₦airaland Forum

futurerex:
Hello sir, I would like to know what type of businesses that can be run under "entertainment". Is it possible to run media & publication under it? Duo it's a business name. Thanks

You can register a media and publication as a business name. But, you must possess a certificate in any media-related professional association. E.g NUJ, NIPR

To avoid being asked to provide a certificate avoid using the word "media".

chumanji01:
The boss has assured me to follow up the case meticulously till I have my Company documents.He said a refund would be made with slight adjustments and a refiling if reason is ascertained and there's need for a name change and conclusion of already initiated process if there no need.Says hell try to get to branch where search was done to know the exact reason. @MyIncop thanks. It was with your thread that I had to take up this matter.Wondered if solutions for some matters could ever be found in our country for some offices when we should have gone far beyond this. I appreciate your works,understanding,contribution and advise. Ill definitely hook up with you. Thankx

Good to read from you again; and to know the case is being attended to now.

So so funny.

So much for bad loans

chumanji01:
@MyIncorp

What are the likely scenarios which could have taken place and If he refuses,what step do I take? How do you know an accredited agent? I started the process at the website but I got hooked somewhere and decided to go to the branch for more explanation. CAC website is not definite as regards contacts to call nor do they have a customer care to let you know of accredited agents?Your last hope when you wish to solve a pressing matter is to locate the branch when the website isn't clear anymore.

Threaten to report him to his boss or petition the Registrar General. I am sure he won't want to lose his job (except he is not a member of staff there).
Unfortunately these days, every agent parades himself/herself as an accredited agent. But one is issued an accreditation number.
You can contact me off NL to discuss your registration.

[quote author=chumanji01 post=46831998][/quote]Simply ask for a refund of your money. You can verify anything. It is even wrong to give a member of staff money to do the registration for you. You either do it yourself or engage an accredited agent.

Teknireich:
Hi,

I want to reduce my share holders from 5 to 2. I feel that many share holders might impact negatively when tax returns must be shown.

Is this possible?

What is the procedure and how much should this cost me?

Thanks

Yes, it is possible to reduce the number of shareholders to 2.
Email me at aybanky@gmail.com

Congrats

Thanks for the calls and messages. I hope I was able to proffer solution to your questions? Please, posts your questions here so that other nlders could benefit from the responses.

Austin234:
Honestly Op, i must confess that u are loaded in this field.
I would like to 'how do i go about incorporation or registration of Cooperative Society?'

Thanks.
Cooperative Societies are usually registered with the State Governments. Check with the government secretariat office in your state. In Lagos, we have Ministry of Agriculture and Cooperatives.

megacontrol:
Thanks a lot.

I'll also like to check this with you;

1. To fulfill the minimum of two directors requirement, can I have a non-shareholding director listed? Can someone be a director and not be allotted shares in the LLC?

2. For a director with Nigerian nationality but resident oversees, which is the best address to use - Nigerian or oversees address? This is not so much for the CAC forms but more about the bank account opening, im wondering how the bank will verify oversees address if used.

thanks.

1. A director may not necessarily hold shares in the company, and vice versa.

2. If a director resides overseas, you can use his/her overseas address - since he resides there.

What you cannot use is an overseas address as your business address.

If the bank is so particular about address verification for an overseas address, the bank could ask the director to provide a notarized copy of his utility bill.

Indeed, there's such a huge gap between the poor and the "comfortable"; and the gap between the poor and the rich cannot even be imagined. Mere 2%?!!!


See questions and answers on forming a company in Nigeria
https://www.nairaland.com/3093715/company-formation-nigeria-q

When you don't have the means to pay. Everyone has it's own budget and limits.




See questions and answers on forming a company in Nigeria
https://www.nairaland.com/3093715/company-formation-nigeria-q

In this rapidly growing economy, it is commonplace to see businesses in every nooks and crannies of the world. Sole proprietorship is having the highest number of registration. From the home-based entrepreneur to the shop owner, and then the small office consultant, people are taking advantage of the freedom enjoyed in becoming their own boss.

Billions of corporate monies are invested yearly in starting new businesses. A visit to the Lagos office of the nation's registrar of business names buttresses this fact.
 
While it is true that anybody can start up a business of their own, many entrepreneurs have fallen short of the leveraging that accrues from this experience. This, to a large extent, has to do with the disadvantaged names worn by these businesses.
 
A business does not actually begin by formulating a business plan or opening a bank account. It starts from choosing a name. There's more to business names than just identity. Especially for SMEs, the right name is an advertising tool. If the name doesn't depict or describe the nature of your business, potential clients may not realize that you offer something they need.

Let's take a look at the top 10 mistakes to avoid when choosing a business name:
 
1. NOT KNOWING WHAT KIND OF BUSINESS YOU ARE IN. It is surprising that some entrepreneurs choose a name with little or no indication of what type of work the organization actually does. Including a descriptive word in your business name can be useful when marketing your products or company. This may be made possible if you have identified what differentiates you from competitors. Take the following examples: Adenix and Sons One Love Enterprises Just You Shop Can you tell me what any of these companies do? No! They're relying on customers already knowing who they are (a tricky proposition for new businesses).
 
2. USING A NAME THAT IS TOO LONG, DIFFICULT TO REMEMBER, SPELL OR PRONOUNCE. A good name is something that can be mentioned on radio or over the phone without explanation. People will make a quick decision based on their first impression of your business name. Put the name through a spelling test and ask others to spell it. So, choosing a name such as "Lolitoesy" is not a good one.
 
3. NOT SPENDING QUALITY TIME BRAINSTORMING. Business names are not "spur of the moment" creations. It is the result of possibly long days and nights of brainstorming, digging the Thesaurus for synonyms and antonyms, interrelated words and words that have some kind of relationship with the proposed business activity. The big companies even hire expensive consultants to help them choose the right name for their businesses or products.
 
4. PROMOTING A NAME WITHOUT TESTING AND CHECKING ITS AVAILABILITY. Once you have chosen a few names, test them out on friends and family, potential clients and everyone you know. Ask them what kind of service they feel you provide and feeling they get about the name. You'll be surprised at how honestly they give you suggestions. Then you can proceed to check availability at the name registry nearest to you after being convinced it's best. Don't waste money on letter heads and complimentary cards trying out a business name already chosen by someone else.
 
5. CHOOSING WORDS WITH NEGATIVE OR NEUTRAL CONNOTATION. A word's connotation can be positive, negative or neutral, depending on the emotional associations that people generally make. If you are starting a transport business for instance, you don't want it to have a weak sounding or negative name, such as "Willow Twig Trucking" or "Kitten Transport". You want a business name that conveys strength and reliability. A choice such as "Stone Creek Transport" would be much better. Remember: Words are powerful.
 
6. NAMING A BUSINESS AFTER THE FOUNDER OR ANY OTHER PERSON. It is a common tendency for a business to be named after the original founder. This approach can make customers expect the personal attention and care of the owner. Using your name, followed by the type of service works well if you have an already established reputation in your specialty. But, if you are planning to one day sell your company, a company-owner named business is less attractive.
 
7. NOT CONSIDERING THE FUTURE. Robert Dilenschneider wrote about a public relations person who broadened her services from just writing to media relations and had to change the name of her business from Miller's Writing Services to Miller's Communications. Aside brainstorming for ideas, you need foresight in choosing a name. Even if you are operating a highly-niched product, select names that would represent a broader category of your product line.
 
8. FAILURE TO GET THE RIGHT DOMAIN NAME FOR YOUR BUSINESS. If your business activity is almost 100% online or will do better having an online presence, you may need to consider starting your search by getting a suitable domain name for your website first. In the modern world of the internet, where people automatically turn to the web for information, it pays to have a domain name that reflects your site or business.
 
9. NOT AVOIDING LAWSUIT. Be unique. The best you can be trying to be someone else is second best. Avoid being a copycat. Using a name similar or identical to that of another business can get you into problems including legal issues. If you call your line of equestrian apparel "Polo Sporting Designs", the holder of the trademark "Polo" - the giant Ralph Lauren - may slap you with a lawsuit.
 
10. NOT CONSULTING A BUSINESS NAMING EXPERT. While the services of lawyers, chartered accountants and chartered secretaries can be invaluable in the registration of a business name and company, these categories of professionals might not understand the selling and marketing principles that copywriters can use to your advantage. A good copywriter is always looking for ways to help you communicate more effectively to more people.

All Rights Reserved. Ayokunle Bankole (MyIncorp)

To read up my post on Company Formation in Nigeria: Questions and Answers. Click on this link https://www.nairaland.com/3093715/company-formation-nigeria-q

meemeee:
Thanks so much OP for this great work.
Please, I want to know what to do in this situation, I started the process of registering an incorporated Trustee, but couldn't conclude everything before the 60days expiring day. Now the publications have been done on national dailies . kindly advice me what I can do to still retain the approved name. Thanks

As registration agents, we face this situation at times; especially when the client has delayed in making payments.

Nonetheless, since the name was initially approved, you will have to re-validate (re-submit) the approved name (and hope it will be approved a second time).

There, however, is no guarantee that the name will be approved again; as another approving officer might see reason the proposed name shouldn't be approved.

My submission is based on a recent experience. In this particular case, the proposed trustee name was approved. But due to delays on the part of the client, we couldn't complete the registration before the end of the grace period. And trust me, publications had been made.

After re-submitting the approved name for a possible approval, the name was denied. According to the CAC, the word "action" which was included in the name wasn't registrable.

We resubmitted the name a number of times, hoping we could be lucky in one of those attempts, but failed.

We had to write the oga patapata for CAC (Registrar General) to lay our complaints and requesting that the proposed name be approved as we had made publications in the dailies due to the initial approval.

Long story short, we were finally denied and reasons for denial was stated. They said the word "action" is political in nature or suggest military.

In situations such as this, you will have to find a new name and publish new notices on the pages of newspapers.

lcoral:
Thanks for these useful information. Please what are the requirements needed for registering a confectionery / event mgt business eg snacks, cake.

You have a choice to register it either as a Business Name or a Private Limited Liability Company. The requirements for each of these structures are already stated up there.

megacontrol:
Hi,
Very informative and detailed post, I would like to ask two questions;

#1 - Form CAC2.1 - appointment of company secretary:Is the company secretary expected/desired to be of a particular "profile" to qualify for this? I mean does it have to be a professional "secretary" or can I appoint anyone like my spouse/friend?

#2 - Utility Bill of the Business Address (for opening a bank account): Does this utility bill have to be in my name or in the name of any of the directors/shareholders? For example if I plan to use a third party office as biz address (of course with proper consent) then the utility bill may not be in my name, will this be an issue for the bank account opening?

Thanks

In answering your question, it is important to understand the roles of a company secretary. Having said this, one of the appointed Directors can double as the company secretary also. Yes, and a friend or siblings.

If you accept appointment as a company secretary, you will become an officer of the company, sharing legal responsibilities with the directors for certain tasks required by the Companies Act. It is in everyone’s interest to ensure that you are the right person for the job, and that you get adequate support in doing it.

The company secretary is often also appointed as a director, but does not have to be.

As the company secretary, you are normally appointed by the directors. • In a new company, the company secretary is automatically appointed by being named in the application to register the company. • You need no formal qualifications to act as company secretary to a private company. The requirements are more stringent for public companies. • Whether the company for which you are working is private or public, you must understand your obligations as an officer of the company.

Q#2. The UTILITY BILL does not have to be in your name. But the address must tally with your registered business address (or an address used as your office).

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REQUIREMENT FOR REGISTRATION OF A BUSINESS NAME or PARTNERSHIP.

As an introduction, a business name is generally known as an "Enterprise", or "Ventures" or a "one-man" business in the local parlance.

The basic requirements for registering this type of business structure is relatively simple compared to the Company or Incorporated Trustee.

Below are the simple requirements:

1. The Proposed Business Name(s)

2. Business Address

3. Nature of Business. (Some nature of business requires you provide your certificate of proficiency, especially if they are professional in nature or requires high expertise. E.g Accounting, Law, Management, Educational Service, Medical/Lab Sciences, etc).

4. Name of Proprietor (or Partners, in the case of Partnerships. You could have an individual or corporate as a partner).

5. Residential Address(es).

6. Date(s) of Birth

7. Gender

8. 2 Passport-sized photos

9. Signature of Applicants (or initials).

INCORPORATION/BUSINESS NAME PACKAGE

In the course of discussing with prospective clients, I tend to be asked, "what are the documents the CAC gives once registration of a... is completed?"

ANS:
The incorporation/business name package depends on the type of structure registered.

For example, if you have registered a business name, you should expect 2 documents:
1. The business name certificate; and
2. The Certified True Copy of the Application Form which contains the particulars of the proprietor or partners, amongst other details.

However, if the registration is a Private Limited Liability Company, you should expect the following important documents:
1. The certificate of incorporation;
2. A certified copy of the memorandum and articles of association;
3. A Certified True copy of the following forms:
a. Co7 - particulars of directors
b. Co2 - share allotments and details of shareholders
c. CAC2.1 - appointment of company secretary (this particular form is often omitted because it is often not required by many banks for bank account opening. Zenith Bank is the only bank I know of that insist on providing this form to be able to open a corporate account with them).

Certified copy of other forms such as CAC3 and 4 are usually not applied for (by the agent) unless you specifically request for it. But trust me, you will pay a little extra to receive CTC of these forms.


INCORPORATED TRUSTEES
As I have pointed out previously, incorporated trustees include Clubs, Associations, Religious bodies, Civil Societies, Alumni, and other non-profits.

Upon completion of registration, you should expect:
1. Certificate of Incorporation
2. A CTC of the application form
3. A CTC of the body's Article of Association (which contains the Aims and objects and constitution of the association)
4. An iron embosser (company seal)
5. Copies of the Newspaper Publication.


BUSINESS NAME/INCORPORATION NUMBER
It is not out of place to mention that some business owners do not know where their business name/incorporation number is printed on their certificate.

For Business Names, you will find it printed on the top left corner of the certificate; and it starts with the letters BN followed by the number. This is the Business Name number.

While Companies have RC at the top left side of the certificate (meaning incorporation number).

For Incorporated Trustees, you will see IT (meaning incorporated trustees) followed by the number.

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