Control
over business enterprises by the government begins at the very inception of the
enterprise or business
over business enterprises by the government begins at the very inception of the
enterprise or business
Business
Registration (CAMD 1990)
Registration (CAMD 1990)
Those
wishing to incorporate a business must meet the provisions laid down by the
wishing to incorporate a business must meet the provisions laid down by the
company and allied matters decree of 1990
Specifically
a formal application is to be filled with the registrar of companies in the
corporate affairs commission (CAC). The application must be supported with the
necessary document including the Article and Memorandum of Association.
Approval for incorporation is given by the issuing of the certificate of
incorporation by the registrar of companies. A similar but less cumbersome
procedure must be followed by individuals or business partners that want certificate
of registration from the same office before commencing operation
a formal application is to be filled with the registrar of companies in the
corporate affairs commission (CAC). The application must be supported with the
necessary document including the Article and Memorandum of Association.
Approval for incorporation is given by the issuing of the certificate of
incorporation by the registrar of companies. A similar but less cumbersome
procedure must be followed by individuals or business partners that want certificate
of registration from the same office before commencing operation
At
state level, enterprises are required to obtain registration of business
premises which are renewable on annual basis. A similar registration is
required by some local government in Nigerian urban centres
state level, enterprises are required to obtain registration of business
premises which are renewable on annual basis. A similar registration is
required by some local government in Nigerian urban centres
Since
1984, incorporated firms are required to pay certain amount of money for those
years when the companies remain dormant following incorporation. Once operation
have started, manufacturing enterprises required obtaining Excise duty number
from the department of customs and excise and this is to be clearly displaced
at factory premises
1984, incorporated firms are required to pay certain amount of money for those
years when the companies remain dormant following incorporation. Once operation
have started, manufacturing enterprises required obtaining Excise duty number
from the department of customs and excise and this is to be clearly displaced
at factory premises
All
business enterprises whether manufacturing or not are required to file certain
returns with various state departments. And some of these are :
business enterprises whether manufacturing or not are required to file certain
returns with various state departments. And some of these are :
a.
An annual auditor account with Ministries of Finance on the bases of
which income taxes are assessed. Since 1987, the income statement must be
accompanied with the statement of expenses on the bases of which the company or
enterprise arrives at its profit before tax. While business enterprises have
the right of appeal against tax assessment considered arbitrary and unfair.
They run the risk of paying a further 10% tax surcharge if they lose the appeal
or if the authorities consider the appeal to be frivolous
An annual auditor account with Ministries of Finance on the bases of
which income taxes are assessed. Since 1987, the income statement must be
accompanied with the statement of expenses on the bases of which the company or
enterprise arrives at its profit before tax. While business enterprises have
the right of appeal against tax assessment considered arbitrary and unfair.
They run the risk of paying a further 10% tax surcharge if they lose the appeal
or if the authorities consider the appeal to be frivolous
b.
All the incorporated entities are required to notify the registrar of
companies of changes in the composition and membership in their Board of
Directors
All the incorporated entities are required to notify the registrar of
companies of changes in the composition and membership in their Board of
Directors
c.
Business enterprises are required to seek approval for any proposed
change in their article and memorandum of associations or in their partnership
agreement as originally filled with the registrar of companies
Business enterprises are required to seek approval for any proposed
change in their article and memorandum of associations or in their partnership
agreement as originally filled with the registrar of companies
d.
The registrar of companies must be notified and his approval sought for
changes in business names that will require the issue of a new certificate of
incorporation or registration certificate
The registrar of companies must be notified and his approval sought for
changes in business names that will require the issue of a new certificate of
incorporation or registration certificate