Before Registering Company With CAC.
In Nigeria, there are a variety of methods through which people can buy and sell.
Some people choose to form their own businesses, while others choose to register their businesses so that they can show up in the best possible light to their potential clients.
In this post, we’ll look at some of the things that everyone should be aware of before starting a business in Nigeria.
What Is The Meaning Of A Business Name?
An organization’s name is the quickest and most convenient way for a lone proprietor or partnership to do business in an easily distinguishable manner.
When a business name is registered, it can be done by a single person or by a group of people who work together.
Rules Guiding The Registration Of A Business With CAC In Nigeria
Section 814 of the Companies and Allied Matters Act says that anyone who starts a business under a business name must register the business within 28 days.
This law says that if you don’t follow it, the corporate affairs commission could fine you for each day that you don’t do what the law says.
People who haven’t registered their business can’t use their rights from any transactions that took place under an unregistered name to get money back.
An aggrieved individual, on the other hand, may opt to file a petition with a court of competent jurisdiction in order to have the sanction of legal disability imposed by the legislation overturned.
It must, however, be done on a fair and just basis, taking into account the circumstances of the default.
Is It Necessary for All Businesses To Be Registered?
In the case of this question, the answer is no.
If you are utilizing merely your true name or surname as your business name, there is no need to include any more information. You do not need to register your business name.
If, on the other hand, you use prefixes or suffixes that are not part of your genuine name, your firm would be required to be registered.
Important Information to Keep in Mind
The fact that Nigerian corporations do not expire once they are created and are not subject to renewal is widely acknowledged.
However, all businesses in Nigeria have to send in their annual reports to the Corporate Affairs Commission (CAC) every year.
You need the CAC Annual Returns Form, an audited financial statement, and proof that you paid all the fees and taxes you owed to the CAC to send in your annual report each year.
The Basis For The Conclusion, Which Is Critical To Read
After everything is said and done. It is now easier to register your business because applicants can now do all of the registration process online through an online portal that was recently set up by the Nigerian government.
The CAC recommends that anyone unsure of the specifics and information needed for company registration go through them and contact one of their officials, who will guide you through the process and provide the necessary information.
Stay tuned for the next update.