In this post, you will learn how to upgrade, change or convert your business name to a limited company. You will discover the steps for the upgrade, whether DIY or with a CAC accredited agent.
First, you may want to know the differences between a business name and a limited company
Upgrading your business name to a limited company is a pivotal step that significantly boosts your brand’s credibility and unlocks new opportunities for growth and investment and this detailed guide will navigate you through the essential steps.
Whether you choose to manage the process on your own or leverage the expertise of an accredited CAC (Corporate Affairs Commission) agent, we cover all the bases to ensure a smooth and successful upgrade.
Requirements to Convert a Business Name to a Limited Ltd Company
1. Ltd Company Details
- Company Email Address
- Company Phone Number
- Company Registered address (State, LGA, CITY/TOWN, House or Building number, Street Name)
- Branch address if any
2. OBJECTS OF MEMORANDUM (That’s the objectives of the company)
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3. Article of association.
4. Directors, Share Holders, Secretary, Witness Details — (At least one Director, Shareholder & witness is needed. Secretary is optional) — The details include,
- Surname, First name, other name
- Phone number
- Gender
- Occupation
- Date of birth
- Residential Address (Country, State, Lga, City/Town, House Number, Street Name),
- Work Address (Country, State, Lga, City/Town, House Number, Street Name)
5. Person with significant control PSC Details (OPTIONAL)
(That is if there is any other person who is not among the Directors, but can control the affairs of the business, like making appointments etc)
Upgrading on your own
Upgrading your business name to limited Ltd Company on your own, can be very daunting and time consuming. But if you have all the time to spare, then below is a step by step procedure to guide you.
However if you would wish for a CAC accredited agent to assist you on that, you can quickly chat with us now.
Step-by-Step Guide to Upgrade a Business Name to a Limited Ltd Company (DIY)
- Ensure Compliance
- Check Name Availability
- Draft and Submit Your Application
- Receive Your Consent Code
- Complete the Formal Documentation
- Pay the Prescribed Fee
- Submit Your Forms and Payment Confirmation
- Receive Your New Certificate of Incorporation
Taking the DIY route to convert a business name to Limited Ltd Company requires meticulous attention to detail and strict adherence to legal standards.
Note: Before CAC would allow a business name to be changed, converted or upgraded to a Ltd company, the business name must have paid his annual returns up to date.
1. Ensure Compliance
Start by confirming that all annual returns for the business are current. This compliance check is critical for a seamless transition and cannot be overlooked.
2. Check Name Availability
Before anything else, verify that the desired company name is not already taken. This can be conveniently checked through the CAC’s online portal. This preliminary search gives you an insight as to whether your proposed name is already taken or not.
However, the preliminary search is not a guarantee that your proposed name would be approved and reserved by CAC. The only guaranteed way to be sure is by applying for a name reservation through a paid name search.
3. Draft and Submit Your Application
Prepare a detailed application for the Registrar General of the CAC, including your business details and the intended new name. Send this application to the CAC office in Abuja at Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama.
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4. Receive Your Consent Code
After processing your application, you will be issued a consent code—a crucial piece for moving forward with the upgrade.
5. Complete the Formal Documentation
With your consent code in hand, access the CAC portal to fill out the statutory forms concerning your directors, shareholders, and company secretary.
6. Pay the Prescribed Fee
The necessary fees can be paid online through the CAC portal.
7. Submit Your Forms and Payment Confirmation
Submit the completed forms along with your payment confirmation to the CAC for final processing.
8. Receive Your New Certificate of Incorporation
Once all documents are verified and approved, the CAC will issue your new certificate of incorporation, marking your business’s new status as a limited company.
Upgrading using an Accredited CAC Agent
For many business owners, using an accredited CAC agent to upgrade their business name to Ltd Company can simplify and speed up the process significantly.
You can as well engage us today for that accredited agent assistance. Simply chat with us using the green chat button below.
Steps Involved to Covert a Business Name to a Limited Ltd Company through a CAC accredited agent.
Provide Necessary Information
Furnish your agent with your existing business details eg, business name, BN number and the desired new name, along with any other pertinent changes like directorship or operational scope adjustments.
Note: Before CAC would allow a business name to be upgraded to a Ltd company, the business name must have filed her annual returns up to date.
Let the Agent Handle the Paperwork
Your agent will conduct all necessary checks, complete the forms, and manage the submission through their portal.
Duration to convert a Business Name to a Limited Ltd Company
Typically, the upgrading process through an agent is completed within about two weeks.
Cost to Upgrade a Business Name to a Limited Ltd Company.
The cost to upgrade your business name to Ltd company ranges from 50k to 70k depending on the agent handling your upgrade . With us, it cost 65k
Why Choose an Accredited Agent?
Working with an accredited CAC agent comes with numerous benefits. They navigate the complexities of upgrading your business name to a limited company, managing all the details so you can focus on your business operations without hassles.
Conclusion
Converting to a limited company marks a key phase in your business journey. Let us help you navigate this process with ease and confidence.
Click the green chat button now for personalized assistance!. We have assisted a handful of businesses upgrade their business names to Limited Ltd Company
Frequently Asked Questions
1. What are the benefits of upgrading to a limited company?
Upgrading to a limited company not only enhances your business’s professional image but also provides limited liability protection and offers tax benefits, which are essential for growth and attracting investments.
2. How does using an accredited agent simplify the upgrading process?
Accredited agents streamline the process by handling all the paperwork, ensuring compliance, and interacting directly with the CAC, making your transition quicker and error-free.
3. What is a consent code, and why is it important?
A consent code is a unique identifier issued by the CAC once your initial application is approved. It is crucial for accessing the CAC portal to complete the necessary forms and payments.
4. Can I change the business name and other details during the upgrade?
Yes, the upgrade process provides an opportunity to change your business name, address, and directorship details, making it an ideal time to update your company’s records.
5. What if I have not kept up with annual returns?
Without paying up your annual returns up to date, CAC would not attend to the upgrade application request.
