Conversion of Business Name to Private Limited Company (LTD)

NGN55,000.00

Upgrade Your Business Name to LTD with CAC

Transform your Business Name (Sole Proprietorship or General Partnership) into a Private Company Limited by Shares (LTD) with the Corporate Affairs Commission (CAC) for enhanced protection and growth. SplashDict’s CAC-accredited chartered secretaries handle the conversion seamlessly.

✔ Filing of Conversion/Re-registration of Business Name to Private Limited Company with CAC.

✔ All CAC filing fees included—no extra charges.

Receive CAC Status Report, Certificate of Incorporation, and Memorandum and Articles of Association (MEMART).

Tax Identification Number (TIN) issued upon incorporation.

Fast processing: 2-10 business days.

*Select Share Capital:

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Benefits of Sole Proprietorship Business Name

Key Features of the Conversion Process: Business Name to Limited Company

Seamless Transition: Upgrade your Business Name (Sole Proprietorship/Partnership) to a Private Limited Company (LTD) with the CAC.
Retention of Business Identity: Maintain your existing business name with “Limited” or “Ltd” as a suffix, subject to CAC approval.
Legal Entity Creation: Transform your business into a separate legal entity distinct from its owners, ensuring limited liability protection for personal assets.
Limited Liability: Shareholders’ liability is limited to the amount unpaid on their shares, protecting personal assets from business debts.
Private Ownership: Shares are privately transferable; public trading or offering shares to the public is prohibited.
Membership and Shareholders: A Private Limited Company must have at least one member, who can also be a director, and can have up to 50 shareholders.
Board of Directors: Small companies require a minimum of one director, while other companies must have between two and fifteen directors.
Company Secretary: While it is optional for small companies, Private companies (other than small companies) are required to appoint at least one (1) qualified secretary.
Company Secretary: While it is optional for small companies, Private companies (other than small companies) are required to appoint at least one (1) qualified secretary.
MEMART: Private Limited Company requires a Memorandum of Association (MOA) and Articles of Association (AOA), collectively known as MEMART, outlining the company’s objectives and internal rules.
Small Company: This company has a turnover of not more than N120 million and a net asset value of not more than N60 Million. Small companies do not have to hold annual general meetings, appoint auditors, or appoint a company secretary.

Requirements for Conversion of Business Name to Private Limited Company with CAC

Up-to-Date Annual Returns: All outstanding annual returns for the Business Name must be filed.
Business Name Certificate: Provide the original Certificate of Registration.
Proposed Company Names:Submit at least two proposed names for the new company (including the existing name with “Limited” or “Ltd”).
Consent Letter: Provide a consent letter from the proprietor(s) authorizing the conversion.
Principal Business Activity: State and describe the principal activity or activities the company will engage in, classified under business objectives.
Registered Office Address: Provide a physical address in Nigeria for official correspondence, along with the head office address if it differs from the registered office.
Articles of Association: Outline the internal rules governing the company’s operations, including the management structure, rights, and obligations of directors and shareholders.
Objects of Memorandum: Define the company's objectives and business activities, outlining the scope of operations.
Particulars of Secretary (Optional for Small Companies): Details include - Full name, Address, Valid identification, and Signature. Private companies (other than small companies) are required to appoint at least one secretary.
Particulars of Director(s): Details include - Full name, Address, D.O.B, Gender, Occupation, Valid identification (e.g., National ID, Driver’s License, Passport, or Voter’s Card), and Signature.
Only small companies may appoint only one director. Every company that is not a small company must appoint at least two directors.
Particulars of Persons with Significant Control (PSC): Details of individuals or entities that hold more than 25% of the company’s shares or voting rights, or otherwise exert significant influence over the company.
Statement of Issued Share Capital: Provide the total number of issued shares, their nominal value, and share classes (e.g., equity or preference), with a minimum authorized share capital of ₦100,000 (One Hundred Thousand Naira Only).
Particulars of Shareholders (Members & Subscribers): Include full name, address, occupation, valid identification, signature, number of shares held, nominal value of each share, and payment details. At least one shareholder is required (maximum of 50).

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Benefits of Sole Proprietorship Business Name Registration

Benefits of Upgrading a Business Name to a Private Limited Company

Limited Liability Protection: Shareholders' personal assets are safeguarded, as liability is limited to unpaid shares.
Separate Legal Entity: The company operates independently, can own assets, enter contracts, and sue or be sued in its own name.
Enhanced Credibility and Professionalism: Operating as a Private Limited Company (LTD) projects a more professional image, boosting trust with clients, investors, and partners.
Perpetual Succession: The company continues to exist beyond the founders' lifetimes, ensuring business continuity.
Access to Funding and Investment: Easily attract investors, secure loans, and raise capital by issuing shares.
Tax Advantage: Small companies with an annual turnover of less than ₦25 million are exempt from Company Income Tax (CIT).

Business Name Post-Registration

Re-register Business Name as Private Limited Company in Nigeria

Here's how SplashDict's CAC-accredited Experts can assist you:

Conversion Filing: We convert your Business Name to a Private Limited Company (LTD) with the Corporate Affairs Commission (CAC) on your behalf.
Documentation: We prepare and manage all required filing documents.
Transparent Pricing: All CAC registration fees are included—no extra charges.
Quick Turnaround: Receive your CAC Status Report, Certificate of Incorporation, and Memorandum and Articles of Association (MEMART) within 2-10 business days.
Continuous Support: We assist with future compliance and statutory needs.