₦airaland Forum

2. POSSIBLE UNTAPPED MARKET. The possibility of an untapped market in foreign jurisdictions may motivate a Nigerian entrepreneur to incorporate an overseas company, subsidiary or representative office of his/her local company. Nigerian enterpreneurs who produce and package local foodstuffs for sale abroad fall into this category.

1. EXPANSION. About 95% of the world's consumer's reside outside Nigeria. Entrepreneurs whose vision and target market is a global one would consider to enter new markets abroad thus increasing their company's overall market share and growth potentials.

It is no longer news that business investors from around the world look at entering foreign markets in order to expand their local business operations or diversify their investments and establish new operations in the international market.

Every year, hundreds of entrepreneurial and growing companies consider international expansion as a marketing and growth strategy.

If you have been successful in your business for some time and you have already mastered everything about running a business, overseas expansion may just be the logical next move you have to make.

On the flip side, for a majority of others, just having an overseas registered company and business address makes more sense to them than moving over to these foreign countries to establish a brick-and-mortar office.

Whichever the case is, there are at least 7 reasons Nigerian entrepreneurs incorporate an overseas company, subsidiary or a representative office.

7 Reasons Nigerian Entrepreneurs Register an Overseas Company...

Whether you live in Lagos or Kano; Nigeria or Abroad, we have logistics in place to serve you better. Please, do visit our website for details.

This is an inquiry we got earlier today from a caller at Warri, Delta State.

QN: I hired someone to register a business name for me, but he said I needed to appear at th CAC before the company can be registered. The issue is that I live in Warri and he says I have to come down in person to the CAC's office at Benin where he filed registration. I hope he's not trying to play a fast one on me?
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ANS: Whether or not he's trying to "play a fast one on you", I can't really determine that. However, the new policy at the CAC favors accredited persons or firms who carry on registration services on behalf of clients.

What this means is that unaccredited agents will not be able to directly file company registrations anymore. If he's not an accredited agent, you may have to go to the nearest CAC office yourself to file your business name or ensure you get an accredited agent to do it for you!

olushollys: r

Please, check our website for details on our fees. for details on our fees

Wots ur web address?

@Olushollys. Please, check my signature below or profile details for website info. If you are not logged in, you may need to login to view.

May trigger off the anti-spam detector for placing a link here.

Thanks.

olushollys: Thanks for d info given above.
Pls I need to know wot I need to register my company (ltd) how much will it cost, and business name wot are the requirement for this as well and is it possible to up grade a business name to ltd coy latter.
Thanks

To incorporate a limited company, you need to decide on a company name; the company's capitalisation, ownership of the company and details on Memorandum of Association and Articles of Association; and a company secretary.

In summary, you'll need:
1. an approved company name
2. A valid ID card
3. Duly completed set of forms
4. Preparation of Memo
5. Payment of Stamp duty and filing fees

Registration process of a biz name (sole proprietorship/partnership) is less formal compared to LTD. All you need is an approved name, details of your biz's nature, two passport-sized photographs, biz address, details of the proprietor (name, sex, age and addresss).

Please, check our website for details on our fees.

Client: I heard that the CAC now requests a copy of valid identification document of directors, company secretary and subscribers before a company can be registered. But I don't have a valid ID. Does it mean I can't register a new company?
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The 2012 Company Regulation demands that all directors, coy secretary and subscribers in the registration document of a new company must include a photocopy of their ID - International Passport, Driver's Licence or National ID. (I think the Voter's ID is now accepted.)
YOU CANNOT REGISTER A LIMITED COMPANY WITHOUT IT (except you are registering a Business Name).

RECENT CUSTOMER INQUIRY:
"Please, I would like to know if you actually extend your company formation services to clients who need to incorporate a UK company of their local businesses? My company is a magazine publishing outfit that focuses on Real Estates and I look forward to having a UK representative company name and office for our international audience. Also intimate me on possible cost implication.
----
Yes, we offer registration services to Nigerians looking at entering new markets abroad, or clients who may only need an overseas registered company name and a virtual office that handle customer inquiries and forward mails to the recipient's destination (Nigeria).

We work with our accredited registration partners in these jurisdictions to ensure you get prompt and genuine services.

For UK registrations, the total cost range from N15,000 to N100,000 depending on the package so desired.

UK COMPANY REGISTRATION GUIDE FOR NIGERIAN ENTREPRENEURS

The following guide is designed to help you understand the minimum requirements you must fulfil in order to form a UK limited company (limited by shares). UK limited companies have very few requirements or
restrictions which is what makes them a simple yet flexible solution for many businesses looking at the possibility of entering the UK market or just having a UK business address.

The very minimum requirements are -
1. There must be at least one director appointed.

2. All directors must be at least 16 years old.

3. The company must have a registered office address in the UK. For companies registered in Scotland the address must be in Scotland and likewise for companies registered in England and Wales the registered address must be in England or Wales.

4. The chosen company name must not be exactly identical to any other company name currently held on the register at Companies House.

5. The company must issue a minimum of one share at the time of incorporation.

6. Company Secretary is an optional position for private limited companies. You can appoint one if you feel it will assist in administering your company.

7. The director, secretary and shareholders do not have to be based in the UK. Virtually anyone can own and manage a UK limited company.

8. The address for directors must not be a PO Box. Certain countries use PO Boxes as standard, in which case a street name must also be supplied.

9. Corporate bodies can act as director, secretary and shareholder. This can however make opening a bank account more difficult in some circumstances. A company can no longer have a sole director that is a corporate entity, there must be a natural director appointed at all times i.e. a real person.

Keep your questions rolling in...

Have you ever thought of extending your business presence beyond the shores of Nigeria?

Have you ever thought of having a UK or US company name as a subsidiary or representative office of your company in Nigeria?

Have you ever thought of opening an international bank account to receive payments from international clients?

Have you ever thought of establishing a brick and mortar business office in the UK or US?

Do you just need a registered UK or US company with a mail and phone forwarding service?

Contact Us for details (see website and phone details on my signature/profile)

Smile4mee01: i wld like to know if my 2 children both under 5 yrs can be directors in my company. And if my wife who is a foreginer can be a director of a LTD compnay.

Kindly advice

Your children can only be Directors if they are at least 18 years of age. As for your wife, the fact that she's a foreigner raises a question. However, foreigners can take part in the formation of a company as long as due process is followed.

Even if she must use a Nigerian address, does she posses any of the IDs requested? A copy of valid identification is now a requirement for registration.

@mich2012. Hope you find that great biz idea! We shall be glad to incorporate a company for you if you need to.
Contact details below.

Olu-Emma & Ass.:
Can you register a startup as a group? Is every firm under a group registered individually or group registration (if possible) enables you to create any number of subsidiaries 'for free?'

You cannot register a start up as a group. Every company under a group is registered individually. You must have at least 3 separate associate companies before you can apply for a "group" of companies status; and the companies must have common membership in terms of the Directors.

1. Start a Business that evolves around your innate ability.
Innate abilities help you do things with ease. Often times I hear people say, "what do you have flair for?" Innate abilities help you do things better, quickly and 'naturally' than others. It helps you do things effortlessly!

While I was in my tender age, I knew I was going to do well as a writer! It was so convincing that my mum would call me "akowe-kowura". I never got tired of writing - not totally junks though. But i loved it! I loved to write good, convincing copies that i soon fell in love with advert copywriting.

One great thing about your innate ability is that it pushes you, not the other way round. With all humility to all my Nairaland friends reading this post, i write with ease and get lots of commendations for my write ups. Little wonder, Peak came up with a tagline, "it's in you!"

Looking for business ideas? It's in you!

Now, take this as your assignment!

From my story so far, highlight 10 possible businesses i could venture, putting into considering my innate ability. Answering this question might do you and our Nairaland friends some good!

2. Turn Your Experience or knowledge into a Profitable
Venture.
Instead of asking, "Which business can i start that will bring quick profit?", turn your hands-on experience or knowledge into a profitable venture!

An entrepreneur is one who is able to make commerce of his ideas, experience, knowledge and ability and make good profit. What do you know? Which skill have you acquired recently? What education have you gained? What experience have you acquired? Do you know that there are people out there waiting to be served what you have?

Like i tell serminar audience, there is money hanging in the air - lots of it! Offer a certain kind of business that people need, and the money will come. It's called service! Money answers to service!

Why spend 15 quality years in an airline company and you say you don't have business ideas? If you can't afford to own a commercial plane, why not own an agency? For all i know, there are ancilliary businesses in the Airline/Hospitality Industry - executive car hire business is only one.

Do you want to know why you are likely to do well when you start a business from your past experience? You were once the Store Keeper, the Production Supervisor, the Accountant, the Brand Executive, the Marketing Officer - you were there, everywhere! You knew what, when, where, how and to whom. You have a sure advantage over your competitors to do it better. Don't go looking for business ideas anywhere - look inwards.

Now my friend. What do you have? It could be a sort of
knowledge or an experience that you have had somewhere,
somehow. Your answer could just be a seed that is waiting to blossom. Sit down with some friends and or your family to brainstorm over it. This in the long run will bring you several options to choose from. Then, do a feasibility study on your fantastic 3 choices to see which one is the choicest.

3. Take Advantage of Technology, Situations & Opportunities.
Have you heard about the story of two guys who travelled to a certain country where those who lived there wore no shoes? One of them saw an opportunity in this situation, got back to his home country, ordered a large consignment of different sizes of shoes, and exported them to the country where the people there wore no shoes. He sold more shoes than he bargained for! This is a typical example of taking advantage of situations. There are several situations around that you need to shine your eyes at!

The 21st century business terrain has seen business
operations move from manual- to technology-based. If you are tech-savvy, you could consider starting a business that evolves around helping businesses transform their operations and marketing. Taking up some information technology short courses or training may be of help also.

In Nigeria today, for example, we see the Central Bank
implementing the cashless policy. This is an opportunity you may want to cash in on with several Mobile Money operators and dealers everywhere. There are a number of policies of this kind that directly create business opportunities.Take advantage of them.

In generating business ideas, you need to be very sensitive and alert to your immediate environment. Walk with your minds open. Be conscious of the fact that anything and everything is possible.

Entrepreneurs are opportunist! They take advantage of
opportunities. While others bemoan a situation, entrepreneurs celebrate it. It's high time you stopped being an arm-chair critic - take a step further to turnaround challenges.

Do you need a business idea? I guess you know now what to do!


Article by: Ayokunle Bankole
Small Business Advisor| Company Formation Specialist| Seminar Speaker| Author| Entrepreneur

Check my signature below to visit our website dedicated to providing incorporation support services to Nigerians, Nigerians in Diaspora, and non-Nigerian investors. We also provide support for Nigerian business owners who may need to form a subsidiary of their local bizs in the UK or US.

CLIENT: I registered a business name in 2009 to cover sales of engineering tools,construction materials, and furniture fittings which was the business i was doing before going to school but between 2010 and now i had evolved and acquired skills in Internet marketing and promotional materials which am making my business focus from now on, this means that i had dropped the previous business.
My question: what's the implication for using the business name registration for my new business

LM: If i understood your question, you want to
know the implication for using a biz name with a different registered nature (objects) from your current biz nature?

CLIENT: that's right

LM: By implication, your registered nature of business is what your business name was approved to carry or deal in. Any business activity outside this, is outside the approval given by CAC.

CLIENT: ok i get.

LM: In a more sophisticated business deal, where your business might be asked to submit registration/­
incorporation documents for sighting and perusal, you might be assumed to be unqualified because your company isn't registered for a particular job - especially specialist jobs. It is also ideal you work within the ambit of your registration in order to avoid unforseen legal issues.

LM: Has this information been useful to you?

CLIENT: Yeah it has. I really do not want to drop the business name, is it possible I change my business focus or better still include other services when i upgrade from business name to corporation. What's your best advice?

LM: You don't have to change the business name. All you need do is change the nature of business to reflect current business focus.

-------------------------
END.

Have you got questions too? Talk to us...

(Please note: This thread is only meant to guide nairalanders on incorporation matters, and of course, promote our services. You are free to consult any outside professional advisor for clarification where in doubt)

Cool, you want to own a business and enjoy the supposed
"freedom" that is usually tagged with being one's own boss. Forming your business idea into a legal company is necessary in order to enjoy certain benefits and privileges in your business endeavour, and of course, it is a statutory requirement for any serious-minded entrepreneur doing business in Nigeria.

Before you attempt to want to register a company of your own, please take a cursory look at the following - often neglected - points as stated below:

1. HIRE AN ACCREDITED COMPANY FORMATION
SPECIALIST. It may of course pay off in the long run to hire a company formation specialist to register your proposed company on your behalf. Doing this helps you to avoid the bureaucracies and bottlenecks often associated with filing company registration applications – especially if it is a Limited Liability structure. The accredited agent should be able to also provide you advisory support in case you need help in choosing the type of business structure to incorporate.

2. MAKE YOUR PROPOSED COMPANY NAME(S) DIFFICULT TO BE DENIED APPROVAL. Unfortunately, we have a CAC where company names can't be searched for and reserved online. Hence, we still have to file paper work at the CAC.
The Corporate Affairs Commission (CAC) disapproves certain company names presented to it for approval and reservation for a myriad of reasons ranging from exact match to close similarity with an existing business name(s) on file, and to outright rejection of certain restricted words.
Gone are the days whereby you can be a Loud Media or a
First Bank or a True Communications. These days, you
need to spend quality time in crafting a suitable name, yet difficult to be disapproved by the nation's registrar of business names. Believe me – there are hundreds of thousands of approved company names on the CAC's database already, and it might just be a sheer waste of time and money trying to get the CAC to approve a simple English dictionary name such as Easy Transport. Don't get me wrong – you might just be lucky such name hasn't been used yet, at least on CAC's records.

3. COMPANY REGISTRATIONS SHOULD NOT BE DONE LAST. I have met quite a number of clients who had already put the cart before the horse when they call me up for company registration. Your company should be registered first and foremost before anything else. Doing this protects your new company from a possible name loss in the event that the proposed company name was disapproved by the CAC for some official reasons years after you had started your business.
Similar to this is the fact that some business people wait till days when a copy of the certificate of business registration is needed or requested in some official quarters before they start scrambling to register a company (now, with whatever company name that scales through! Ha! Ha! Ha!). Try to plan ahead and register your company months before an anticipated official engagement.

4. UNDERSTAND THE DIFFERENT COMPANY STRUCTURES BEFORE CHOOSING ONE. Owning and managing a company is a serious business, and should be seen and taken as such. Hence, the newbie entrepreneur ought to have an understanding of the various business structures and how it affects ownership, tax, profit sharing, etc. This is where the services of a company formation specialist become necessary. You may also need to ask your agent certain questions as it pertains to industry regulation on the business you intend to venture into.

5. DON'T EXPEND YOUR FINANCIAL RESOURCES ON PRINTING UNTIL YOU ARE SURE OF YOUR COMPANY NAME. If you have already printed your stationery such as business cards and letter-heads, well, you shouldn't be afraid to make new copies now that you have a new company name (different from the one you have been trading as prior to registration). But, if you are a newbie entrepreneur with your company registration on the line, I would advice that you wait a bit more (if not till you get your company certificate) before you go ahead to print
your marketing collaterals. You might just be saving
yourself a fortune for this patience.

About the author:
Ayokunle Bankole is a small business advisor, company
formation specialist, sales & promotion expert and seminar speaker.

Before you consider to register your business at the CAC, it is assumed that you have an understaanding of the type of business structure to register.

There are two ways you can register your company. One, you can do it yourself; or
Two, engage the services of an accredited agent.

However, from experience, it does pay in the long run to seek the services of accredited professionals who will provide expert advisory support along with an understanding of the processes at the CAC.
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We engage also in company formation services. Apply online by visiting our website in the signature below (or check my profile).

This was an inquiry made by a prospect earlier this morning. Our answer may be of good to someone reading...

QUESTION: Does one need a certificate of proficiency or a Master's degree to incorporate a management consulting firm?

ANSWER: Thank you for your question.

The CAC usually requests that we provide a certificate of proficiency for companies that engage in professional/specialist areas. e.g. Accounting, Management, Medicine, Architecture, etc. This is done in order to prevent "quacks" from deceiving unsuspecting members of the public.

However, from your question, you don't necessarily need a Masters' Degree. Your First degree plus a Certificate of Membership in a recognised professional/trade association will be required in most cases. This may however differ with regards to individual nature of business.

You need to consult an accredited specialist should you be in doubt.
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Do you have specific questions with regards company registration? Keep the questions flowing... Tel 08055981421 or email aybanky@gmail.com

Incorporating a company is a serious business and should not be taken with levity. You need to understand the pros and cons for each type of business structure.

Apart from helping our clients to incorporate a company, we proffer free advisory support service for Nigerians, Nigerians in Diaspora and even non-Nigerians who desire to do business in Nigeria.

We have a series of frequently asked questions answered in a way and manner that makes understanding easy.

Please, visit our website (check my profile or click on the signature below) to get these information, including fees and duration.

Visit our website (check my profile or click on the signature below) to submit an online application.

@Poster. Your posts shows you know next to nothing about company incorporation nor how much it costs. This person you said charged you N45,000 back then is not out of place. You even pay more now that the CAC has "slightly increased" filing fees for some of their services; hence you do not need to make a mockery of yourself by reporting him to any authority.

There is more that meets the fees quoted on the CAC website. And the cost you pay for incorporating a private limited company depends on the worth of the share capital.

Lastly, there are 3 parties recognised by the CAC to carry on incorporation services to clients - Chartered Accountants, Chartered Secretaries and Lawyers. There is no fixed fee for using the services of these professionals. Hence, you cannot justify their fees by what you see on CAC website (which is not actually the true picture of what obtains at any CAC office).

Visit our website (check my profile or click on the signature below) to submit an online application or call 0 8 0 5 5 9 8 1 4 2 1

Try out our company formation services for fast and genuine company registration support services. Visit our website (check signature below) to submit an online application today.