Conversion Of Business Name To Limited Liability Company
NGN 50,000.0
14 days
Corporate Amendment
Description
Information about the compliance service
Converting a "Business Name" to a "Company" means formally applying to the Corporate Affairs Commission (CAC) to upgrade your registered business name to a limited liability company (LLC), essentially giving your business a separate legal identity with distinct liabilities, allowing you to operate as a more established entity with greater legal protections by following the required registration process and submitting necessary documentation, including your existing business name certificate, to receive a new Certificate of Incorporation as a company. This process usually involves requesting consent from the CAC to use the same name as your business name with the addition of "Limited" or "Ltd" as a suffix.
Requirements
Info and documents needed for this service
- Up to date annual returns.
- Business name certificate.
- Proposed company names.
- Details of directors, shareholders, and secretary.
- Means of identification of directors, shareholders, and secretary.
- Proposed office address.
- Company objects or Nature of Business.
Process
Steps involved in this compliance service
- File up to date annual returns.
- Confirm name availability through search.
- Apply for consent of Registrar General to upgrade/convert.
- Submit the required information and documents.
- Pay fees.
FAQs
Frequently asked questions about this service
1. What is the minimum share capital for an LLC in Nigeria?
The minimum share capital for a private LLC in Nigeria is ₦100,000, though certain industries may have higher requirements.
2. Can foreigners register a company in Nigeria?
Yes, foreigners can fully own an LLC in Nigeria, but foreign-owned companies are required to have a minimum share capital of ₦100 million.
3. How long does the process take?
It typically takes between 2-6 weeks to complete the upgrade, depending on how quickly you complete the steps and submit required documents.
4. What happens if my business name is inactive?
The CAC will not process your upgrade if your business name status is inactive. You must first update your annual returns and reactivate the business name.
The minimum share capital for a private LLC in Nigeria is ₦100,000, though certain industries may have higher requirements.
2. Can foreigners register a company in Nigeria?
Yes, foreigners can fully own an LLC in Nigeria, but foreign-owned companies are required to have a minimum share capital of ₦100 million.
3. How long does the process take?
It typically takes between 2-6 weeks to complete the upgrade, depending on how quickly you complete the steps and submit required documents.
4. What happens if my business name is inactive?
The CAC will not process your upgrade if your business name status is inactive. You must first update your annual returns and reactivate the business name.