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DETAILED STEP-BY-STEP GUIDE ON HOW TO REGISTER A BUSINESS NAME AND COMPANY IN NIGERIA

Business registration happens to be an essential aspect of business startup owing to the fact that registering a business is the passport to making it a legal entity. Of course, your business in Nigeria has to be registered with the Corporate Affairs Commission (CAC) before you can expect it to operate with limitless potential.

Broadly, CAC is an agency established in 1990 with the aim of registering business names and companies in Nigeria. While CAC has remained operative since its establishment, it is noteworthy that the registration agency maintains physical service outlets (precisely offices) in every of Nigeria’s 36 states including the Federal Capital Territory.

In this article, you’ll find out how business name or company registration can be done with the CAC and the top 3 reasons why you should register your business.

Steps for the Registration of a Business Name in Nigeria

Business name registration happens to be the lowest (as well as easiest) form of business registration in Nigeria. Below are the steps involved in the registration of a business name in Nigeria:

Step I: Choosing your business names

Obviously, the choice of a suitable and non-existing business name is what comes first in the process of business name registration. By reason of this, you’ll have to create several names before visiting a nearby CAC office. Although it’s just one name you’ll register for your business, you have to think up a couple of befitting names as any name you’re eventually registering for your business must not have been registered by someone else.

At the CAC office you’re visiting for business name registration, a check will be run on the list of names you’re submitting to see which of the names isn’t in current use. This may then be chosen and registered as your business name.

Step II: Form filing

This step entails getting a form (at the CAC office) and providing the names you intend to check in the form. The other things you’ll be required to provide in the form are personal details such as your residential address, your full name, passport photographs and your other contact details including telephone number. In the course of this form filing, you’ll be charged a certain filing fee and it’s possible you find out the available name(s) for your business registration on the day of form filing.

Step III: Picking up your business certificate

Once your business name registration has been successfully executed, you can expect to obtain your business certificate in the next couple of days. While this certificate serves as a written confirmation of your successful business name registration, it is noteworthy that business name registration actually occurs in 24 hours as soon as you’ve chosen the name to register for your business.

Steps for the Registration of a Company in Nigeria

Unlike business name registration, company registration appears more procedural and elaborate. Below are the three steps you should follow for successful company registration in Nigeria:

Step I: Thinking up company names

This is likely some homework required of you so that you can eventually have a company name that has not been registered before. CAC will check whatever names you’re sending to it for availability and as such, you have to think up several names you consider befitting for your company.

Step II: Engaging the service of a reliable registration expert

For you to safely and legally register your company, it’s highly recommended that you work with a registration expert such as a chartered accountant or legal practitioner who should offer you professional guidance regarding the filling of several registration forms as well as sailing past certain technical issues.

Step III: Completing the forms

To carry out this step, you’ll have to visit the company registration portal (CRP) of the CAC. Follow the instructions below to proceed with your company registration on CRP:

  • Fill necessary details in the pre-registration form CAC1.1
  • Make necessary payment for filing and stamp duty
  • Get the signed copies of your pre-registration documents ready. You’ll have to scan these copies and upload them on CRP in the following ways:
  • Form CAC1.1
  • Memorandum and Article of Association
  • Recognized identification form for Director/Subscriber/Secretary
  • Evidence of payment made to CAC
  • After uploading the scanned copies for processing, prepare the original copies of the uploaded documents for submission to your preferred CAC office. It’s at this CAC office that you’ll receive the Certified True copies as well as your (company registration) certificate in return for the original copies you’re submitting
  • Note that the business/company (registration) certificate is an essential document which you’ll receive at the end of the company registration process. Endeavour to safely keep the certificate as it could be required in future for essential purposes such as visa application, loan application, bank account creation and tax registration for your company

Top 3 Reasons Why You Should Register Your Business

Although some people neglect the need for registering their businesses, this doesn’t erase the fact that business registration is an indispensable requisite for formal business operation. Without any doubt, a number of benefits are attributable to business registration and these benefits are described (in this article) as the top 3 reasons why you should register your business:

  1. Separating your business from yourself –This is described as legal separation and it’s a beneficial way of ensuring that there’s no collision between your business liability and your personal liability. Although it isn’t all forms of business registration that offer it, legal separation likely guarantees some assurance of limited loss in the event of business or personal disaster.
  2. Giving proper identity to your business –This, undeniably, is one of the reasons why serious-minded people cannot undermine the importance of business registration. Of course, many people like doing formal transactions with registered businesses. They do this not only to assure themselves financial safety but also to ensure they’re doing business on a formal note. Importantly, people will likely take you seriously if you’re running your business under a registered business name rather than your personal name.
  3. Eligibility for external funding –It’s very possible that the funds at your disposal aren’t enough for your business needs. In this case, you might need to source funds externally and before you’re deemed qualified to obtain funds from a governmental body or even a serious financial institution, your business must have been duly registered with the CAC

Conclusion

We hope that this article has helped you find out how business registration is done in Nigeria. Also, we believe you’re convinced about the explained reasons on why you should register your business.

Do You Require our help in getting your company or Business Registered with CAC? Get in touch via;

+2348162534441

Email: support@johnsonofonglobal.com

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Importance of Online Presence for Your Business

An online presence for your online business goes far beyond setting up a website that contains the name of your company and contact details. It involves creating a virtual point of business where people can find useful information on your website and interact with you through social media networks.

online presence for online business

Digital Era

Digital dominance has made it necessary for more people to rely on the internet to look for the products and services that they need. Any online business that does not effectively use this platform risks losing new lucrative opportunities.

24 Hour Availability

The internet is always available and can showcase your business all day long. This enables your prospective customers to find your products and services at any time of the day and from any location. If you run a retail business, your online store will be accessible on a 24 hour basis and customers can conveniently make their purchases whenever they need to. This is a key advantage over offline shopping where you have to wait until business hours.

Brand Building

A strong online presence allows you to build your brand and gain the credibility that you need to attract more customers. Along with making your business readily accessible, online presence also gives your customers an easy way to find out more about what you have to offer.

Positive Image

Interacting with your customers and getting feedback from them through online reviews as well as regularly updating your online posts will create a positive image for your business. This type of image increases the likelihood of prospective customers doing business with you and boosting your sales.

Larger Audience

The web gives you access to a much larger audience that includes people within your location and beyond. This exposes your online business to even more opportunities and gives you the chance to operate on an international level.

Positive Reviews

A credible business that values its customers can look forward to positive reviews that will result in customer loyalty and a broader customer base. Customers often use reviews to make their purchasing decision and it’s important to prioritize quality customer service.

Effective Marketing

Online presence makes it easier for you to market your business and sell your products. A properly designed and informative website with well written content enables customers to make informed purchasing choices. The web provides a marketing platform that gives you a cost effective way to reach a wider audience than conventional marketing techniques.

Accessibility

It is essential for both small and large businesses to maximize on the benefits of having a strong web presence. Aspects such as dynamic search algorithms and social networks are influential in the process of making it easier for customers to locate different businesses online. A business that does not have an online business is regarded as non-existent in the modern and competitive business environment.

Customers get information through search engines and the internet is an unrivaled source of data. You have the option of hiring professionals who can help you establish an online presence based on their knowledge of factors ranging from latest algorithms to search engine codes. Marketing your business online constitutes your website, SEO and strategic use of social media.

5 WAYS SMALL AND MEDIUM-SCALE BUSINESSES CAN SURVIVE DURING THIS PERIOD OF GLOBAL COVID-19 PANDEMIC

There’s no need stressing that the ongoing coronavirus pandemic has crippled hundreds and thousands of businesses across the globe. Many businesses, without the exception of small and medium-scale businesses, are experiencing profit decline and some business owners are already giving up on their businesses.

Despite the accompanying disaster of COVID-19 and the resulting effect on business growth, you can always keep your business on a survival lane. Therefore, we have taken ample time to thoroughly consider 5 ways your small or medium-scale business can survive during this pandemic.

Corona, Coronavirus, Virus, Blood, Plasma, Blood Plasma

Working out a Business Format for Cutting Costs

Doing this may require you to set up a short-term financial plan incorporating only the essential provisions to keep your business going. Indispensable provisions such as utility charges, office rent and staff salaries usually make up the lifeblood of small and medium-sized businesses. So, ensure the business format you’re creating considers necessary expenses so that your decision to cut costs doesn’t backfire.

If you think your business building is spacious enough, you may consider sharing it with another small business owner. This way, you’re sure to free yourself the burden of paying the entire office rent.

Remaining Calm and Taking Care of Yourself

To you, this might not seem to have a direct influence on your business survival. But again, you have to realize that taking care of yourself and always remaining calm have the benefit of inspiring you to develop fresh ideas for business survival. Panicking or cowering over how your business will survive might affect you psychologically as it is considered unsuitable for your health.

Making Advantageous Use of Enhanced Staff Training

The disastrous wave of COVID-19 is undeniably compelling some businesses to lay off their staff. Due to dwindling business gains, you could be tempted to relieve your staff of their roles. However, that might not be the solution to business downturn as there are effective ways of “upskilling” your staff.

You should be ready to inspire extra skills into the staff in crucial departments such as production, marketing and distribution. Helpfully, online courses are available on how you could reinforce your business team with additional skills during this COVID-19 pandemic.

Exploring Alternative Modes of Operation

The virulent spread of COVID-19 is imposing compulsory lockdown on businesses including medium and small-scale entities. While this appears unfavourable, it’s yet an opportunity for you to consider changing your mode of business operation.

Can my business operate online? Would it be great to list my products/services online?

Above are some of the questions that should come to your mind. And of course, you might consider the idea of online operation an effective way of keeping current customers and capturing potential customers.

Keeping Tabs on Support Initiatives Provided by Government or External Organizations

In the course of this COVID-19 pandemic, governments and certain organizations (including financial institutions) are coming up with initiatives intended to keep small and medium-scale businesses running. By keeping yourself abreast of online updates from your local support groups, you’re likely to know if there’s a stimulus package for your sort of business. Also, you should always keep yourself in touch with all the market groups you belong to as some of them might have support packages such as loans and grants to offer.

Conclusion

We strongly believe that the information in this post is enough reason for you to accept that your small or medium-scale business can still survive the catastrophic wave of the COVID-19 pandemic. Therefore, you should make good use of the helpful tips provided and hope that your business will remain a going concern.

BITCOIN TRADING IN NIGERIA –EVERYTHING YOU NEED TO KNOW ABOUT CRYPTOCURRENCY TRADING, BUYING AND SELLING BITCOIN, ETHEREUM & OTHER CRYPTOCURRENCIES

Bitcoin trading doesn’t need a great deal of introduction to most people as hundreds and multiples of people must have heard one or two things about cryptocurrencies.

Unarguably, the crypto industry is further rising in influence owing to the fact that more people are embracing the idea of trading in the world’s powerful digital currencies including Bitcoin, Ethereum, Litecoin, etc.

By and large, this article is intended to educate you about cryptocurrency trading particularly with help on how you can start it in Nigeria.

How Is Cryptocurrency Trading Done?

Traditionally, cryptocurrency trading is done in a systematic way involving a number of steps. The first step, usually, is to create a bitcoin wallet by using any of the trusted platforms available in the cryptocurrency sphere. Purchasing coins is what follows and doing this necessitates forfeiting a certain amount of physical money in return for bitcoins. Normally, the amount of bitcoins you intend to start with determines what sum of (physical) money you’ll be churning out of your pocket.

After purchasing bitcoins, you can then use the desired cryptocurrency exchange site for converting the bitcoins into your preferred altcoins –altcoins are notable substitutes for the widely acclaimed Bitcoin and few of the high-profile options are Ethereum and Litecoin.

It’s noteworthy that in the course of your crypto trading, you need to keep up a secure digital wallet. This, frankly, is to avoid losing your purchased coins (whilst storing or exchanging them) to cyber scammers lurking around exchange sites. In consequence of the latter, it is strongly recommended that you trade with a duly secured online trading platform such as AvaTrade.

Cyber criminals can go a length as great as prying into your digital wallet and depriving you of your coins. But with a trading platform like AvaTrade, you’re certain to easily save yourself this attack as the platform doesn’t require any wallet for its trading.

How to Succeed with Cryptocurrency Trading

Your likelihood of making the most out of cryptocurrency trading depends largely on your trading strategy, experience and conversance with vital cryptocurrency news. Generally, experts have tagged the formula of “buying low and selling high” as the best strategy for reeling in substantial benefits in cryptocurrency trading. Even if your startup capital for cryptocurrency trading is relatively small, you can still get a cryptocurrency well suited for your startup capability. Meanwhile, practicing the trading strategy of “buying low and selling high” will appear as your surest bet at profiting from cryptocurrency trading.

In choosing the best cryptocurrency for your trading, one important thing is to keep yourself abreast of cryptocurrency news while another is to thoroughly reflect on relevant technical and fundamental analyses. Technical analysis, in the first place, refers to the research conducted on financial assets in order to generate vital information about their strengths, weaknesses, etc.

Fundamental analysis, in the second place, involves an in-depth investigation into the vulnerability of cryptocurrency markets with special consideration of the likelihood that some industry experts can decide to twist market situations in order to favour themselves.

Top 5 Cryptocurrency Exchanges in Nigeria

If you’re convinced about making financial success for yourself through cryptocurrency trading in Nigeria, it is worth considering one of the most commonly used cryptocurrency exchanges in the country for your transactions. So, below is a list of the top 5 cryptocurrency exchanges you can start with:

  1. Luno –the commonest cryptocurrency exchange in Nigeria, launched in 2013 and supporting several popular cryptocurrencies including BTC, LTC, ETH, XRP and BCH.
  2. Binance –the world’s biggest cryptocurrency exchange, launched in 2017 and actively supporting over 100 coins including ETH, BCH, LTC, BTC and many others.
  3. Quidax –a top-rated Nigerian cryptocurrency exchange, launched in 2018 and widely famed as the foremost exchange to feature 24/7 instant deposit and withdrawal support for the Nigeria naira
  4. Remitano
  5. BlockVila

Conclusion

We hope this article has given you basic understanding of cryptocurrency trading. Importantly, you’ll better learn how to buy and sell cryptocurrencies in Nigeria by making good use of the aforementioned cryptocurrency exchanges.