit |
| Business › Restricted Words by elyonchee(op): 8:44pm On Jun 05, 2021 |
Restricted Words are words that are restricted for a purpose. For instance Investment can be used for a limited company with EG Chioma Egwu Investment Limited. But when it comes to a business name, the word investment is restricted. You can only obtain consent from the RG, before the word is used. These days the word global, International is a restricted word for foundation and association or clubs or societies. CAC requires you just whether it is affiliated to a global foundation or association. The word Africa was before now not a question, but if the word is used in a name, CAC will ask for justification. Prohibited words are words, that can never be used. Words like Chamber of commerce can't be used. Words that will breach national security or deceive the general public or against natural justice, can't be used. Also note that Limited companies are Private company limited by Shares which is the most common to be registered ends with LTD Private Company limited by guarantee LTD/GTE Public Limited Company PLC Unlimited Company UNLTD Check previous posts on other CAC stuffs. 1 Like 1 Share |
| Business To Business › Business Tips 3 by elyonchee(op): 9:57pm On May 17, 2021 |
When you buy a new business, make changes to reflect in CAC records. Don't just stop there, make changes to the previous company policies of the previous owners. For instance, you bought a restaurant from a previous owner, don't just leave it as it were, bring in your own style. Make decisions that will change the business, from it's previous state to a very unique one. Don't do things that will make you lose money or make you not worth the sale. Don't be an absentee in your business. If you work 9-5 and also do a part time business, make sure you employ experience and competent and supportive people to work for you. Nice is not going to make you run a business. Go for training for what you don't know, have an eye, ear and mouth for you in your business. Change the name of the business from it's previous owner or owners. Don't live in their shadows. Remember you are taking something from someone to grow it, from where it was before to where you want it to be. Have a blessed night. Check my previous posts and check my profile. |
| Career › Professional Services And Charges by elyonchee(op): 7:56am On May 15, 2021 |
A gig is a freelance work done by a gig worker or professional. There are professionals trained in various fields and get a gig through a client and get paid upfront, on installment or after the job is done. A professional always charges for every job that will be done. A professional charge is a fee charged by a professional to render a service to the client. Most times, this fee is charged based on the value of the work or expertise. For me, my professional fee is given upfront. I want you to know that professionals are not market sellers. A professional is trained in that capacity, he or she is rendering services to you. Most people tend to look down on professionals and price them anyhow. Also professionals should have a standard, that will not make them look so cheap. I did a drafting job recently, and I know how much time and efforts I put in to see that the draft, does not look like a wack job. Time, duration, level of competence, value of the services and well-being are factors professionals consider when charging a professional fee. In my research, most clients place a fee they can give to a professional based on their budget, they already had a fee in mind to pay or through negotiation. A professional needs to be well paid, it is actually a motivation to work. Gig workers, invest their time, energy and intellectual property, to do a work for their clients. For professionals that are gig workers, we rely on unstable income which comes as a leftover from the capital. I always have a flat fee rate depending on the services and I also make them affordable, so both parties don't loose. You get a good and valuable service and I earn a fee. Happy Saturday to Gig Workers like me. |
| Business To Business › Share Capital Under CAMA 2020 by elyonchee(op): 7:29am On May 15, 2021*. Modified: 8:33pm On Jun 05, 2021 |
In the previous CAMA 2004, there was an authorized share capital for companies and companies must have at least issued 25 percent of their shares. This made companies not to issue all shares and so many had unissued shares. In the new CAMA 2020, there is no longer authorized share capital except for some businesses. There is now a minimum share capital for companies. The minimum share capital for private companies is 100k, while for public companies is 2m. All shares must be issued to all shareholders. If it is a single shareholder, all shares must be issued to the single shareholder. For existing companies that have not issued all shares, you must increase share capital before an allotment of those shares is done. Also I want to talk about another thing. Shareholders who wish to leave a company, can now surrender their shares to the company. Then the company, can allot same to shareholders. Clearing and Forwarding is 5m share capital Shipping is 25m Financial Company is 20m Corporate Consultancy is 5m Consultancy partnership company LTD is 2m Consultancy individual 1m to less than 1m Agents for Foreign Airlines 1m Always check the share capital of the nature of business you intend to incorporate Check my previous posts. |
| Travel › Re: Despite Security Shortcoming, Owerri Still A Bustling City (pix) by elyonchee(f): 8:56pm On May 08, 2021 |
Dcube212:logo for only 2k? |
| Business › Re: Change In Particulars Of A Director, Secretary Or Proprietor. by elyonchee(op): 10:35pm On May 07, 2021 |
WarrenC:yes you can. You are not yet due for annual return filing. So it can be changed. Annual returns is filed 18months after incorporation. For new companies, that are not yet due they can still file for any changes. |
| Business › Do You Know? by elyonchee(op): 10:31pm On May 07, 2021 |
That the minimum share capital according to the new CAMA 2020 for private companies is 100k and 2M for public companies. But I always advise my clients to put in 1m share capital. Do you know even though your share capital is 2-5m or 10m and your turnover and net assets is from 1m and below, you are regarded as a small company? Do you know you must allot all shares during incorporation based on the new provisions in CAMA 2020? Do you know that you can do change in particulars of a director/secretary/proprietor's name, address, email, correction of date of birth, change of email address, change of signature and phone number? Do you know you if you have not allotted all shares you must allot them before the given time elapses, otherwise you forfeit them? Do you know after surrender of shares as gift to the company, you must increase share capital before reallotment of shares? Now you know. #studynight # corporatelawyerstudybible #CAMA2020 |
| Business › Business Tips by elyonchee(op): 10:35am On May 06, 2021 |
For every partnership draft a partnership agreement. Where it is going to have some disclosure of sensitive information that has to do with the trade secrets, have a non-disclosure agreement. Where it involves an independent contractor, draft a contract agreement. Let all oral discussions be put into the contract. Always get a lawyer to review and draft the agreement. Also, involve a lawyer during negotiations too. A Memorandum of understanding does not amount to a contract between the parties. Checklist for a business Business plan Business registration Business proposal License for the business where applicable Corporate Account Scmul certificate where applicable Partnership agreement, contracts PR employee contract agreements where applicable. Trademarks or patents where applicable Smaller brands may decide to go into private labelling to have their own products bearing their brand names. Make sure you monitor the production and packaging. Make sure you have a SON certification such as Mancap and export license where the products are to be exported out of Nigeria. |
| Business › Re: New CAC Portal by elyonchee(op): 10:23am On May 06, 2021 |
seunlovingme:Well the only way is to write a complaint letter and submit through courier or the gate of any CAC office. If the registration was paid before 31st of March 2021. |
| Business › New Features And Share Capital by elyonchee(op): 11:21am On Apr 28, 2021 |
Name Substitution is a feature for name reservation, where a name which was previously denied during Registration either for name similarity, or the name attracts an increase of share capital and you need to substitute another name, the new name will be substituted for the old approved name. Secondly, always know the share capital of the business you intend to do. Clearing and Forwarding business is not the same thing as import and export. It is Freight Forwarding which is another name for sea logistics and the share capital is 5M share capital. If it is import and export or logistics on its own without the word boat or cargo 1m share capital. Where you add cargo it is 500m share capital, if it boat 5m or 25m share capital. Import and export can also be Registered as a business name. Forex is under Bureau De Change and the share capital is 35m. Financial Company is 20m share capital. Consultancy is 1m, Corporate Consultancy is 5m share capital.If you want to open something like bet9ja which is betting it is 30m share capital. Travels and Tours 30m share capital. Remember shares are not paid, except in cases like BDC where CBN requires it must be paid before approval. Shares are issues or allotted to shareholders during incorporation. Forex cannot be registered as a business name. |
| Business › Re: Good News From CAC On Certified True Copies by elyonchee(op): 7:10am On Apr 22, 2021 |
elyonchee: |
| Business › Good News From CAC On Certified True Copies by elyonchee(op): 7:09am On Apr 22, 2021*. Modified: 8:02am On May 15, 2021 |
If your certificate of incorporation or memorandum of association is missing, CAC has made manual submission available to retrieve these documents through application of CTC for certificate of incorporation and CTC for Memorandum of Association. For other documents that you may have misplaced, no information on how to retrieve them has been available. I heard for business name, status report replaced the BN forms, but I have not filed recently for the status report. So do the needful. Check my previous posts. |
| Business › New Challenges On CAC by elyonchee(op): 10:49am On Apr 18, 2021 |
After 31st of March this year, CAC stopped manual filing and started online filing for post incorporation filing. But there are new challenges, certified true copies of certificates or documents are no longer available. For business names instead of certified true copies, it is now status report. For annual returns it is now acknowledgement copy and status report copies. The post incorporation portal is still taking baby steps. If you want to add new shareholders, you have to increase shares before you re-allot shares. Transfer of shares is no longer available. 1 Like 2 Shares |
| Business To Business › The New Info by elyonchee(op): 8:16am On Apr 07, 2021*. Modified: 8:34am On Apr 07, 2021 |
Okay CAC has just announced, if you intend to register a university that awards degrees, you must register it as a limited by guarantee company. A limited by guarantee company has no share capital, the members are guarantors and not shareholders. It must get an approval from attorney general, letter of no objection from the National University Commission. A limited by guarantee is somehow similar to an Incorporated Trustee, but it is registered as a company under Part A of CAMA. Limited by guarantee has a legal personality. Unlike incorporated trustees that can't do business, LTD by guarantee can get involved in business. Good Morning |
| Business › Difference Between RC, BN And IT by elyonchee(op): 1:12pm On Apr 04, 2021*. Modified: 2:50pm On Apr 04, 2021 |
I know today it's Easter. Happy Easter to everyone. If you Registration a limited company, you will see RC: 1234567 It shows the company it's a registered limited company. The tax identification number comes with the certificate of a registered limited company. BN means business name. Business names don't end with anything, eg Bujee Child Clothes or they can end with Enterprise or services or concept. I saw where someone was trying to register a limited company in the business name section, it is a no no. Once a name does not end with LTD, it automatically a business name and must be registered within the business name section. Business name certificates, don't come with tax identification number on their certificate. You can apply through the nearest Federal Inland Revenue Office close to where the business is situated, or verify with your BN number on tin verification website, you can search on Google. Then for IT, IT appears on incorporated trustee certificate. If you Registered a foundation, church, mosque, club, society and association you will see IT: 2345678 Yes all IT must obtain scmul certificate. Learn something new and enjoy your Easter holiday. 1 Like 1 Share |
| Business To Business › CTC For Certificate Of Incorporation For Incorporated Trustee by elyonchee(op): 2:15pm On Mar 27, 2021 |
Incorporated Trustee are churches, mosques, association and foundation. Apparently application for CTC of the above is different. When applying for CTC for the above, updated annual returns is required unlike when applying for CTC of LTD coy and business name. It requires extract of police report, affidavit, newspaper publication, formal letter for the CTC. So the process is quite different. Happy Weekend |
| Business › Re: How To Replace Lost CAC Incorporated Documents? by elyonchee(op): 1:39pm On Mar 27, 2021*. Modified: 12:14pm On Jul 25, 2022 |
DTOBS:I will check the requirements for CTC for IT certificate of incorporation 08117409752 I filed one earlier this year A new certificate is usually issued for ctc of lost certificate for an association. Publication Extracts of meeting Public notice Affidavit Means of id Signatures of chairman and secretary Passport photographs |
| Business › Policies by elyonchee(op): 1:04pm On Mar 22, 2021 |
With policies businesses can comply with regulations, create a good working culture and a safe environment. Policies can come inform of a business handbook. It takes about the business or company or organization. It also states the do and don't of the organization and actions that will be taken, where there is a breach. It outlines work hours, leave arrangement, staff hierarchy, work benefits, policy against ddiscrimination, safety rules. When policies are put in place, it can guide a legal action in court. Yes, where an employee or employer sue, the business policy handbook, can also be used as evidence too. What policies have you put in place for your business or organization? |
| Business › Change In Particulars Of A Director, Secretary Or Proprietor. by elyonchee(op): 8:12am On Mar 21, 2021 |
In the beginning of pre incorporation, you may have made mistakes in your name, signature, occupation, address, emails or you got married or you want to change your name to another. Then you have to file change in particulars. Note: If you an old company, and you are due for Annual return, you must pay your annual returns before you make these changes. For a recently incorporated company or registered business name, you can start up these changes 48 hrs after incorporation. For instance, if your ltd coy was registered in December 2020 or January 2020, you can still make these changes without filing annual returns because, you have not elapsed 18 months after incorporation. For business name, if you just recently got it registered like last two months you can still get those particulars changed. |
