How to upgrade your business name to a limited liability company in Nigeria

How to upgrade your business name to a limited liability company in Nigeria

December 09, 2021

To upgrade your business Name to a Limited liability company, you must first apply for the consent to upgrade your business Name from the Registrar of the Corporate Affairs Commission (CAC). If it is denied, you won’t be able to proceed.

It can be denied on the basis that a company already exist with a similar name or for whatever reason the registrar deems fit. However, upon approval of a request for consent, you can proceed with the application online.

The application for consent is done on the CAC portal. After approval, you can then input the required details for the registration of a limited liability company. The details required here includes details of the company’s shareholders, directors and company secretary where applicable.

This new application process is totally different from the old process where a business name owner was required to apply for cessation of business before proceeding with upgrade.

Team 618 Bees

 

 

618 Bees can help you quickly and easily help you upgrade your Business Name to a Limited Liability Company in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the Corporate Affairs Commission (CAC).

 

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • If I have NAFDAC Registration number, do I still need SON registration number?

    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • what does copyright protect?
      1. Music, books, brochures and written materials.
      2. Photographs, drawings and illustrations.
      3. Films and videos.
      4. Logos and packaging.
      5. Computer programs and games.

     
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • Can a minor be a company director?

    No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.
  • What is a trademark?

    A trademark can be any word, sign, symbol or graphic that you apply to your company, goods or services to distinguish them from those of your competitors; for example, a brand, product or company name, or logo. The trademark serves as a badge of origin for your business and its brands and products, and can consist of words, logos, slogans, colours and shapes, or a combination of all of these.
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