₦airaland Forum

zekepio:
Boss, I sent you a mail.

For now boss, my mail doesn't go.

Why not drop the message here.

kalex0:
please how do I request for the payooner ATM card so that I can withdraw my money from my first bank ATM?

Log into your payoneer and Request for a payoneer card.

To add again, this thread should have been created in business section not career section.

cc Faithful18

Lol, you should show some respect little girl. I don't know when last you saw a picture of an elder to know how elders look so as to respect one when you see him/her.

Maybe this thread would once and for all expose your ignorance of how the real world works.

While I await those you mentioned to educate you, let me drop something for you to eat and be fed.


The CAC is the only body that can confer the certificate of incorporation to any business that approaches it for incorporation. Once given the certificate of incorporation, with RC number, such business becomes a company and is liable to file for annual return, pay Company Income Tax (CIT) and Education Tax. Such business will also receive a TIN and can apply for a Tax clearance certificate.

The only form of measurement of a company is through it's share capital not it's physical size. A company can even stay on a two bedroom rented apartment, yet is a company if incorporated with the CAC.

I think you are just an undergraduate with no relevant experience or knowledge, someone who has never walked into any CAC office across the country or worked with the CAC, you have not also incorporated a business, neither do you know the basic requirements for doing so. I find it an insult to your school who amongst all things did not build in you the instinct you need to recognize what is true.

Waiting for those you mentioned to say otherwise and I will know the right response to give to them. Until then, learn how to respect elders.

Saheed69:
it seems I'm unable to upload pictures

But here is breakdown
Exchange rate from www.xe.com
For $1k #363,041.03

Exchange rate from www.finder.com
For $1k is #358,843

I saw this two websites from payooneer blog on how to calculate exchange rate

The real exchange rate is the one Nigerian banks are using. Except if those sites will exchange the fund and send the equivalent to your Nigeria Bank

Saheed69:
Thanks bro the amount I want to withdraw is over $1k. I don't know how true this is, I saw this two exchange websites on payoneer blog to calculate their exchange rate. I don't know how true this is?

Do you have a Dom account? if yes, withdraw to your bank bro.


What are the exchange websites?

Saheed69:
Good evening to all the bosses, please my make payment option on payoneer was removed today. Is there any way I can get it reactivated? If not what's the best option u can suggest.

Bank withdrawal, ATM or sendvalue?

I will be honest with you. The Make A Payment functionality removal is permanent.

Sendvalu no longer exchange dollar unless you manipulate the system which ends up giving you low exchange rate. So it's currently not an option. Bank Withdrawal happens only when you have up to $1k on your payoneer account. You can't withdraw a lower value.

So your only option now is ATM, not all ATMs but First bank or Access bank ATMs. I would strongly recommend First Bank. Anything you have in your payoneer account, multiply it by 330-332, that is the naira equivalent. So when you go to ATMs, you already know how much you want to withdraw. Each mistake on the ATM will cost you $1.

Many thanks

Colourich:
I know CAMA and I've gone through its content, so?

You have not. If you have, You won't say the things you have said today

faithfull18:
It can be tiring too sometimes. I remember we got a name and were almost done only for us to get a mail that there was another company having a similar name. We had to restart the process all over again by coming up with a new name.

Some people know what to do but would rather pay someone to do it for them. Getting things done in Nigeria comes with stress.

I understand. It's quite a simple process. Usually, you will be giving option of choosing two names and one would be approved. Maybe you didn't provide two names.

Secondly, Lawyers who has just been called to bar, use it to earn a living.

faithfull18:
True but it helps some people make a living. Not bad if you ask me. That's the price one pays for ignorance/ lack of info.

Yeah, people must pay for ignorance. My friend was about paying someone to register his company, I quickly showed him on his laptop that he can do it. He started the name reservation process and completed it.


He never believed it's happening in Nigeria. People still see it as a big process.

faithfull18:
I think you should. The argument started from someone calling herself a CEO, which isn't wrong because she already stated her company/business is registered with the CAC. I honestly think you are the one confusing yourself and mixing up the whole thing.

Don't mind her, she's just a baby. She knows nothing about what a company is and the incorporation requirements

kimbraa:
Is that a go ahead? 'cause you're very much ignorant of what you say.

Sure, go ahead

kimbraa:
Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

Do you know what is CAMA Act? CAMA means Company Allied Matters Act. Ever gone through its content?

I am very certain this is the first time you are hearing it and you don't know what it is. Perhaps you don't know what a corporate entity is.

kimbraa:
Should I help you clear the ambiguity? I can create a thread on either business or career section so that practicing Accountants and Economist can come to your help. To the best of my knowledge, not all businesses are companies, and registering a business doesn't make it a company. You're confusing yourself, not me with these your incorporation terms.

You are inexperienced

kimbraa:
Shebi, the Colourich moniker has given up on you.

What's RC number? So if I decide to go to Corporate Affairs to register my Salon, which will be on a Small-medium scale enterprise, if given an RC number as you said, would that make my enterprise a company?

You're not a management student, and has never been, but claim to know so much? Abeg, when next you go on google, ask serious questions.

RC number means Registered Company Number. It's what gives you the power to transact as a company and qualifies you to file for annual return and conduct post incorporation activities. You can also be audited. That is the features of a registered company in real world.

faithfull18:
Yes but I was involved in the process from beginning to the end. Getting a name that wasn't taken already, providing the business object, list of directors and their info etc.

Oh I see. There is a public search function on the portal. Once a name is been used already, it won't be reserved. This is the reason the company registration process starts with imputing the availability code and retrieving the details.

The process was made very simple. Most people don't know they can register their businesses themselves. When I go to business section and see people making money registering businesses for people. They collect as high as 70k for a 1m share capital company which costs 30k

peterphd:
Is it not kimbraa that just got admission into uniben? Or am I missing something?

Same person bro. Nairaland gives them the opportunity to say nonsense boldly.

faithfull18:
No, the company's lawyer/secretary handled that.

Yeah, you used an agent then. CAC agents are either a lawyer, chattered secretary or chartered accountants. Agents are registered with CAC and have their accreditation numbers.

kimbraa:
You can't have board of directors in a sole proprietorship business. What are the board of directors directing? Same way that you own a small business doesn't make you a CEO. Those features are solely for companies.

An example of a sole proprietor is the salon on your street, the mallam that sells households, the old woman that sells food by the road side. These businesses can be registered, but that still doesn't make them companies.

Companies have shareholders, one man business doesn't.

The share capital of a company is an amount some one man business may never realise 'till their owners die.

Companies have managing directors, board of directors, CEO, while one man business doesn't have any of these.

Companies can raise funds through issuance of Shares while one man business raises funds from either personal savings, friends, or from microfinance banks like LAPO.

Companies are legal entities. That's, if anything is done in the name of the company, it can be sued or sue (you don't touch the shareholders, but the company itself), while for sole proprietorship, you hold the owner.

Companies are limited by shares or guarantee, while for sole proprietorship, their liabilities are unlimited. Meaning that, if anything happens; the sole proprietor may have to sell his personal stuffs while for the limited companies, their personal properties are not touched except what's contributed to the business.

For companies, shares are quoted in stock exchange market depending on the type of company, while for sole proprietorship, you can't.

I don't know how to make you understand this. Once someone decides to register a Business with CAC, whether he stays in kitchen or not, as long as he has a business address and can pay 30k for registration, the business would be registered and RC number assigned.

What is hard in you getting this reality. Now during the process of registering the barbing saloon, a the person would be asked to name his directors (shareholders) minimum of two depending on the share capitals he assigned to them. This person (director) can be anyone, his wife, sister, mother, or son. Whoever he chooses. Upon completing the form on the portal, he submits and waits for approval.

Once he gets his RC number, he becomes a registered business and for file for annual return and tax clearance certificate.

faithfull18:
I already stated the fact that I don't know the form of business she registered. I don't. What's the difference between a sole proprietorship and a company??

Please ignore her, she just finished her project, and waiting for convocation. I tried teaching her hoping she would learn but has refused to.

faithfull18:
Thank you. Some people just come online to say things they practically know next to nothing about all in a bid to sound intelligent. I speak because it's some thing I have done, not something I read about from the pages of a book or Google.

You are welcome.

One of the team that did the analysis of company registration portal is educating this people and they are arguing from their business study knowledge they have.

They don't know the minimum share capital a business must have to be registered with CAC, they know nothing.

Hope you didn't experience any problem during your registration? Probably paying for stamp duty on new company registration?

Colourich:
I know that businesses are classified as SMEs but then you are beating round the bush. A sole proprietorship cannot be a company, there is a huge difference between a company and a sole proprietorship. Please don't say this outside, its embarrassing, I'm telling you now, when I was in school, my lecturer personally explained this to us, cause in Nigeria, you will see someone with a small scale business answering "Emeka group and company" What company?

Are you saying that a one man business can not have an RC number?

I am doing nothing today, that is why i had the time to engage you guys with no industry experience coming here to vomit trash boldly.

You Colourich can register a company and get an RC number.

Colourich:
I hope you know that sole proprietorship is a one man business and the moment it grows and become a company, you can no longer refer to it as a "Sole proprietorship", because before you register a company, there are requirements which Corporate affairs commissions give that you need to have before your business is being referred to as a limited or unlimited liability company or a private or public company and that includes you having shareholders, directors etc. So you can call it a sole proprietorship if it has been registered as a company, its no longer a personal business, its now a legal entity. Its also the same for mergers and acquisitions.

Yeah. I think the problem here is you understanding that registration of a business as a company does not stop it from being a sole proprietorship business. In business-sphere, businesses are best classified as SMEs not sole proprietorship and the rest.

Registration of a business and having an RC number does not stop your business from being a sole proprietorship. Walk around owerri, especially those spare parts business areas and you will see one man business having an RC number.

What separates many businesses is the share capital and the type of LTD they register. It is during the incorporation process that you appoint who your first director or second director and secretaries are.

Colourich:
We are saying the same thing Na. So what else are you saying?

Maybe we are saying the same thing.

A sole proprietorship business can be registered as a company and can also have directors (shareholders up to 4). This is the point I want you to understand.

Colourich:
A company is a registered entity with liability, get your fact right, a business can be registered and still not be a company, yes I know you can register your business, but still in the event of a liquidation, the owner will still lose his own personal money in the process unlike a company.

You just repeated exactly what I have been saying.

You don't register a business, you only register a Business Name (BN). When you register a business name, you are still an individual and pays tax to your state government. Business Name registration is a pre incorporation process if you ask me. A business registered as a Business Name (BN) can not bid for government contract. What business name offers you is only to use the name to make transaction or open a current account. There is nothing called a registered business that does not have RC number, rather there is a registered business name. What I may call registering a reserved name.

highqueen:
Happy Sunday to you dear
You don give me mention tire.

Was trying to differentiate between you and kimBRAa.

Colourich:
I an not an undergraduate and you can't tell me what I know, you are fond of doing this, trying to teach business students their area even when its obvious you don't really have much idea about it.


Read my post again, I added some things.

Lol, you added something that is a general knowledge.
You seem not to understand it. I aren't interested in the CEO name nonsense.

I am only interested in saying that a sole proprietorship must not have a director or directors. While she is right in some ways, she doesn't really know the things involved.

First, when you want to register your company, no one asks you whether you are a sole proprietorship, partnership or the rest. You select the type of LTD company you want to incorporate. The use of sole proprietorship is an academic way of classifying a business.


Now in real world, there is no difference between a business or a company. A company is a business too. The difference is what you are registered as. One can run a barbing shop and yet it is a business perhaps an enterprise that pays tax to the state government because he is an individual.

You can register your business either as a Business Name (BN), Registered Company (RC), or Incorporated Trustees (IT). Not as sole proprietorship, or partnership and the rest.


This is what is in the real world not what you read in your teachers notebook. This is not about studying business administration or whatever has business attached to it.

highqueen:
Mrphysics

What's those face for?

Happy Sunday.

Colourich:
As someone that studied Economics in school, kimbraa is right in what she said. Nigerians abuse the word CEO and owing a business does not make one a CEO.



cc:Mrphysics.

Lol. The point isn't about the word CEO. I came in when I saw the directors there. One requirement to register a business is having a director. Now a director can be anyone above 18 years. And you can have many directors (shareholders) in this case whether you are a sole proprietorship business or not. You choose how you company will be registered. You can include all your children as directors during registration as long as they are above 18 and have national means of identification. This is the process in real world not her definition of what a sole proprietorship business is.

And you studying economics is irrelevant and has no connection to the discussion. Both of you are still undergraduates or just finished your final year.

Start learning any skill, you mustn't be perfect in it at the end of the three months. You can continue while in your service year.

Learn Adobe Indesign and earn money in 2019

kimbraa:
You lack the cognitive ability to hold me down in this conversation, or any at all. I'm laughing at your foolery.

According to you, Nigerian students make the mistakes of assuming what's taught in class room is what's on ground in reality. Going by that, you meant to say there's difference.

So if I'm taught principles of Accounting and how to balance accounts, how the stock exchange market works, how to audit accounts which are all done in theory; will I see something different if hired as an Accountant to a company? Absolutely not.

Students go through medical school for years, do theory and occasionally practical, as stipulated by the Nigerian medical body; they spend less than a year to do practice in a teaching hospital, and you're stupidly talking of what's taught being different from what is on ground.

Now you need to answer this question, what are they practicing in less than a year since you think what they're taught isn't what's on ground? And to think that you think you have sense is a mistake. A fool is wise in his own eyes.

While bringing in other countries to buttress my point, they don't do teaching practice like it's done in Nigeria. As they're taught theory, they do practicals simultaneously and are awarded doctorate degrees after 6yrs. The system absorbs them as doctors and they do well.

Please, stop quoting me. I dislike unintelligent people.

You are trying to become relevant again. Okay, Kimbraa, I am sure you have learned your lessons. When a topic isn't about sex, romance, relationship, or insult, don't go in because you haven't gained the necessary experience to indulge in certain topics that is above your students status.


So since the topic is now moved to the lowest stage where illiterates smile and laugh with their colleagues in foolishness, I will excuse myself. Now when you graduate as an accountant or education economist or whatever, learn to be humble and learn from senior friends who have gone beyond your level.

I am the chairman, nairaland association of broke boys.