HOW TO INCREASE YOUR EXISTING COMPANY SHARE CAPITAL IN NIGERIA Your company must be in existence before you can increase its share capital. For a new company, all you need is to apply for the number of shares you want in your new application. For old companies, you will Increase your Share Capital as follows: Any Company limited by share capital or limited by guarantee and having share capital may alter its authorized share capital by increasing its share capital once the following conditions are met. Step 1: Verification of authority from the Articles of Association Section 63 of the Companies Act, provides that a Company may increase its share capital if so authorized/permitted under the Articles of Association, hence this is a first step in increasing share capital. Step 2: Passing of a Resolution Secondly, the powers authorized under the Articles of Association and conferred by the Companies Act are only exercised by the General Meeting. As such,
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REQUIREMENTS FOR REGISTRATION OF A BUSINESS NAME (POPULARLY CALLED ENTERPRISE)
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The requirements for a business name registration are as follows: 1. Two alternative proposed names for availability search and reservation of name. 2. Name and address(es) of proprietors of the firm 3. Address of the firm 4. Email address of the firm and the proprietor(s). 5. Phone number of proprietor(s) 6. Passport photograph of proprietor(s) - A Snapshot or Scanned copy Address where the certificate will be delivered. Duration:3-5 working days upon name availability search and approval. Trusted Hands.
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Upgrading business name – private limited company A lot of clients ask the question, “How do I go about upgrading business name – private limited company?”. You’ve got at least 3 options when upgrading from a business name (enterprise) to a private limited company. They are as follows: Option 1: Create a private limited company using an entirely different name. For example if your current business name is Premium Products, you could use Premium Concepts and Services Limited. Option 2: Create a private limited company using a similar name. You will need to be creative here. Play around with synonyms and phrases. For example, if your existing business name is: Premium Products, you might use Premium Concepts and Services Limited for your company’s name. A similar name also allows some measure of continuity in the brand’s identity. This way your existing consumers won’t be too alarmed about the change. Option 3: Close down
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REQUIREMENTS FOR INCORPORATION OF A COMPANY IN NIGERIA We will guide you as to the requirements for the incorporation of a company. Firstly, you are to decide on what name your company will bear. This would end with Nigeria Limited. E.g Trusted Hands Nigeria Limited. You are to choose two names for the application for availability of name. If however one of the names given is approved, the Registration begins. Note that you will require the following: 1. Share capital of the company (1million share capital advisable or more, depending on the size of the company). 2. The share allotments to the subscribers. I.e how much shares do you want to give to each subscriber. 3. Notice of Company address and Email address of the company 4. Name of Secretary of the company, phone, email address and residential address 5. Objects of the company .I.e Businesses the company would do upon incorporation. 6. List of Board of Directors (Minimum is 2) 7. Identification cards of Directors,
STEPS TO REGISTERING AN NGO / CHURCH / ASSOCIATION / FOUNDATION IN NIGERIA
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STEPS TO REGISTERING AN NGO IN NIGERIA Non-Government Organisations (NGOs), sometimes called Civil Society Organisations (CSOs). They are non-profit, voluntary citizen’s groups organised for a common interest and perform a variety of service and humanitarian functions. They are organised around specific issues, such as human rights, child rights, health care, etc. They are usually funded by donations and are run primarily by volunteers. They are exempt from tax in Nigeria. Although an NGO is not a commercial entity, the Corporate Affairs Commission views it as an entity which needs to be registered nonetheless. There is therefore a laid down process for the registration of NGOs in Nigeria. This article will give a step by step breakdown of the process. The registration of NGOs is a bit peculiar in that it can be done under Part A of the Companies and Allied Matters Act as a company limited by guarantee or under Part C of the Companies and Allied Matters Act as
Step by Step on how to Register a Company (Private or Public)/Business Name/Church/NGO/Foundation
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Step by Step on how to Register a Company (Private or Public)/Business Name/Church/NGO 1. Check for availability of proposed company name (Two options allowed per search) 2. Reserve a new Name 3. Complete pre-registration form 4. Pay filing fee to CAC 5. Pay Stamp duty fee to FIRS 6. Prepare the signed scan copy of your pre-registration documents for upload as follows: - Form CAC1.1 - Memorandum and Article of Association (MEMART) - Proficiency certificate (where applicable) - Recognized form of identification for Director(s)/Subscriber(s) and Secretary - Stamp duty certificate - Evidence of payment to CAC - Upload the scanned documents for processing. - Submit the original copies of the documents uploaded at step 6 (Form CAC1.1, MEMART, etc) to the CAC office you had selected in exchange for your certificate and the Certified True copies of the documents. Your Company registration certificate will out within 4 - 7 working days; N65,000. Business Name Registration while y
Upgrading business name – private limited company
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Upgrading business name – private limited company A lot of clients ask the question, “How do I go about upgrading business name – private limited company?”. You’ve got at least 3 options when upgrading from a business name (enterprise) to a private limited company. They are as follows: Option 1: Create a private limited company using an entirely different name. For example if your current business name is Premium Products, you could use Premium Concepts and Services Limited. Option 2: Create a private limited company using a similar name. You will need to be creative here. Play around with synonyms and phrases. For example, if your existing business name is: Premium Products, you might use Premium Concepts and Services Limited for your company’s name. A similar name also allows some measure of continuity in the brand’s identity. This way your existing consumers won’t be too alarmed about the change. Option 3: Close down