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Establishing a company is a company in Nigeria is a rigor of its own. The process is a bit comprehensive, and it is best to be handled by a professional. Ensuring your company is appropriately registered is beneficial to both the company owner and the potential individuals and associates that would be transacting with the company in the future.
To avoid being swindled by unsuspecting individuals or falling victim to a fraudulent company, the corporate Affairs Commission, an agency of the federal government saddle with the responsibility of regulating companies in Nigeria, has launched a public search system where it can be easy for anyone to validate the registration of a company. Unlike before, anyone who wants to check a company’s registration will have to go to the CAC office of any state in the country. But now, a public search has been launched, making it easy for anyone to check access company verification at any time or place.
WHAT IS A COMPANY NAME
A company is a legal entity whose liability is separated from the owner and can sue and be sued on its own, unlike a sole proprietorship and partnership business. It is a name given to one’s business entity and makes it by law a legal personality on its own. It means the person or group of persons owning the country are not personally liable for any debt, bankruptcy, or any misdeed incurred in the name of such an established company.
Every company must be registered with the corporate Affair commission (CAC). It is a commission established in PART A of Companies and Allied matters Act (CAMA) 2020. Like it was in the CAMA 1990, it is solely vested with the authority to regulate the company’s operation in Nigeria.
Companies registrable under the CAC can either be public or private, and each of them can either be a limited or unlimited company.
BENEFITS OF INCORPORATING A COMPANY
Registering a company makes it a juristic person. Meaning that it will exist differently from the personality of its members.
Also, a company isn’t a one-man business. Even if created by one person, it has an exclusive right to a shareholder where each shareholder contributes money to run the company. This makes financing a company have the edge over a sole proprietorship business. Once a company is incorporated, it can sue in its own name and be sued for any breach of legal duty.
Another interesting reason a company should be registered is that it owns all the property acquired through it. Members of the company only own proprietary interests or right in accordance with the proportion of “shares” contributed. By this, if a membership changes or transfers his shares, such does not change the company’s property, unlike the partnership business where the death or exclusion of a partner may dissolve the partnership arrangement.
A member’s personal liability or bankruptcy to a third party does not affect the company. A company can also lease, mortgage, sell or dispose of its property without affecting the member’s interest in the company.
A company also enjoys the right of perpetual succession. It is an artificial person that does not susceptible to death or any form of incapacity. It lives on. The death of any members does not mean the company’s end except if the members wish to dissolve the company, do a merger or completely transfer it to the new member.
As a legal establishment, it can raise a large sum of money by borrowing loans from financial institutions on relative terms. This makes it pull a lot of resources and utilize them to gain profit maximally.
An incorporated company is marred with many formalities and protocols, making its operation easy as individual members and even employees understand their already defined roles.
Finally, a company is a good source of income generation for the government. Through Company Income Tax, a company is taxed based on its income generation and other parameters. The benefit is non-exhaustive.
Considering all these immense benefits, making a company legal through formal registration will ensure a smooth drive of your business. After the rigorous registration, you are advised to verify the registration status before using the company name as a registered one.
VERIFYING A COMPANY REGISTRATION
Verifying the legality of a company isn’t hard. Either a corporate entity that intends to partner with a company or an individual who wants to know the legal status of a company before working for the company or engaging in any form of monetary transaction.
We make the process easy and stress-free for you. That is why we have made a verification system available for you so that you won’t fall trap of engaging in fraud parading themselves as a business entity.
We use our easy-to-navigate platform to ensure all the company fully registered in Nigeria gets verified. We make use of the CAC database. We use modern technology to legally couch and update our data from the CAC as the company receives complete registration and is placed on their public search.
All you need to verify a company number on our portal is the company’s Registration Number, usually in 6-7 digits and maybe Numeric or Alpha-numeric or the company name. More conveniently, you can also check the business with the business address. If you don’t know the name or number of the company.
After you have input the correct data about the company, below are expected information for you to understand if a company is registered or not.
- The company name
- The company Address
- The company mail
- Company registration date
- The physical address of the business.
Verifying a company name on our portal attracts no cost or subscription. It is absolutely free, fast, and convenient.
Guides to verifying a company on our platform
- Visit our website
- Click on verification on the home page
- Select the “Verify business name” option
- Enter the company name correctly on the search box
- Alternatively, if you don’t know the company name number, enter the company name correctly.
- Click on “Verify”
- The verification will be successful if the company is truly registered and the number or name entered match up with any result on the CAC database.