Cost Of Registering Your Business In Nigeria

Cost Of Registering Your Business In Nigeria

Do you wish to know what it will cost to register your business enterprise or company in Nigeria? It is important to know that the (CAC) Corporate Affairs Commission is the body responsible for regulating the arrangement and the administration of business enterprises or companies in Nigeria. Each business in the Nigerian public or private is to be appropriately registered with the CAC.

Also Read: How To Register Your Business In Nigeria

The cost of registering your business enterprise or company in Nigeria depends on the kind of business or company. The cost of registering a privately owned business is not quite the same as the cost of registering a publicly owned business enterprise.

Business Organizations In Nigeria

Business organizations in Nigeria are classified into

  1. Business organization: These are profit-oriented and are formed to direct business exercises for the sole aim of making profits to be shared with individual members.
  2. Non-Business Organization: It is important to note that there are other registrable organizations that are true; deed; and action, non-profit organizations. These organizations are shaped not for business or profit-making however for charitable and helpful purposes. Therefore, some tax exceptions are enjoyed by them. Organizations in Nigeria can be business or non-business organizations (profit or non-profit organizations).

CAC Cost Of Registering Your Business In Nigeria

The following are the (CAC) Corporate Affairs Commission fess pertinent to business or company registration in Nigeria:

  1. The applicable fee for reservation of the name of your business enterprise or company = 500 Naira.
  2. The applicable fee for Registration of the private company with a share capital of N1million or less = 10,000 Naira
  3. The applicable fee for Registration of a private company or Increase in Share Capital above N1million and up to 500 million Naira = N5,000 for a sum of 1million Naira share capital or part thereabout.
  4. The applicable fee for Registration of a private company or Increase in share capital above 500 million Naira = 7,500 for a sum of  1million Naira share capital or part thereabout.
  5. The applicable fee for Registration of Public company or Increase in share capital = N20,000 for the first N1million share capital or part thereabout.
  6. The applicable fee for Registration of Public Company or Increase in share capital above N1million and up to 500 million Naira = 10,000 Naira for a sum of 1million Naira share capital or part thereabout.
  7. The applicable fee for Registration of Public Company or increase in share capital above N500million = 15,000 Naira for a sum of  1million Naira share capital or part thereabout.
  8. The applicable fee for Registration of Company not having a share capital = 20,000 Naira
  9. The applicable fee for the filing of a notice of exemption of foreign Companies from Registration = N30,000.
  10. The applicable fee for Re-instatement or Relisting of company name = N25,000.
  11. The Registration fee of charges for private company = N10,000 for a sum of N1 million or part thereabout.
  12. The Registration fee of charges for public company = N20,000 for a sum of 1 Million Naira or part thereabout.
  13. Fee for filing of annual return for a small Company = 2,000 Naira.
  14. Fee for filing of annual return for Private company other than a small  = 3,000 Naira.
  15. Fee for filing of annual return for public company = 5,000 Naira.
  16. Fee for filing of annual return for company Limited by Guarantee = 5,000 Naira.
  17. Fee for Filing of the annual report by foreign companies = 5,000 Naira.
  18. Fee for Filing of a statement in the form of schedule 14 under section 553 = 10,000 Naira.
  19. Fee for Filing of notice of merger or acquisition = 50,000 Naira.
  20. Fee for Filing of special resolution for merger = 20,000 Naira.
  21. The fee for the filing of other documents relating to the merger = 10,000 Naira.
  22. The fee for the filing of the legal declaration of solvency = 5,000 Naira.
  23. The applicable fee for Registration of appointment of liquidator = 10,000 Naira.
  24. The applicable fee for Registration of resolution for winding up = 10,000 Naira.
  25. The fee for the filing of return of final meeting and account of liquidation = 5,000 Naira.
  26. The fee for the filing of a notice of change of company name = 10,000 Naira.
  27. The fee for the filing of a notice of alteration of memorandum and articles of association = 5,000 Naira.
  28. The fee for the filing of a notice of changes in particulars of directors = 2,000 Naira.
  29. The fee for the filing of return of allotment and or a notice of change in shareholding = 2,000 Naira.
  30. The fee for the filing of a notice of change in the registered address = 2,000 Naira.
  31. The fee for the filing of a notice of appointment of the receiver = 10,000 Naira.
  32. The fee for the filing of a notice of discharge of the receiver = 5,000 Naira.
  33. The fee for the filing of a notice of change of signature = 2,000 Naira.
  34. The fee for the filing of a notice of reduction in share capital by public company = 20,000 Naira.
  35. The fee for the filing of a notice of reduction in share capital by private company = 10,000 Naira.
  36. The fee for the filing of a deed of release by a public company = 10,000 Naira.
  37. The fee for the filing of a deed of release by a private company = 5,000 Naira.
  38. The fee for the application for extension of time for holding of the annual general meeting by a public company = 10,000 Naira.
  39. The fee for the application for extension of time for holding of the annual general meeting by a private company = 5,000 Naira.
  40. The fee for Letter of Good Standing = 10,000 Naira.
  41. The fee for other filings (miscellaneous) = 2,000 Naira.
  42. The fee for a certified true copy of the certificate of registration = 10,000 Naira.
  43. The fee for certified true copies of memorandum and articles of association = 3,000 Naira.
  44. The applicable fee for electronic Search = 1,000 Naira for each company.
  45. The fee for manual Search by customers = 2,000 Naira for each company file.
  46. The applicable fee for manual Search Report prepared by officers of the Commission = 5,000 Naira.
  47. The fee for certified true copies of other documents = 2,000 Naira for each document.

Conclusion

Before you register your business or company in Nigeria, you have to check the cost. Although the business enterprise or company registration can be done online, the original copies of the documents used for the registration must be submitted to the CAC before the Certificate of Incorporation can be given to you or your representative.

How To Register Your Business In Nigeria

How To Register Your Business Name In Nigeria

Are you interested in knowing how to register your business enterprise in Nigeria? This Article Contains Step by Step Guide On How To Register Your Business in Nigeria with what it Requires To get A Business Name.

Registration of your business in Nigeria is a simple process as the Corporate Affairs Commission of Nigeria (CAC) has made the procedure very easy by introducing its website with search tools and online portals which reduces the stress and the waste of time going to the CAC office to carry out the processes.

Also Read: How To Start Exportation Business In Nigeria

Nigeria is one in all the first-rate countries in Africa for investment. Why because it’s one of the African’s fastest-developing economies. However, Nigeria is blessed with mineral resources that attract the flow of money to her economy when compared to some of the other African countries. The Nigerian government has introduced good investment policies to attract both foreign and local investors.

To understand how the whole business registration system in Nigeria functions and the way the corporate affairs commission of Nigeria (CAC) online name search works, I encourage you to read the full article as a step by step guide is discussed below.

Benefits Of Registering Your Business In Nigeria

You may be asking what are the benefits of registering my business. Below are the benefits of registering the business in Nigeria

  1. You can open an account with your business or company Name
  2. It gives you legal liability protection
  3. It enables you for a business trip to other countries
  4. You have a reputation with Customers
  5. It gives you proof of ownership
  6. It helps you in getting loans

How To Register Your Business In Nigeria

Here Are Step by Step Guide on How To Register Your Business in Nigeria

 1. Conduct a business name search at (CAC) the Corporate Affairs Commission office

The Nigerian government has introduced a good investment policy to attract both foreign and local investors. The first thing you need to do is to conduct a business name search. The first and most critical step for business enterprise or company registration in Nigeria is the registration of a business name. In this step, you must decide a name for your business and then proceed to (CAC) the Corporate Affairs Commission and check if it is available or if it has already been used.

For the search process, the corporate affairs commission CAC has its website where you can go and check for the availability of your business name. The corporate affairs commission’s (CAC) website has a public search tool which is free of cost. The process of registering your business enterprise name in Nigeria is easy-going once the name has been decided.

Steps to conducting a business name search

  • Go online by visiting www.remita.net/CAC.
  • Go online and click on Pay a Remita/Customer/Biller.
  • Click on the pay once.
  • Who is the beneficiary: Corporate Affairs Commission.
  • Name of service/purpose: Name Search.
  • Amount to pay: #500.
  • Description: Name search.
  • Name of the principal: Type in the name of the business/or company name.
  • The payer’s full name: fill in your name
  • Then Proceed to payment

You can pay at a bank branch, Internet banking, and pay with cards or electronic wallets. In the event that the site search affirms that there is no prior business with a similar name, at that point the incorporator, as the following stage, must lead an official pursuit utilizing the CAC online entry. This costs (500 Naira) and it affirms the name accessibility and grants reservation of business names in Nigeria for 90 days.

2. Choose Your Business Name

This refers to the name or style under which any business enterprise or company is carried on whether in a partnership or as a sole businessman. A business name can be registered as a sole proprietorship or partnership business.

Choosing a name for your business enterprise is very essential because it has to be attractive, selling, and unique. After choosing a suitable name for your business or company it must be directly submitted to the CAC website to check if it is available. You need to be careful when choosing your business name because if you choose a name that has been used by another person or company it may be rejected. So it is important that you choose a unique name for your business enterprise it can be your trademark or brand. Also know that regulations are more limited than in companies but the liability of business owners and partners is generally unlimited. Therefore, the process of completing your business enterprise name registration in Nigeria takes up to one week to complete.

Who Is Eligible To Register A Business Name?

  • Individuals
  • Companies
  • Firm/Partnership
  • Corporations
  • combination of (a-d)

It must be noted that when choosing a name for your business, the names chosen must not include things like National, the name of a state or anything showing affiliation with the government or any other restricted name unless proof of permission from the relevant authorities has been getting; and a prohibited name particularly one that offends public morals

3. Fill the Preliminary Registration Form

After the documents had been properly prepared, you’re required to fill a form through CAC, mentioning all the essential details, and submit it to the CAC again, together with all of the required documents. You can as well have a company secretary for your business enterprise who may act as an accountant or a lawyer and be completely liable for filing the documentation with the CAC after the business enterprise or company is registered.

The Procedure of Documentation is as per the following:

  • All executives must fill the Points of interest of Chief structure (Form CAC 7)
  • One executive must fill the Announcement of Offer Capital and Return of Distribution structure (Form CAC 2)
  • One executive and the Organization Secretary need to fill the Notification of Circumstance/Change of Enlisted Address structure (Form CAC 3)
  • An individual or firm authorized by the CAC can fill the Affirmation of Consistence with the necessities of the company and Allied matters Act (CAMA) structure (Form CAC 4)
  • In any event, 2 chiefs need to fill the structure delegating an Organization Secretary for the business or company

4. Pay the Appropriate Fee 

When all the application structures are presented, the incorporator must pay the appropriate fees meant for registration of business or company in Nigeria. The break down of all the fees that must be paid to the CAC is given beneath:

  • Name Reservation N500
  • Fee for Registration of Business Name N10,000
  • Business Name Registration  N250

How to Change Your Business or Company Name in Nigeria 

On the off chance that you are pondering whether an individual is permitted to change the names of business or company in Nigeria, the appropriate response is yes. Any individual who is eager to change their business or company name must follow a smoothed out procedure, and the issue is arranged. In the event that you are one of them, and searching for a manual to take you through the method of changing your business name in Nigeria then you are on the correct stage. Below are an awesome strategy for changing your business or company name in Nigeria.

Strategy for Changing your Business Name in Nigeria

  • Check for the accessibility of the ideal name with the assistance of the CAC name search, on the off chance that it’s accessible, at that point hold it until the entire documentation and installment strategy is completed.
  • When the CAC Nigeria name search affirms that the ideal name is accessible at that point set up an application expressing the explanations behind the adjustment in the business name alongside the signature of two executives.
  • Express uncommon goals clarifying the ideal change alongside the signature of two executives.
  • When the application is submitted and affirmed, tender the first authentication of consolidation for abrogation purposes.
  • The subsequent stage is to do the installation of filing fees.
  • Check whether the yearly returns are up to date.
  • Get the stamped agreement and articles bearing the new name

Documents Needed for Changing your Business or Company Name in Nigeria

  1. A board decision expressing the endorsement of the name change
  2. 3 duplicates of notice and articles of affiliation utilizing the new business name
  3. The original certificate of consolidation

5. Pick Up Your Business Name Certificate Of Registration

In the wake of finishing the form, paying the necessary fees, and presenting the confirmation/affidavit form, at this point you should hold-up two or three weeks before returning at the (CAC) Corporate Affairs Commission for your business name certification. In the event that everything was fine during the application procedure, at this point you can expect to wait excessively long or have your registration invalidated.

In the wake of getting the certification, you can feel free to start your business. At this point you can consider incorporating your business into a limited liability company (LTD) or public liability company (PLC) as you want. The whole procedure ought not to take a couple of months and you will be prepared to begin a full registered business or company.

Cost of Business Registration in Nigeria

(CAC) the Corporate Affairs Commission is the administrative organization responsible for registering businesses and companies in Nigeria. They likewise control the exercises of businesses and the companies by their constitution. You can click here for more detail on the cost of registering your business in Nigeria.

Conclusion

Registration of business in Nigeria is not difficult as most people perceive. The above steps will help you in registering your business in Nigeria. It is vital to register your business as there are numerous benefits attached to it. If you have any challenge feel free to ask us a question using the comment box below. Remember to share with your friends on Facebook, Twitter, etc.

7 Top Safe Online Dating Sites In Nigeria

7 Top Safe Online Dating Sites In Nigeria

Every Nigerian understands that dating could be interesting. And it is a way of finding new love on free websites. You might find online dating websites that are filled with singles and married people who’re searching to satisfy someone.

Also the significance of dating can never be overemphasized as it is essential that ought to be considered before going into any type of romance that can either lead to marriage or not. Because of the sensational increment in Web utilization, there has been a multiplication of various online web-based dating sites that allow individuals to meet and date in a close environment. This type of socialization has been seen by numerous individuals to be either a gift or a curse contingent upon people’s feelings and encounters because of the current degree of increment in the separation rate among the individuals who are married.

Read Also: 10 Things To Know When Dating A Nigerian Man

In Nigeria, you need to be careful before going into online dating sites and romance because scammers take advantage of people looking for romantic partners, often via dating websites, apps, or again social media-based life by professing to be your future soulmate. They play on emotional triggers to trick you in to provide money, gifts, or personal details. How these online dating scam works send Warning signs to Protect yourself. Have you been scammed? More information on how this scam works, dating and romance scams often take place through a free dating site online.

7 Top Safe Online Dating Sites In Nigeria

Here are some of the top 7 and safest, online dating sites:

1. PlentyOfFish.com

With more than 11 million members, Lots of Fish is your biggest free dating website online. You will have a selection of searching for friends activity partners, casual dating, long term dating union, or pal. Today dating websites, like the vast majority, Plenty of Fish could be a mixture between a website and a social networking service that differs from Nigerian dating websites.

There is an opportunity to engage communities, in web chats and meet singles. Lots of Fish is available to individuals who reside in Spain and the US, Canada, UK, Australia, France, Germany, Ireland, New Zealand.

Consequently, if you’re a Nigerian trying to meet singles in the U.S, this is where to be. Lots of Fish offers free and paid upgrade memberships.

2. Spark.com

Spark has hundreds of members coming from all kinds of life, backgrounds, professions, and ages, who’re looking for others to have a conversation about their experiences. One thing that sets Spark apart is currently your capability to send and reply to e-mails if you’re not a paid member.

There’s a character test you will be required to take known as your Color Code. It’s a fun test that may take a bit of your time, but worth your Spark experience.

3. Book of Matches.com

The Book of Matches offers completely free services. You do not need to upgrade your membership to be capable to participate in special services. You can create a favorites list that allows you and those in your list ought to be capable to see your free results of character tests and still have access to your profile.

4. Badoo.com

Badoo online dating application was designed to utilize your area to show you individuals who live and work close to you with trusts that you might link up with somebody dependent on gender, age, and location.

You can chat with individuals just to rate their photographs. You additionally have the chance of utilizing the “Encounter” feature which permits you to swipe through photographs and state either yes or no. On the off chance that there is a common like, you both get a notice! With more than 314 million clients in Nigeria, the English Telecom Partnership revealed that Badoo was essentially the most downloaded dating application in Nigeria during 2015.

5. OKCupid.com

Okay Cupid is considered the second biggest free dating site online which serves singles 3 decades and younger. The web site offers Android and iPhone applications and draws web savvy singles. With Okay Cupid you could send a series of questions a match must answer before communication begins. You’ll be sent a list of matches, if you also contact a match on your list you’ll be sent new matches your following day.

Much like I said, the level of activity is linked to your success to discover a match on Okay Cupid. Date Link Up contends with Okay Cupid mainly because it appeals to singles who are younger and university students.

6. Naijaplanet.com

Naijaplanet started the first operation in 2008, this web-based online dating platform launches the essential and propelled search functions, such as instant messaging, chat rooms, message boards, and many others. It has commonly been assumed that more than 44,000 registered individuals with an everyday visit of 3000.

This dating site permits you to view the profiles of millions of Nigerian women and men that are keen on romantic relationships.

7. Friendite.com

Friendite started in 2012 and is quickly developing as an online social dating site among numerous Nigerians. On the dating site, individuals are permitted to share, videos, create events, photographs, chat, play games, groups, and many other features. As of 2018, it was estimated that the site effectively has more than 84,000 registered individuals with a day by day visit of 9,000.

Conclusion:

You have seen that through online dating sites it is very easy to meet lots of people online as the internet has made the world become a global village removing a geographical, class, economic, social, and all forms of barriers.

10 Things To Know When Dating A Nigerian Man

Things To When Dating A Nigerian Man

One critical thing about Nigerian men is the openness they demonstrate when interacting with ladies. Nigerian men are friendly, and they can host their guests with a lot of love. A lady looking for a romantic relationship with a Nigerian man will find it easy because they are easy to approach. If a lady gives a Nigerian man the opportunity for a relationship, they’ll find the relationship beneficial and fruitful. Nigerian men are caring, kind, and humble however there are some things to know when dating a Nigerian man.

Sure there are many stereotypes about men’s positive and negative lifestyle, you are guaranteed to find some if not all these characteristics to be true. So if you’ve found a Nigerian man that is charming and wish to date him go ahead.

Things To Know When Dating A Nigerian Man

Here are certain Things You Have To Know When Dating A Nigerian Man

1. He is Handsome

There is no point denying it Nigerian men are handsome. When you compare him with men from different nationalities. Is it the fair ones from the Eastern part of Nigeria or the dark ones from the West? Or then again the dim chocolate from the North? Without a doubt, some are specially made however in all ramification Nigerian men are handsome.

2. He Loves to Spend His Money

what is the essence of working hard if you don’t spend your money? He loves good time regardless of whether it is at the Club or the outdoors pepper soup joint at Xcapade Enugu! He wants to have fun and always welcome others to have fun with him. Therefore, Nigerian men love to spend their money.

3. He Likes Respect

Culture demands the man be the head of the family, the bear is his house help. On the contrary they are a partnership, a Nigerian proverb states the man is the mind, the woman is the neck. Both can’t manage without one another. Nigerian men need to maintain control and make the decisions that matter from the family about the household. The best thing about this is that most men who are successful will ensure that the family is provided for and minded. This does not mean that he won’t help out now and then or cook sometimes, household work is seen as all the woman’s responsibilities.

4. He Is Close To His Family

Not literally, however, Nigerian men tend to be close to their parents and siblings, this is more powerful if he’s the eldest son or only male in his family. He’ll likely provide economically for his parents or siblings. As a non-Nigerian your household relations can be different or you can have assumptions about how families work, leave those behind. Comparing your family principles with hers has no place. You do not have to agree with all the beliefs and customs of your partner’s family, just esteem them.

It is very important to observe family customs and interactions to see if being apart of the family will suit your character and capability to compromise. You should never have to be someone who you are not to adapt to his family.

5. He Cherishes the Good Things of Life

Simply passes through Lagos or any of the other significant urban areas in Nigeria and look at the beautiful cars, extravagant homes, and hot nightspots. The Nigerian man alongside his lady likes to appreciate the good things of life. He must have the flashiest car, the best young lady, the greatest house. On the off chance that he has the money, he displays it and wants you to realize he is spending it as well! and God helps those of different Nationalities when he is on the roll! On the drawback, this has driven numerous into the evil acts.

6. He Promotes Cultures and Traditions

Most Nigerian men don’t watch the past exacting culture that was controlling the nature of relationships. Nigerian men grasp the advancement of the world and approach their relationships with a worldwide perspective. There are a couple of Nigerian men who’re known for having a spouse from different parts of the world. This friendly approach towards cooperating with the entire world makes Nigerian men alluring and lovable. There is a higher probability for them to offer their spouse a consistent and enjoyable relationship because there is no prohibitive culture impeding them, that is why dating a Nigerian man is wonderful.

7. He Is Dedicated

Contrasted with his partners in Diaspora, the Nigerian man is naturally dedicated. Regardless of whether it’s at his extravagant bank work in Abuja or on the other hand hawking Gala in the Rush hour gridlock, he works diligently for his money.

8. Meeting Point

There are various ways by which women can meet a Nigerian man. To start with, there are several meeting points in Nigeria like a free online dating site and social media platforms. It will be basic for the person to acquaint themselves with the environmental factors and recognize the key urban areas in Nigeria, for example, Abuja, Portharcourt, Lagos, and Calabar in other to lay a foundation for networking.

There are many disadvantages of utilizing a free online dating site, social media platform, and online dating application to get into romantic relationships however, it is by a wide margin the quickest and most straightforward strategy to discover love. In the meantime, Nigeria is a delightful nation rich in West African Culture and customs. An immediate visit by the woman will uncover her with boundless chances and permit her to pick a suitable companion. There are many respectable cafés and bars inside the nation that offer great open doors for people to search for a reasonable Nigerian man.

9. He Loves Traditional Cuisine

Egusi soup, jollof rice, pounded yam, these are only a couple of the many Nigerian traditional dishes. Learning how to cook traditional cuisine will delight that your man. Cooking for your Nigerian man is nearly a standard requirement so if that you refuse to its a big minus.

10. His Love For Women

That the Nigerian man loves women can not be questioned. No race, shading, or tint is beyond his reach. I’ve seen youngsters that are half-Filipino and half-Nigerian! Half-German and even half-Indian! How he was able to persuade the Indian woman I will never know since Indians barely ever wed outside their race! However, trust Nigeria men! No lady is too difficult to even consider toasting! When he decides, he pursues her with a single-mindedness that’s a Nigerian man for you.

Conclusion:

It is essential to know about Nigerian men how they handle relationships, cultural background, and behavior before dating them. However, the Nigerian man may have his flaws who don’t? but love him or hate him, he is who he is, and if the truth be told many Nigerian women wouldn’t have him any other way save for a little trick here and there.