₦airaland Forum

The common question I got asked these days is the how tax is handled after incorporating a company.
First you need to do is obtain a TIN (Tax Identification Number) at the nearest FIRS office to your business address as soon as you start doing business.
At the end of your first year of commencement of business, you need to engage an auditor to audit your accounts. Many auditors include tax consultancy as part of their services; they will assist you with the details and arrive at a tax amount payable to the federal government, while being guided by the CITA (Companies Income Tax Act).
A few have asked me if it is possible to declare that the company has not made profits, even though it did, in order not to pay any tax. THAT IS A CRIME! It is called Tax Evasion and can attract heavy sanctions on your company and even earn you a jail term.
But the straight answer: Tax is calculated as a percentage of your earnings (profit).

Need personal discussions?

BBM: 58B0A621

The common question I got asked these days is the how tax is handled after incorporating a company.
First you need to do is obtain a TIN (Tax Identification Number) at the nearest FIRS office to your business address as soon as you start doing business.
At the end of your first year of commencement of business, you need to engage an auditor to audit your accounts. Many auditors include tax consultancy as part of their services; they will assist you with the details and arrive at a tax amount payable to the federal government, while being guided by the CITA (Companies Income Tax Act).
A few have asked me if it is possible to declare that the company has not made profits, even though it did, in order not to pay any tax. THAT IS A CRIME! It is called Tax Evasion and can attract heavy sanctions on your company and even earn you a jail term.
But the straight answer: Tax is calculated as a percentage of your earnings (profit).

Need personal discussions?

BBM: 58B0A621

Royal155:
Please after registering the business name and opening a corporate account with the bank. What other cost do I expect to incur again in the process? LIke how is tax charged?

you only start paying tax one year after you have commenced business with the business name. it is based on a percentage of the profits you declare in an audited financial statement.
It is not an immediate cost.

Still, people ask me concerning Business Name. My response is always the same: walk into any CAC office and ask the staff you want to do business name registration. You will be asked to start with a name search.
Make sure you approach a staff of CAC directly, they are usually very customer friendly.
You sure won't spend up to 20k.

But for Limited Company Incorporation, you might want to beep me, you need an accredited customer.
Contact:

PIN: 58B0A621

I get a lot of calls on what is required to register a business with CAC. The truth is, it's very simple. One major thing is required:
1. Valid ID
Driver's license, international passport, national ID or permanent voters card.

Other things (not required in all cases) may include:
* Academic or Professional certificate
Only required if you want to register a specialized company that offers consultancy and expert services in certain fields (e.g. Audit, Engineering, Medical services, ICT). Certificate can be a university degree or HND, or professional certification.

* Passport photographs
Only required if you are registering a Business Name

* An address
You don't have to open a shop or get an office space in advance. Your residential apartment (rented or owned) will do.

Any other requirements apart from the above means you are intending to register a company that is beyond the ordinary.

Two types of registrations exist for a profit oriented business
1. Business Name
This is typically the sole proprietorship or partnership business types that we are all familiar with. Many professional consultants register this type; including chartered accountants and legal practitioners.
This is also the choice for starter low budget businesses; the certificate issued along with its documents can be used to obtain a corporate bank account, TAX Identification Number (TIN), and Tax Clearance Certificate (TCC).
Cummulative Cost of registering is typically below N20,000 if you go to CAC by yourself, which you can do without any agent or lawyer.

2. Limited Company
This is the preferred choice for you if you are ready for a full scale business. This carries more recognition in the Nigerian business environment. It needs at least two people to set up, and a third person to be the secretary (a CAC accredited agent ). It can be public PLC or private LTD. My focus here is the private company.
You need a CAC accredited agent here, that is the policy. Charges are always negotiable with the agent depending on the circumstances and other services but average is between N60,000 and N75,000.

It takes between two to five weeks to complete registration with CAC depending on the the state office and the readiness and accuracy of the required documents.

You can ask specific questions here, other people can learn from it.

Call or text my line if you need one-on-one information and assistance. Am an accredited agent with CAC

I get a lot of calls on what is required to register a business with CAC. The truth is, it's very simple. One major thing are required:
1. Valid ID
Driver's license, international passport, national ID or permanent voters card.

Other things (not required in all cases) may include:
* Academic or Professional certificate
Only required if you want to register a specialized company that offers consultancy and expert services in certain fields (e.g. Audit, Engineering, Medical services, ICT). Certificate can be a university degree or HND, or professional certification.

* Passport photographs
Only required if you are registering a Business Name

* An address
You don't have to open a shop or get an office space in advance. Your residential apartment (rented or owned) will do.

Any other requirements apart from the above means you are intending to register a company that is beyond the ordinary.

Two types of registrations exist for a profit oriented business
1. Business Name
This is typically the sole proprietorship or partnership business types that we are all familiar with. Many professional consultants register this type; including chartered accountants and legal practitioners.
This is also the choice for starter low budget businesses; the certificate issued along with its documents can be used to obtain a corporate bank account, TAX Identification Number (TIN), and Tax Clearance Certificate (TCC).
Cummulative Cost of registering is typically below N20,000 if you go to CAC by yourself, which you can do without any agent or lawyer.

2. Limited Company
This is the preferred choice for you if you are ready for a full scale business. This carries more recognition in the Nigerian business environment. It needs at least two people to set up, and a third person to be the secretary (a CAC accredited agent ). It can be public PLC or private LTD. My focus here is the private company.
You need a CAC accredited agent here, that is the policy. Charges are always negotiable with the agent depending on the circumstances and other services but average is between N60,000 and N75,000.

It takes between two to five weeks to complete registration with CAC depending on the the state office and the readiness and accuracy of the required documents.

Call or text my line if you need more information or assistance. Am an accredited agent with CAC

BBM: 58B0A621

Commercial transport is profitable but challenging:
Your eyes can't see everything, so you need managers you can trust. The major risk is accidents, but if you adhere to good maintenance standards and can enforce safety measures on the drivers that risk will be minimized.
I can provide you more assistance and information concerning business registration with CAC in Nigeria.
PIN:58B0A621

Remember you need to be registered to be successful in any business.
Business Registration is made easy with Corporate Affairs Commission. Call or text if you need any info or assistance on that.

PIN: 58B0A621

Registering your business with CAC is much easier now.

TrueProfits:
I knew it...pls can you give me an idea of the capitalization size? ...and what if i won't be trading for people but just for myself?

If you have a starter business in mind you don't want to go there. CBN requires minimum share capitalization of N100 million for such business.
If you just want to trade for yourself you don't need to register any company, just open account with the FOREX broker of your choice and go live.

TrueProfits:
What are the requirements for registering a business name on Forex Trading?

Do you mean you want to act as fund managers? In other words, do you intend to trade for people? If yes, your registration will have a second phase with CBN because there is minimum capitalization requirement for that like it is for banks.
If no, kindly provide more details about what exactly you will be doing with your company.

futurerex:
What are the companies a person can register without a certificate?

Manufacturing, services, general trading. You can register any company that doesn't render professional services or consultancy, so far there are no special regulations.

ayprimate:
Pls is it possible to change the name of a ltd coy to another new name.i.e to abandon the former name to new name? And if possible, what is the process and cost involve? Thanks

Sure it is. First, get a board resolution ready. Then name search for the proposed name will be done. A new MEMAT will be drafted in the company's new name. The procedure is generally similar to registering a fresh company and it costs about as much.

Need more information or assistance in registering your business?

Ipage is good. But you won't be using cpanel. You will be using vdeck. It's cool though but cpanel is a lot better.
2nd they only give access to your public_html folder, meaning you can't easily perform some stunts with it. Installing software that require higher directories is very difficult.
Ipage is a much different world of shared hosting compare to many. Try it first before you commit all your resources to it so you don't freak out at the end.

francizy:
Thanks man.. I will have to do the biz reg first then when am ready, will travel and get the guy to sign..

It depends on the bank oo.
GTBank will insist both signatories must be physically present. But many others only need specimen signatures and IDs

Business registration has never been easier. All you need is a valid ID, drivers license or international passport or national ID card. And then if it is a business name you need passport photos. A professional certificate may be requested if your business will provide professional consultancy services (not needed for all companies ).
Business Name costs N13,500 with CAC. Go to their state office and you can do it yourself.
Limited company needs an accredited agent, you cannot do it yourself. You need either a lawyer, a chartered accountant or a chartered secretary. You could be charged N60,000 or more.

Dobt b deceived by thieves!
Deuteronomy 14:22- end.
That is the scripture where tithing was clearly established.
Ur tithe is meant to be brought to a chosen place to be EATEN. If the place is too far to transport ur farm produce, convert it to money and use the money to buy food, drinks, etc. and EAT and DRINK it before the Lord! But d instruction is to invite the levites to partake in the feast, n d levites carry some of d food to the temple for the priests.
Malachi is addressed to d levites, nt d whole people. they failed to take part of d food n wine to d priests in d temple, dats where d "robbing God" came frm.

Today's Pastors are economical with the truth, because they think they are helping God.

Dobt b deceived by thieves!
Deuteronomy 14:22- end.
That is the scripture where tithing was clearly established.
Ur tithe is meant to be brought to a chosen place to be EATEN. If the place is too far to transport ur farm produce, convert it to money and use the money to buy food, drinks, etc. and EAT and DRINK it before the Lord! But d instruction is to invite the levites to partake in the feast, n carry some of d food to the temple for the priests.
Malachi is addressed to d levites, nt d whole people. they failed to take part of d food n wine to d priests in d temple, dats where d "robbing God" came frm.

Today's Pastors are economical with the truth, because they think they are helping God.

CAC seems to be slow in handling incorporation matters these days. Don't get cranky on your agent if you are experiencing delays.
More questions and issues...?

Nice designs, i must commend your graphic skills.
Looking at your designs in other to read your mind, you display traits of a fine artist, or an architect.
but those are far too complex for real business logos. Include fewer elements in your designs than what you have here.
Some tips:
Every element present in your logo MUST depict something about the business. Do not include any element because it looks fitting to your design.
Learn a little about symbolism, it is very important.
You can have specific naturally existing objects in mind, e.g. you can represent a mountain with a triangle, the sun with a circle (no need for serrated edges), the moon with an arc, and so on.
Apart from your enclosing shape (e.g. a square or a circle), do not have more than 2 or 3 other lines or curves within your design. For instance, there are too many lines in that last logo.
A viewer should be able to remember all the details in your logo when they close their eyes.

Those are not standards. Disclaimer! Use the tips at your own risk!
But you will really find them helpful. Try another set of logos based on those ideas and show us again, the comments should be different.

Too much of testosterone!
She is prone to serious problems during childbirth.

Business name... you can do for yourself.
limited company? you need an agent.

Crap!!!
This story is so fake.

I must tell you this blessie. Dont listen to those pple who says u shd stand up to him and refuse his sexual advances, it is 100% sure they will ruin ur marriage prematurely.
like i said earlier, since u guys exchanged vows he has d right over ur body. any pastor or court judge will confirm that. there is nothin like rape in the dictionary of marriage, it just doesnt exist! he is ur husband now NOT boyfriend.
you dont know anythin about sex, thats why it came to this. GO AND LEARN THE ART OF LOVEMAKING AND SEX. its a lot more than your imaginations.
Read my previous response again, trust me you will be fine.

The problem here is no communication. you punished him before n he is trying to revenge, fine. but your inexperience n lack of knowledge about sex and sexuality is doing greater harm. it wouldnt have been this bad.
my first advice is get a good book of sex or educational sex video, NOT porn. those things he asks you to do to him are normal things that even your pastor may be enjoyin from his wife.
Second, after you learn a little, surprise him one day by initiating sex n giving him a good lead that blows his mind off.
Third, after your surprise, talk things over with him and make him understand you really want to enjoy him but he needs to do the exact things that give you pleasure. also make him know you are ready to give it to him the way he loves it.

i find the story a little ridiculous though, but you guys r married only a few weeks. he is a man and will get tired soon, but you need to set things straight early enough.
there is nothing like rape in marriage! you made vow to commit ursef n ur body to him. no court will grant divorce becos of too much sex, not even in USA!
i must admit he may not really love u. men are known to do anytin to sleep with a woman, marriage is one of those tins, and when he has had enough he starts cheating on u. just pray that doesnt happen; and that is why you must make him enjoy u n to keep coming back for more.
Involving your Pastor or parents is not good, to early for such. you guys shd learn to resolve ur own issues internally if you want ur marriage to last.
pray. seek personal counsel from older women in marriage.

he is not too old oo. what will you say about Gene Simmons of KISS? Or Madonna?

The cost of registering a limited company vary depending on the agent, location and share capital. As an accredited agent I always advise clients to budget something around 60k for limited and 23k for business names. The level of professional service I render during the course of registration will determine the actual fee.

If anybody has been following the scriptures well. Giving money in church is not same as giving to God. what really matters is how much you give to the poor.
the church wastes a lot of money on expensive buildings and equipment, while many people in their area cant afford daily food. And nobody should give me that crap that the church building is the house of God.
Acts 17:24 God that made the world and all things therein, seeing that he is Lord of heaven and earth, dwelleth not in temples made with hands;

until you are able to assist those in need with a significant part of your income, you have not really keyed into the benefits of giving. That is what our master, Jesus would love us do. Not spending fortune on massive buildings, equipment, luxury vehicles and aircraft to give ourselves first class treatments everyday.

Cut the crap please. God's kingdom is about father and children. Have you ever seen a prince or princess paying taxes to the king?
Tithing is not meant for christians.