Meet Jennifer; A Legal Services Freelancer on iProo
About Jennifer:
I am a very talented and hardworking lady who can deliver positive results within the time frame provided. Eager to help out in any way possible in assisting other people.
Freelance Gig Allotted to Jennifer:
James wants to know how he can register a business with the Corporate Affairs Commission in Nigeria. Kindly provide details about the tentative timeline for the business registration alongside the procedures and appropriate fees to be incurred by James.
Jennifer’s Resolution:
“Good evening James. I am glad to help.
Registration of any business in Nigeria is with the Corporate Affairs Commission which is the Agency empowered by the Company and Allied Matters Act 2004, to register businesses operation in Nigeria. It is the requirement of the law that you should register your business if you wants to do legitimate business in Nigeria.Depending on the magnitude of your business, you can register it all by yourselves without the need of a Lawyer., although its advisable to employ the services of a CAC accredited lawyer to save you the stress. The categories for business registration in Nigeria are:
(a) Business Name Registration(b) Private Limited Company (LTD)
(c) Public Limited Company (PLC)
(d) Company Limited by Guarantee (LTD/GTE)
(e) Unlimited Company (ULTD)
(f) Incorporated Trustee
The following are the necessary steps you must take to register the most important aspect of your business, which is your business name;
Step 1 – Proceed to the Corporate Affairs Commission Office of any state in nigeria and submit your business name for Name Search. Just walk into the place and obtain the CAC Form 1 for N500Fill the form correctly in CAPITAL LETTER – There is nothing much to fill, just your name, your address and The Names you intends to register, tick the type of company category you want to register as. You have option one and two – Option one is your first choice name, while option two is the alternative name in case the first choice isn’t available.
Make a Photocopy of the filled form before submitting it, the photocopy is what you will bring back to be used to locate your form.
Submit the original and go back in three days to check if your name is available. If not, you will have to repeat the process all over again until you find one that is available.
Note: If you go for popular phrases, you have 99% possibility of not having it available. Chose something unique and uncommon.
Step 2 – Once you checked and your name is available, begin the registration process immediately! Obtain the Business Name registration forms which can be downloaded from the CAC website at www.cac.gov.ng and fill them, supply also your two sized passport photographs.
If it is Limited Company you want to register, you will buy the set of Company Incorporation forms, still downloaded from the site and make the requisite payments depending on your intending share capital. For registration of private company with 1-5 million naira share capital, you will pay #5000 for every 1 million or part thereof. Then for public company, you pay #20,000 and payment of other filings.
If you are confused about what to fill in any of the downloaded forms,just ask any official there to assist you. For business name, its really not difficult. For Limited Liability, it can be quite challenging but someone there can just be of help as long as you’ve provided all the requirements in the form.
Step 3 – Take your completed form to the Federal High Court or state high court for attestation.When you are through with that, return back to Corporate Affairs Commission office and submit your completed and attested forms. The first person will view it and sign on it and ask you to pass it to the next person who will type it into the computer and print it out for you to see and make amend if necessary.
Make your final payment for the registration into their stipulated Bank account usually after you must have generated your RRR remita number.
When all these have been successfully fulfilled, your business will be up for registration and certification.
For Business Name – Go back for your Certificate after 8 working days or thereabout. As for Limited Company, your certificate will be sent to you once it is ready.
Below is the summary of the appropriate fees to be paid:
1. Reservation of name= 500
2. Registration of business name =10000
3. Filing of other miscellaneous documents =1000
4. Search on business name file =1000 per business name file
5. Certified true copy of business name certificate of registration issued after completing the above process= #5000….etc
N.B: You have absolutely nothing to worry about because there are efficient Corporate affairs officials stationed at their zonal offices, willing and eager to direct you accordingly.
TIMELINE:
Registration of business whether a private company, public company, business name or incorporated trustees do not take much time. And happily there is no mandatory time limit within which to complete registration, except for registration of your business name which must be completed within 60 days in order not to lose the chosen name, hence the need to start when you have the funds available.
Feel free to ask any questions with respect to the above subject of discussion.
My Regards “