Prescribed Minimum Share Capital For Designated Companies

Requirements for Registration of Incorporated Trustees (NGOs, Associations, Foundations, Clubs)

Unlike business name and company registrations, registration of Incorporated Trustees (IT) is in a class of its own. This is because Incorporated Trustees are non-profit organisations (NGOs) and often end with Associations, Clubs etc. Since the coming into place of the CAC’s Company’s Registration Portal (CRP), the procedure for registration has become really simplified and less time-wasting. ITs are often registered for religious, educational, literary, scientific, social, development, cultural, sporting or charitable purpose. 1 - Proposed Names As in business name and company registration, you must provide proposed names. But unlike the former, Incorporated Trustees now allows for 4 proposed names. This is because the cost of reserving a name for IT registration is ten times more than that for reserving a business name or company. Application for Reservation of name for registration of an IT is called an application for consent to register the association with the CA...

Company Shares Terminologies

The Companies and Allied Matters Act, 2020 (CAMA) uses various terminologies to describe shares. This discussion briefly highlights and describes some of those terms. Issue of shares – ss. 141-148 This is the creation of new shares by the company. The shares may be freshly created through an increase in the company’s share capital; or by the re-issue of old shares which were either surrendered or forfeited by a former shareholder of the company. Offer of Shares – s. 142 This is the process whereby the company offers newly issued shares, either to existing shareholders of the company or to prospecting members. Allotment of Shares – ss. 149-157 This is the allocation of new or old shares to new or existing members of the company on terms and conditions prescribed by the company. Call on Shares – ss. 158-159 This is the demand for payment from shareholders who are yet to pay for their shares. It is simply “a call” on the members of the company to pay for unpai...

Why You Should Register Your Business Now!

Why should I register my business? That may seem like an obvious question to everyone who has registered his business, but it may be a nagging question at the back of the minds of those who have not registered their businesses or who feel that their businesses are not worth registering. In Nigeria, where a large number of business men and women are petty traders, that would be a good question to ask. But everyone who engages in any kind of business, including trading, and is serious about the growth of the business, should seriously consider the necessity of registering their businesses, as it may be one of the wisest decisions they ever took. Although, this article focuses on business names, it also applies to companies and incorporated trustees (NGOs). An unregistered business name is illegal Some businessmen and women claim that they have business names and have been using it for years. In reality, to say that you have an “unregistered” business name is a cont...

EBR - Easy Business Registrations

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