WHY DO I NEED TO REGISTER MY BUSINESS

COMPANY  REGISTRATION

A   company is in all forms and to all intent and purpose different from a business or a one-man business. The law views a company limited by shares as a different person. It is an entity on its own and can be sued in its name. A company may either be a private company, public company, unlimited company or a company limited by guarantee.

Depending on what your goal and objectives are you can talk to your attorney while taking a decision on the best fit. Some of the things you can consider are the goals of the company, funding options, tax implications etc

Once you have decided on the type of company the following are the next steps:

1.    RESERVE A NAME: What this means is that as an individual or group of people who intend registering a business name you can pick two names which will be submitted to the Corporate Affairs Commission as a first step or pre-requisite to commencing the registration. One of the two names will be approved if it doesn’t conflict with the name of any existing business name. Where it conflicts, you may need to pick other names to re-submit until it is approved. Once approved you can proceed to the next step.

2.    FILL THE NECESSARY FORMS AND PREPARE SUPPORTING DOCUMENTS: You will be required to come up with the directors list. The list should have their names and addresses, shareholders and amount of shares to be taken by each shareholder will be required. The memorandum of association will be drafted by your attorney which shall include names of the subscribers. Form for registered office address, It is also required that a Company Secretary is appointed and the statement of Compliance by Legal Practitioner is filled

3.    Payment of the requisite prescribed sum will be done on the portal after which the forms are submitted. Once there is no query the documents once accepted by Corporate Affairs commission (CAC) will be registered and requisite Notice to that effect sent to the registrant

4.    CERTIFICATE IS ISSUED:  Once the certificate is Issued it can be picked up at the CAC office

Eighteen months after registration it is required that Annual Returns is filled annually.

You can follow me on Instagram @clipeumpartners or contact oadeogun@clipeumpartners.com if you have any questions.