WELCOME TO PRAISE-STEVE GLOBAL VENTURES BUSINESS /COMPANY REGISTRATION TUTORIAL HOMEPAGE...
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Are you planning to register that your small business or company but don’t know how to get started or where to start? Start praising God because help has come your way! We at Praise-Steve Global Ventures we take you by the hands till you get your business or company registered and gets your certificate of registration from CAC.
Before forging ahead to register your business or company, you must know what that kind of business or company you want to register is called. Don’t worry yourself; I am here to put you through without you paying me a dime! Smiles.
Even if you are not planning to get your business registered, you have to know that is very important for your business growth.
Proper business registration is one of the important things many small business owners neglect to their detriment. This is because a good number of them think it’s not important and some others who think it’s important assume it will be a very difficult task but that’s an assumption that is not real! Smiles…
Why bother registering with CAC?
The importance of registering a business can never be over-emphasized.
For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.
Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organisation than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.
People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
Moreover, if you have a business idea and you go ahead and register the business name, even if you spend 2 years perfecting the plan and raising the capital, for it, those 2 years from when the business was registered can count for you as years of experience.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.
A little about CAC:
The Corporate Affairs Commission (CAC) was established by the Companies and Allied matters act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria. The CAC is in charge of registering businesses in Nigeria. They have offices all over Nigeria and in the concluding part of this post, you’ll see the addresses of their offices in different locations in Nigeria, so finding the one nearest to you should be very simple.
Lets go……….
There are four types companies in Nigeria, Namely:
1. Sole trader: This is the simplest form of enterprise, it as it does not require registration, though the sole trader may wish to register the business name to exclude other businesses from trading by the same name.
It is the type of business in which the owner of the enterprise is exposed to the greatest personal risk, because the sole trader is personally responsible for all aspects of the business and has unlimited liability to all debts and legal actions.
The sole trader may also find it difficult to attract outside investment or partners, which can hinder the expansion of the business. The sole trader may also find it difficult to attract business as the sole trader does not file accounts or records with the Corporate Affairs Commission (CAC), giving a lack of business transparency, and making it impossible for potential customers to verify the background of the business via an official third party.
2. Private Limited Company (Ltd): A private limited company is a legal entity in it own right, separate from those who own it, the share holders. The limited liability and simplicity of running the private limited company makes it the most common of registered business in Nigeria. As a shareholder of a private limited company, the shareholders personal possessions remain separate (unless they are secured against the business for borrowing), and the shareholders risk is reduced to only the money they have invested in the company and any shares the shareholder holds which has not be paid for.
Limited liability companies are also considered prestigious by other companies and the general public due to its legitimate nature and the way important information is recorded at the Corporate Affairs Commission. Anyone wishing to do businesses with a limited liability company can verify who is connected to the company and also the financial status of the company by paying the Corporate Affairs Commission a small fee. The level of transparency is very beneficial in terms of build public confidence in the company.
The private limited liability company has very few restrictions which makes it very simple but yet flexible solution for many businesses.
3. Public Limited Company: A public limited company differs from the private version in that it is able to sell its shares to the public and may be quoted in the stock exchange. A public company must have at least 500,000 authorised share capital and the subscribers must take up at least twenty five percent of the authorised share capital. The cost of running a public limited company is reasonably higher than that of a private limited liability company. It is therefore better suited for large organisations.
4. Guarantee Company (not for profit): In simple terms a guarantee company is not for profit and is the type mostly formed by charitable organisations. A guarantee company does not have share capital, and the members do not own the company, the do not receive any profits and have no claim to the company’s assets. All income generated is used to cover operating costs and to achieve the objectives of the company.
Hope you understood the first Step stated above, Which is, understanding the kind of business or company you want to register?
Our lecture on business or company registrations continues…..
I will start with registering a business name/Enterprise which is the sole trader as stated above.
1. Registering a Business name/Enterprise {Sole Trader}:
If you want to register a business name or an enterprise, you can do it in 2 ways.
One is to engage our service with just a nominee fee of N30,000 within Lagos, Outside Lagos N40,000 but the trouble is that the next time you want to register another business name, you will have to pay us another money for the service but the advantage is that we save you time, stress and money which you would have wasted in going to their office to get your business registered; and we will registered it for you in a way one name can cover three to four of your business ideas! Surprise? Hahaha… Yes! We know the secret on how we can go about it.
If you are a serial entrepreneur with many business ideas flowing in you, you will be spending too much money for this when you can actually spend less by understanding the information I am going to share with you here but we shall save you that time and money too! And if we register it fir you, we will also save you stress, time and much money…. Yes much money because we will compress that three or four businesses you want spend money four times to register into one! Smiles… You know I love speaking the truth no matter the situation; If you like you patronize us or you do it yourself. All things working together to the glory of the Almighty God.
The second way to get your business name registered is to do it yourself. Yes, you can walk into any branch of the corporate affairs commission and you will get your business registered.
The trouble with this is that if you do not know the secrets of going about it, you will spend months trying to get your business name registered. A friend of mine spent over 7 months trying to register his business name because he worked through an agent who really wasted his time and messed him up real bad. For the sake of clarity, this guide shows the process of how to get your business name registered and not a limited liability company or an NGO.
Getting started:
Once you are ready to register your business name with the corporate affairs commission, the first thing you should do is to go visit: www.remita.net to generate code you will use to pay for the Name reservation form of N500 at First bank Plc or Union bank Nigeria Plc. Then bring the receipt and teller given to you by the bank to their office to collect the Name Reservation or Availability Form.
Note: CAC no longer accepts money at their office, even if it is N50, you have to pay it at the bank; then bring the receipts giving to you at bank for them to give you what you paid for.
Walk in to the nearest CAC branch to you and ask for Name reservation or Availability form which you paid for. It costs just Five Hundred Naira only. You will be given the form. On the form, you will be asked to fill in a few details. Details like:
Your Name
Your Address
Your Desired Business Names
A Space To Fill The Type Of Business You Want to Register
(Choose Enterprises/Business Name)
You will be required to choose two business names. The reason is that if one is not available, they can reserve the other for you. If none of them is available, you will need to do it all over again. You will have to pay the N500 again and you will have to wait for the result. That’s the reason some times is better to engage the service of professionals like us to do it for you without you stressing yourself.
Here is the Name reservation or Availability form sample:
How long does it take to reserve a name with CAC?
Sadly in this our dotcom age, when you ask for a name reservation, it takes about 2 weeks before the results are returned. It is sometimes as fast as one week or 10 days but it generally takes 2 weeks. Now imagine if your chosen business name is not available, you have to go through that 2 week process again. If the new one is not available as well, you have to go over the process… again… and… again. That is why it takes people a long time to sort out but with us is easier quicker to achieve because we knows the secrets of getting it done on time.
So How Will You Prevent That From Happening To You?
Good question! What you need to do is to choose a name no one else would have chosen. Now, you have to be creative and ingenious about it. If you choose just any name, I can assure you someone has registered it.
Don’t even think about registering names like these…
Johny Enterprises
Gracious grace Ventures
Good Hope Enterprises
Musa Ventures
Olas Nigeria Venture, etc...
If you choose names like these ones above, then there is a high probability that they have already been taken by someone else and as an entrepreneur; you don’t have time to waste experimenting on new names at every 2 week interval. Having sorted out the name issue and having submitted your form, you will have to wait till the result comes out. There is nothing you can do about that. You just have to wait. All I’ll advise you to do is to get ready so when the results come out, you will be prepared to register immediately.
What you need in waiting for the result:
Preparedness
_ 2 passport photographs
_ Stapler (believe it or not, some CAC branches do not have)
_ The details of a partner (you cannot register alone, add someone…
anyone)
_ The partner’s photographs (if you are two partnering in the business)
_ Your address (you can use your home address)
_ Telephone number (use GSM)
_ Date of birth
_ Local government area and a few other requirements.
Why be prepared ahead of time?
Majority of upstart entrepreneurs will fold their hands while the 2 weeks passes but I advise you to work while you wait. Start gathering the materials you need one by one. Why? You see, your name reservation is just for a number of days, you have to register properly before the grace period expires and someone else can take up that name. We want to get your business name registered in record time so we want to move faster than normal. When name reservation results come out, what people normally do is to start studying the new documents they are provided with to fill. If you prepare early, you will get your registration done once the results are out.
According to the CAC Website, Fees for some services include:
Registration of Business Name =N = 10,000.00
Change of Name =N = 2,000.00
Business Name Search =N = 500.00.
Change of Partnership =N = 1,000.00
Change of Address =N = 1,000.00
When the result is out and your name is approved. Congratulation……. But never celebrate yet because you will be given 60 days deadline to register the name properly before it will expire and you start afresh! Yes… It happened to me when I started to register my own business.
Quickly go to Remita website to generate code you will use to pay for the business name registration form, and then go to the bank to make payment as usual and bring the receipts to CAC office to pick the business name registration form.
Here is the Business name registration form sample:
Note: If you are going to CAC office when your business has been approved, go along with all those documents I stated above, because when they are with them, all you have to do is to just fill the form and submit!!! Then you will be given a printout you will use to go and generate code again for the business registration which you will go to bank to pay N10, 000 for the registration…
Congratulation……. If you get to this stage, your business is now registered……. Wait for two weeks or more to come and collect your business name certificate which contains that popular RC No. you do see on every company head…
Here I draw the curtain for business name / enterprise registration. Hope you grab a lot from the free lecture? And you can now be able to do it yourself? If you can’t be able to do it yourself or pass the stress because the stress of company registration is excessively much! Just contact us from any state of the federation on: 08098371983 or 07066972506. We will get your business registered for you within 21 days at just a nominee fee you may not be able to spend trying to do it yourself…
After registering your business or company, there is something very important you have to do, in order to grow and enlarge your business! And that is getting people to patronize your company which is effective and efficient marketing and advertising of your products and services.
Are you thinking how to go about it? How much it will cost you on NTA, AIT, Galaxy, TVC and others to advertise? It will definitely cost you millions to advertise with all stated above and they will not still yield to you the expected result….. But there is one form of advertising that yields more than the expected result that is 100 percent effective and efficient! That can reach even the mallams that deal on millions but don’t have television! Smiles… and that is BULK SMS ADVERTISING; this form of advertising is highly booming and result oriented because you will have the weapon to do the magic! And the weapon is Number Database of the whole Federation or of the State or Local Government you needed customers from. I called this Result – Oriented – Targeted Advertising because it works like magic…..
To know more about bulk sms advertising or to start using the service visit: www.moderntechsms.com
- REGISTERING A PRIVATE LIMITED COMPANY (LTD):
Registering a business/company in Lagos, Nigeria may take about 20 - 35 days depending on the nature of business amongst other factors. However, there are some bureaucratic and legal hurdles an entrepreneur must overcome to incorporate and register a new firm in Nigeria.
This is a summary of the procedures and the associated completion time and cost for setting up a standardized company. Also, you can find information on business registration requirements for Lagos, Nigeria.
Procedure 1
Check the availability of company’s name with the Corporate Affairs Commission (CAC)
The Corporate Affairs Commission online system allows for online search of unique company names upon the purchase of an e-payment card for a flat fee of NGN 200 from an accredited bank. The system is widely used, but in most cases applicants have to go to the CAC office to complete this procedure. The time to conduct the availability of name search, receive confirmation and reserve the company name is usually 2 days. The company name reservation lasts 60 days, but can be renewed for a similar period.
Time to complete: 2 days
Cost to complete: NGN 200
Procedure 2
Prepare the requisite incorporation documents and pay the stamp duty
There are two stamp duty offices located in the state. One of the stamp duty offices is housed in the same premises as the CAC.
a. Preparing and printing the memorandum and articles of association;
b. Completing the requisite statutory forms, and;
c. Having the memorandum and articles of association stamped by the Federal Board of Inland Revenue Service.
Time to complete: 7 days
Cost to complete: NGN 13,098 (stamp duty at 0.75% per share capital + NGN 500 for incorporation forms + NGN 1,000 for stamping of extra copies of memorandum and articles of association)
Procedure 3
Declaration of Compliance (Form CAC 4) signed before a Commissioner for Oaths or notary public
A sworn declaration that the requirements of the Companies and Allied Matters Act have been met must be sworn to by (i) a barrister or solicitor engaged in the formation of the company or (ii) by a person named in the memorandum and articles of association as a director or secretary of the company. This procedure can be done before a notary public or filed at the state or federal High Court. The common practice is for this declaration to be sworn before a Commissioner of Oaths at the state High Court.
Time to complete: 1 day
Cost to complete: NGN 200
Procedure 4
Register the company with the Corporate Affairs Commission
The applicant must file with the Corporate Affairs Commission the required incorporation documents and forms, which include:
a. Stamped memorandum and articles of association (2 copies);
b. Form CAC 3, Notice of registered address;
c. Form CAC 7, Particulars of directors;
d. Form CAC 4, Declaration of compliance and the prescribed registration fees;
e. Copy of the reservation of company name approval;
f. Form CAC 2, Statement of share capital and return of allotment of shares.
The Corporate Affairs Commission introduced a same-day incorporation option at an increased statutory fee (5 times that of standard incorporation). Fee schedule for registration is the following: for the first NGN 1,000,000 of nominal capital: NGN 10,000; for every NGN 1,000,000 or less thereof of nominal capital after the first NGN 1,000,000: NGN 10,000; filing fee for the certified true copies of 3 forms (CAC 3, CAC 2 and CAC 7): NGN 7,000. Payment is received at the cashier's desk in the CAC.
There is a legal requirement for the company's incorporators to hire a CAC accredited professional, usually a lawyer, to undertake the administrative incorporation procedures. Given that the use of lawyers for such purposes is mandatory throughout the country, lawyer fees are accounted for in the overall incorporation costs. On average, a lawyer will charge NGN 60,000 to handle the entire incorporation process in this state.
Time to complete: 11 days
Cost to complete: NGN 87,000 (NGN 60,000 for legal fees + NGN 20,000 registration fees (NGN 10,000 for first 1 million shares and then NGN 10,000 for every 1 million or part thereof)+ NGN 3,000 for certified true copy of memorandum and articles of association + NGN 2,000 for certified true copy of particulars of directors + NGN 2,000 for certified true copy of particulars of shareholders)
Procedure 5
Register with the integrated Tax Office of the Federal Board of Inland Revenue for income tax and VAT
Entrepreneurs can register for both corporate income tax and VAT at the new Integrated Tax Office. For corporate income tax, the Federal Inland Revenue Service (FIRS) will require the applicant to complete tax registration forms. The new company registers at a Federal Tax Office nearest to its place of business or registered office. A letter is written to the tax authority applying for a tax clearance certificate. A form obtained from the tax office is filled and the following documents submitted with it:
a. Taxpayer registration input form (TRIF/2006/001 COYS);
b. Completed FIRS questionnaire;
c. Copy of memorandum and articles of association;
d. Names and addresses of directors;
e. Copy of the certificate of incorporation;
f. Name, address of tax adviser;
g. Letter of appointment of tax adviser and a letter of acceptance.
The application forms must be in triplicate and the original certificate of incorporation must be presented for 'sighting' by the controller before registration can be completed. Upon receipt of the completed taxpayer registration input form and all documents, a tax reference number is allocated. An application must be filed for the tax clearance certificate. Its issuance is not automatic.
The fees for the tax clearance issuance are as follows: for newly registered companies within 6 months of incorporation: no fee; for companies that are yet to commence business and show up for registration after 6 months of incorporation, if they request for tax clearance certificate a pre-operation levy of NGN 25,000 is payable for the first time and NGN 20,000 is payable for subsequent years until it files a notice of commencement of business.
Companies required to register for VAT should complete the VAT registration form (VAT Form 001, obtainable free of charge from all FIRS offices) and return it to the nearest integrated tax office, which will issue a taxpayer identification number (TIN). According to the VAT Act, companies required to register for VAT must do so within 6 months from the date of starting business operations. The TIN is issued in 1-2 days, but it is mailed with the VAT certificate, which is issued in a week.
Time to complete: 4 days
Cost to complete: No cost
Procedure 6
Register for personal income tax PAYE at the State Tax Office
The employers in the newly incorporated company are required to register with the relevant state tax authority for the purposes of deducting income tax from employees. Once an application is filed with a copy of the certificate of incorporation attached, a reference file is then opened for the company. There is no cost related to this registration.
Time to complete: 2 days
Cost to complete: No cost
Procedure 7
Receive a visit from a local government inspection officer
The inspector visits the premises to determine their size and to ascertain that the business is not in an area prohibited or restricted by any law. The local government issues a demand notice of any fees or taxes to be paid, with details on the payment method, the receiving bank, and the due date. Upon payment, the company has in effect fulfilled its obligation. The local government periodically checks payment and enforces court action on any default. The state and the local government determine through physical inspections which businesses are operating within its jurisdiction and issue various levies, assessments, and charges for payment by the company concerned. Failure to pay can lead to legal action in state and lower division courts.
Time to complete: 7 days
Cost to complete: No cost
Procedure 8
Pay fees at a designated bank
The initial registration fee varies depending on the company size between NGN 5,000 for small businesses and NGN 50,000 for large-scale businesses. NGN 18,500 is the approximate cost of business premises registration for a medium sized company carrying on general commercial activities in the city. The registration must be renewed each year (NGN 5,000 for each renewal). Fees are paid into a government account in a designated bank.
That’s all….. Hope you understood the entire tutorial?
Well, to be honest with you registering a Limited Liability Company is complex and tedious and not what you can handle by yourself unless you are a Lawyer duly registered for it. But don’t just worry, we at Praise-Steve Global Ventures we help to get your Limited Liability Company up and running within 20-30 days.
Just give us a call on 08089371983 or 07066972506
After registering your business or company, there is something very important you have to do, in order to grow and enlarge your business! And that is getting people to patronize your company which is effective and efficient marketing and advertising of your products and services.
Are you thinking how to go about it? How much it will cost you on NTA, AIT, Galaxy, TVC and others to advertise? It will definitely cost you millions to advertise with all stated above and they will not still yield to you the expected result….. But there is one form of advertising that yields more than the expected result that is 100 percent effective and efficient! That can reach even the mallams that deal on millions but don’t have television! Smiles… and that is BULK SMS ADVERTISING; this form of advertising is highly booming and result oriented because you will have the weapon to do the magic! And the weapon is Number Database of the whole Federation or of the State or Local Government you needed customers from. I called this Result – Oriented – Targeted Advertising because it works like magic…..
To know more about bulk sms advertising or to start using the service visit: www.moderntechsms.com
If you want us to register your company or business from any state in Nigeria for you without you passing through the much stress involved in the registration process, Just give us a call on: 07066972506 or 08098371983
Our contact Details:
No. 50 Akinwowo Street by Jimoh bus-stop,
Egbeda, Lagos.
08098371983, 07066972506.
WhatsApp us on: 08098371983
BBM Pin: 58F7C48A
Email: psgventurestutors@yahoo.com
