There are two basic options to choose from, namely Business name and Company (Private Limited Liability Company, Ltd or Public Limited Liability Company, PLC)
A business name/enterprise is just you doing business with another name, meaning that the business is not separate from you. While a Company is a legal entity separate from you.
Company is usually the best form of legal status as it ensures you are not liable in case of 'business gone bad.
When you do business with a business name, your personal assets (house, land, other belongings) will be affected
It is easy to expand into more business ventures, register subsidiaries and more with a company.
Business name can't offer you this freedom.
You can sell your shares in company (LTD) to raise capital. Investors also prefer a company to invest. That, you can't do or get with a business name.
If your dream is to have your business outlive you- to transfer the ownership to your upcoming generations, then company is the way to go. You can have your kids as shareholders. That, you can't get with a business name.
and many more
Yes, you can convert your Business Name to a Company However, It is to be noted that the process of conversions cost more money and takes a longer time. So it is preferable to register even as a small company from the start since it is cheaper
Shares are units of ownership interest in a Company. The purpose of the share capital is really to enable the company to be divided up in terms of ownership and control. The shareholders are granted options over the shares and the percentage of issued shares they own While owning shares in a business does not mean that the shareholder has direct control over the business’s day-to-day operations, being a shareholder does entitle the possessor to participation in the profit (dividends) or losses (liabilities). In fact, the higher the share capital the greater the capacity to handle big contracts. Most investors look at this parameter before considering investing in any business
Every business venture requires a minimum share capital to register. ·
Small companies have minimum share capital of below 1m share capital, and can go into general services or mechandise such as computer, IT, administration, management, food, arts and entertainment, laundry, fashion etc.
Professional Companies requires 1m share capital and above. With this you can venture into import and export, oil and gas, Real Estate, Consultancy (Individual) etc.
For General Contract Companies, you need atleast 5m share capital for these. They include Clearing and Forwarding, Consultancy (Corporate), Lottery, Corporate Brokers, Insurance Broker .
If you are interested in going into agriculture, and private security companies, hotels, you need atleast 10m share capital and so on. This is Specialized Company registration.
The Big companies requires atleast 20million to 50billion share capital to register. They are Banks, Microfinance, Broker/Dealers, Sports betting, Pension Fund Managers, Air transport, Travel Agency, Finance Companies (including Fintech), Bureau de change, Rating Agency, Air Transport, Insurance (General, Life, Reinsurance), Shipping, etc.
You need to know the minimum share capital threshold for your business. So book a free consultation
For business name and company, It takes between 2 to 14 days (Worst scenario is 2-28 days). (There is also a same day registration which comes with at an extra cost paid to CAC. For those who need urgent service
For NGO/association etc, there is a compulsory 28 days newspaper publication period, after which it takes 5 to 14 days to complete the registration.
NOTE: You will be offered a certified digital copy of your certificates and documents, CAC no longer offer physical certificate
We offer business compliance services such as Trademark registration, Patent, Tax clearance, NAFDAC registration, Export Licence, Custom Licence, Oil and Gas Permit and Licence, Clearing and Forwarding Agent registration, Foreign Company Registrations (Dubai, Singapore, Canada etc). Click Here for details. Or Call/Whatsapp: 08165919594
Explain in depth the question. Make sure that the explanation clearly answers the objections that visitor has on their mind. The frequently asked questions section is a great way to clear up any objections that the buyer might have and push then a step ahead to make that purchase.