Elyonchee's Posts

Nairaland Forum › Elyonchee's Profile › Elyonchee's Posts

1 2 3 4 5 6 7 8 9 10 (of 11 pages)

Business › Difference Between RC, BN And IT by elyonchee(op): 1:12pm 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*

DTOBS:
Please, For an Association (a non profit organisation) that lost the Certificate of Incorporation, What are the steps that need to be taken to file for the CTC cos I understand that a new certificate of Incorporation will not be issued.

Please, I will appreciate if you can be more explicit for me as possible. You can also help with your whatsapp Number if you dont mind for us to talk more.

Thanks

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.

Career › Standards by elyonchee(op): 8:32am On Mar 20, 2021

Would you lower your standards to get a job?
For me NO!
You know your worth based on experience and skills, just go for the best. You can negotiate and settle for the one, that suits your career taste.
Unless you want to change a career and go for something new, then you are free to lower your standards.
What is your opinion about this?

Career › Career by elyonchee(op): 10:12am On Mar 13, 2021

Carving out a niche in your career attracts the right clients. Just place your passion, interest and strength as a bet and whichever works go for it.

Business To Business › Salary by elyonchee(op): 2:33pm On Mar 07, 2021

I believe salaries for new recruits should be negotiated and as a new business, you don't need to employ the whole world. Employ for relevant position and employ, because you are capable of paying salaries and still keep your business going.
You can also introduce profit sharing style too.

Business › Re: How To Replace Lost CAC Incorporated Documents? by elyonchee(op): 7:23pm On Mar 06, 2021

[quote author=Lagosfinder post=99663543]Please what fillings should a new business submit yearly to CAC?[/quote
Business names are required to file annual returns on or before June 30th. For instance if you registered the business name in December, it is expected you file six months after registration which is June. Once it passes June, it goes into penalty. Of you registered in January of last year, you should have filed in June for AR. Otherwise, you are in penalty. For registered limited by shares companies, Annual returns to CAC is filed 18 months after Incorporation. For organisations or association it is a bit annual returns filed in January and in July.
Filing annual returns up to date, helps you to make changes in the business.
For taxes, it all depends on your turnover and net value and if you fall under small companies or businesses.

Business › Re: How To Replace Lost CAC Incorporated Documents? by elyonchee(op): 4:02pm On Mar 06, 2021

elyonchee:
Certified True Copies are duplicates of the original copies of documents that are missing. It is stamped by the custody officer, as certified true copies. Certified true copies are admissible in court as evidence too.
You can apply for CTC of a certificate of incorporation or other documents, through an accredited agent. Where changes where made in the company and filed earlier, please note you must apply for those copies too. For instance, where directors where changed and CAC 7A was filed or a secretary was appointed and CAC 2.1 was filed or return on allotment CAC 2A was filed, note you must file for CTC of these forms.
Also note that CAC has made changes to these forms and from Monday, filings for changes to be made in your company or business name or IT(incorporated trustee),must be done with the new forms.

Sms or Whatsapp 08117409752 or 08139095734 for sms

Business › Re: New CAC Portal by elyonchee(op): 3:37pm On Mar 06, 2021

elyonchee:
The new CAC portal introduced new features. Business name can either be registered as a sole proprietor or Partnership. Also if a business name wants to upgrade to company limited, it can be done via the portal now, although the feature is not effective for now. Also companies can now register as single directors and single shareholders. Also there is something called persons with significant control that deals of the percentage of shares the shareholders hold directly or indirectly in the limited company.
Small companies and companies with single shareholders, don't need to appoint secretary but I think it is always good to have a secretary, they always keep the registered entity in check. Big companies aka private companies limited by shares other than small companies must have secretary. Big companies are companies, having share capital higher than 1m share capital.
It is no longer mandatory for small companies to file annual returns with financial statement, just filing the annual return forms is enough. Only big companies and public companies must attach their financial statements.
Also incorporated trustees such as NGO, churches, mosques, clubs or societies must obtain consent of the registrar general via the portal.

Business › Re: Can Business Names Sign Contracts Or Buy Assets With Their Names? by elyonchee(op): 3:18pm On Mar 06, 2021

elyonchee:
No business names cannot sign contracts in their names. The owner can only enter a contract in his or her own name and not the business name, neither can a business name acquire asset in his name.
A business name is an entity, but it is does not have a corporate personality or legal structure. It is only a limited company, that can enter into a contract in it's own name because of the legal structure it has. A company can also collect a loan or acquire assets in it's own name.
Whereas, in the case of a business name, it is the business owner that collects a loan in his or her own name.
Also note: If you want to make changes to your incorporated documents and you are due for annual returns, for instance your company was registered in 2015 or 2014, you have to file for annual returns before you make changes in the change of directors, shareholders, return of allotment, appointment or removal of secretary, change of name, notice of change in registered address and change of nature etc.
Also, if you are trying to enter into a business relationship with another business, you may decide to apply for a status report or historical search.

Business › Can Business Names Sign Contracts Or Buy Assets With Their Names? by elyonchee(op): 3:27pm On Mar 04, 2021

No business names cannot sign contracts in their names. The owner can only enter a contract in his or her own name and not the business name, neither can a business name acquire asset in his name.
A business name is an entity, but it is does not have a corporate personality or legal structure. It is only a limited company, that can enter into a contract in it's own name because of the legal structure it has. A company can also collect a loan or acquire assets in it's own name.
Whereas, in the case of a business name, it is the business owner that collects a loan in his or her own name.
Also note: If you want to make changes to your incorporated documents and you are due for annual returns, for instance your company was registered in 2015 or 2014, you have to file for annual returns before you make changes in the change of directors, shareholders, return of allotment, appointment or removal of secretary, change of name, notice of change in registered address and change of nature etc.
Also, if you are trying to enter into a business relationship with another business, you may decide to apply for a status report or historical search.

Business › Corporate Ethics 2 by elyonchee(op): 1:01pm On Mar 03, 2021

A small company cannot have a foreigner as a shareholder. Also companies where their share capital is above 1m is a big company or a private company with shares other than small company.
Single shareholder companies or small companies are not mandated to hold annual general meetings.
Big companies and public limited by shares company must hold annual general meetings.
The annual general meetings can be held electronically and the minutes must state the fact, it was held electronically.

Business › Re: New CAC Portal by elyonchee(op): 1:43pm On Feb 17, 2021

wisdomdessy:
Is the free Business name registration working at all?

Business › Corporate Ethics by elyonchee(op): 1:37pm On Feb 17, 2021

Always have your annual returns for CAC and Firs up to date. Most contract bids for government agencies/ministries or international organizations always make it a requirement for bidding. Also when you want to add a new shareholder or remove an existing one, the best is to file for a reallotment of shares. It can be filed through an accredited agent.
When you make changes like change of director, shareholders, secretary or address. Please reflect same on the new company documents you will use for transactions and contracts.
Also when you want to buy another company or engage in partnership with another company, due diligence from CAC and other agencies may help to know the kind of company, you are dealing with.

Business › Re: CAC Portal Glitches by elyonchee(op): 4:28pm On Feb 06, 2021

Mekudi:
Please what is the procedure for getting trademark?

You have to use a trade mark agent
The name you intend to use or logo
It cost 90k. But you can start with the first stage for now which is 45k.

Business › Re: New CAC Portal by elyonchee(op): 4:26pm On Feb 06, 2021

incogni2o:
Thanks for this.

How much exluding name reservation.

for business name or ltd
It is still 19800 for business name. Name reservation is compulsory, it is the first step before registration.
LTD is 51k for one million naira share capital.

Business › Re: New CAC Portal by elyonchee(op): 4:23pm On Feb 06, 2021*

moshoodn:
How much do you charge for Incorporated Trustees?

My wife wants to register a foundation.

100k

Business To Business › Cooperative Societies by elyonchee(op): 4:28pm On Jan 31, 2021

Employees of a company or business name may choose to register a cooperative society.
Cooperative Societies are registered by the local government council in which the business is situated. Agricultural, thrift and loan etc. CAC does not register cooperative societies.
Objectives, minimum of ten members, contribution may be 5k from each members. Members must be living in the within the business city.

Business › CAC Portal Glitches by elyonchee(op): 9:54pm On Jan 20, 2021

Recently the Corporate Affairs Commission unveiled their new portal. But this new portal, has come with it's issues. Currently, I have been trying to navigate a registration that formerly takes just less than 72 hrs to register. On this new portal, it is taking a whole lot of work to get by. So clients, be assured that delay of registrations from your CAC agents, is beyond their control and be rest assured that it will be sorted out in due time. I have been giving my client update, so that he can be on the same track with me. After this job, probably I will resume other collection of jobs in February.
Registration now will take 7-21 days or more. It is now e-certificate, CAC 1.1 has been replaced with e-status report and Memart with new additions. For business name, one can now register either as a sole proprietor or Partnership.
For registered companies or business names, you can go to search.cac.gov.ng to check the status of your entity. Always pay annual returns as at when due.

Business › New CAC Portal by elyonchee(op): 8:21am On Jan 06, 2021*

The new CAC portal introduced new features. Business name can either be registered as a sole proprietor or Partnership. Also if a business name wants to upgrade to company limited, it can be done via the portal now, although the feature is not effective for now. Also companies can now register as single directors and single shareholders. Also there is something called persons with significant control that deals of the percentage of shares the shareholders hold directly or indirectly in the limited company.
Small companies and companies with single shareholders, don't need to appoint secretary but I think it is always good to have a secretary, they always keep the registered entity in check. Big companies aka private companies limited by shares other than small companies must have secretary. Big companies are companies, having share capital higher than 1m share capital.
It is no longer mandatory for small companies to file annual returns with financial statement, just filing the annual return forms is enough. Only big companies and public companies must attach their financial statements.
Also incorporated trustees such as NGO, churches, mosques, clubs or societies must obtain consent of the registrar general via the portal.

Business › Re: Changes In CAC by elyonchee(op): 8:06am On Jan 06, 2021

iceboy4752:
How did you become an accredited agent please, what are the requirements?

it is only for lawyers, chartered accountants, accountanta and chartered secretaries. You must belong to these professional bodies, before you become one.

1 Like

Business › Small Companies by elyonchee(op): 1:59pm On Jan 01, 2021*

Under the company and allied matters act 2020 a company is qualified as a small company if it's a private limited by shares company
Turnover of 120m or less and net assets of 60m or less, no foreign directors or shareholders, no government shareholder or nominee, all shareholders hold at least 51% percent of the shares. Remember all shares must be issued now.
So in the CAC regulations
A small company must not have a turnover of more than 1m or net assets 1m or less. Like I said earlier your company share capital can be 5m or 25m, but if your turnover and net assets are not more than 1m, you are automatically a small company.
If you have a foreigner as a director, you cannot qualify as a small company. Where a director is a Nigerian but has a foreign address or foreign means of ID, you are automatically a foreigner.
Small companies no longer expected to hold annual general meetings, small companies can have single shareholder and director. Also small companies can file annual returns without attachment of financial statements.
Big companies their turnover and net assets is more than 1m, they either have foreigners as directors or shareholders. Public limited companies are big companies.

Business › Re: Changes In CAC by elyonchee(op): 3:01pm On Dec 28, 2020

elyonchee:
Due to the new Company and Allied Matters Act of 2020, new changes are undergoing in the CAC portal for now.
New additions like new forms for the limited liability partnerships and limited partnerships will be added. Also forms have been changed. People that are not Accredited agents, may require the authorisation of the directors, sole proprietor or trustees to operate an electronic account and submit documents on behalf of the company/business name/LP/LLP or IT.
Another form introduced, is the PSC form persons with significant control in the entity.
Persons with significant control has more shares and power to remove directors or appoint directors.
Services after the upgrade will resume on the 4th of Jan, 2021.
As an accredited agent and required by CAC, I will be going for my revalidation. So, I will resume services shortly.
For company registration, business name, incorporated trustee or any other Registration or post incorporation, will be done from after my revalidation.
Call or Whatsapp
08117409752 or 08139095734

Business › Changes In CAC by elyonchee(op): 3:01pm On Dec 28, 2020

Due to the new Company and Allied Matters Act of 2020, new changes are undergoing in the CAC portal for now.
New additions like new forms for the limited liability partnerships and limited partnerships will be added. Also forms have been changed. People that are not Accredited agents, may require the authorisation of the directors, sole proprietor or trustees to operate an electronic account and submit documents on behalf of the company/business name/LP/LLP or IT.
Another form introduced, is the PSC form persons with significant control in the entity.
Persons with significant control has more shares and power to remove directors or appoint directors.
Services after the upgrade will resume on the 4th of Jan, 2021.
As an accredited agent and required by CAC, I will be going for my revalidation. So, I will resume services shortly.
For company registration, business name, incorporated trustee or any other Registration or post incorporation, will be done from after my revalidation.
Call or Whatsapp
08117409752 or 08139095734

Business To Business › Re: Independence Promo For Registration Of Business Names by elyonchee(op): 4:44pm On Dec 20, 2020

elyonchee:
Business Name - 19800
SMS or Whatsapp me on 08117409752
Location: Abuja
For Registration of cooperative societies, business advisory, post incorporation, export license, business plan, company profile. Where to get good business books, you can call the above number. Note registration of cooperatives is for only businesses based in Abuja.

Business To Business › Re: Can You Trade With An Unknown Business? by elyonchee(op): 4:40pm On Dec 20, 2020

elyonchee:
The answer is no. Once you have developed ideas for business and put up finances, one of the first thing to do is either choose a suitable and available name and structure for your business. Either a business name, LTD or incorporated trustee.
Business Name Registration 19800
LTD with one million naira share capital 50k
Incorporated Trustee 100k
08117409752

1 2 3 4 5 6 7 8 9 10 (of 11 pages)