Corporate Documentation: This is how to go about it. Are you in need of how to legalize your business? This is how to document your business legal standing. We have in other posts given details on tips how to start your business. However, in this post are how to go about your new business ideas until operation. It will pay you to continue reading for all these facts.
As a matter of fact, having your own business is your dream, but just thinking about the steps to start a company, you are already starting to have nightmares. That is not wise. In fact, in order to help future entrepreneurs like you who do not yet know where to start and to encourage those who are afraid, we present this article. Corporate Documentation: This is how to go about it. Please, read on.
How to start a business: Step by step to get ideas off the ground:
So, learn about the characteristics of a successful entrepreneur. Learn how to plan efficiently. And, see all the steps to register your company. Then, learn how to choose the name and location of your business. And, then, read important tips that will make this process uncomplicated.
As a matter of fact, with the right information, persistence and organization, you will see that it will be easier than you think to open and regularize your company! Can we continue?
How much does it cost to open a company?
According to our survey, the average cost of opening a company is N1,000,000.00, which can vary by up to 274% between different municipalities in the country. That is to say, the capital requirement for a particular business varies from town to town. Say, Kano, Lagos, Aba, Bauchi, Sokoto, Enugu.
However, there are indirect expenses that weigh on the entrepreneur’s pocket. These are expenses, such as rent, renovation of the commercial point and accountant fees, which are borne by the entrepreneur even before he starts his activities. It is important to remember that the business point must already be set up since the beginning of the registration process. This is necessary because the zoning of the city can prevent the exercise of certain activities in certain places and the inspection of the regulatory bodies, such as firefighters and health surveillance, is done during the registration process, to finally have a business license. This is why we advise that any business that has to do with a regulatory boy like NAFDAC or Travel Agents should have shares not less than 2 million of N1 each. Some requires as many as 5m shares.
Register Company: Required Documents
The formalization of your business is the first step towards the beginning of your business activities. Therefore, you need to be attentive to correctly carry out all the necessary registrations, licenses and permits. This is because even after you have the C.A.C certificate, there are a number of licenses, registries and city and state permits that you will need to function legally.
The lack of any of these documents may delay or even hinder the opening of your project. In fact, if you don’t have C.A.C certificate, no bank account opening for your business. Remember too that doing business without proper registration Looks like doing an illegal business in the eye of law. Also, remember that for each industry and / or form of constitution chosen to open your company, you will need different authorizations. The legislation of the municipality and state where your company will be installed may also require specific registration. Therefore, it is important to consult an accountant who knows the local legislation.
Corporate Documentation: This is how to go about it
To help you in this important business step, we have gathered in this guide the main documents necessary to open a company.
1 – Find an accountant
You need an accountant to open and maintain your business. The accountant will be your greatest ally to organize your business and keep everything up to date, within the law. In addition to learning more about management and control of finances. No accountant yet? Contact us here. We are available for your services.
In this connection, we will assist you in the following steps.
2 – Social contract:
For those companies with more than one director. There is need to define things. Basically, the drafting of the social contract will define the capital holdings of each of the partners of the enterprise, as well as define what the company’s activities will be and its functioning (tax model, shareholding, etc.). The next step is to check if the company’s name and corporate purpose re available for the document to be prepared, which, in turn, must be notarized and duly signed.
3 – Registration with the commercial board
The first of these is registration with the Corporate Affairs Commission. It is from this registration that your company will officially exist. Remember that you will need to consult the chosen business name beforehand. That is to verify that there’s no other company registered with it.
3 – Location and operation permit
This is an important element of the data to be supplied to C.A.C. You must indicate company registered office, location and or branches where they exist.
4 – State registration
Most states have an agreement with the Federal Revenue Service that allows them to obtain state registration over the internet together with their C.A.C documentations, through a single registration. In some cases, state registration must be obtained before the business license. This registration is mandatory for companies that provide communication and energy services, in addition to companies in the sectors of commerce, industry and intercity and interstate transportation services.
Corporate Documentation: This is how to go about it
5 – Licenses and registration with state and municipal regulatory bodies
The authorizations of the inspection bodies are essential requirements to obtain your business license. They are quite variable and depend on the industry, place of installation and even the size of your company. Some business activities require authorization even from the Armed Forces – as is the case with companies that work with explosive devices, weapons and controlled chemicals. Among the most commonly required applications and licenses are the following:
Environmental license: Obtained at Municipal and State environmental agencies and at FFS. It is generally required from companies engaged in industrial, metallurgical, mechanical, textile, chemical, footwear, agricultural activities.
Health license: Obtained in Municipal, State and Federal health surveillance agencies. Its required mainly from companies operating in the food, medicine and cosmetics sector.
Inspection of compliance with safety rules: Its carried out by the Fire Department and practically all companies are subject.
In addition to registration and municipal and state licenses, some activities require registration with federal agencies, such as the Ministry of Tourism, Ministry of Agriculture, Livestock and Supply, Federal Police, among others.
Summing Up on Corporate Documentation: This is how to go about it
It is essential that you consult an accountant, who is the most suitable person to guide you in all the licenses and enrollments that your company will need according to your industry and other characteristics.
Cessummit Integrated Services proprietors has over 30 years industry experience in this regard. Our parent body Complete Full Marks Consultants Ltd has all it takes to deliver on whatever consultancy service offering. Make contact with us to know more about our services.
Finally, while always looking to the future, we develop and disseminate business information. Through that we bring to your notice our service offering. Our services cover Business Administration, Accounting and Auditing. Then are business incorporation services, start-up assignments like business planning. And, improving the performance of businesses through three basic lines of activity: Executive Education, Research and Consulting. Contact us though; firstname.lastname@example.org , 09053130518 (office time)