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Top 12 Essential Post-incorporation Things to Know (Part B)

Top 12 Essential Post-Incorporation Registrations Every Business Owner Should Know About

Previously on this topic, we discussed 3 Post-incorporation filings to take note of that can be done after a business/company/incorporated Trutees has been registered with the CAC. These filings are important in order to remain complaint with the Corporate Affairs Commission for the legal standing and smooth running of your business.

Read About It Here.

Today, we’ll talk about 6 other filings.

  1. Increase in Share Capital
  • What it is: When your company decides to raise its share capital, you must register the change with the CAC.

  • Why it’s important: Filing this change ensures that your company’s financial records are accurate, and all shareholders are accounted for.

  • When to file: The application must be made within 15 days of passing the resolution to increase capital.

2. Filing Special Resolutions

  • What it is: Any major decision that requires a special resolution (e.g., changing company name, altering Memorandum of Association) must be filed with the CAC.
  • Why it’s important: Special resolutions are legal requirements for significant corporate decisions, and filing them ensures they are legally binding.
  • Examples: Changing the company’s name, increasing share capital, or amending the Articles of Association.

3. Changes of Company Name

  • What it is: Officially updating your company name with the CAC when a business decides to rebrand or change its identity.
  • Why it’s important: This ensures that the new name is legally recognized and that all other records (e.g., tax identification, bank accounts) can be updated accordingly.
  • How to file: The change must be approved via a special resolution and filed with the CAC.

4. Appointment of Company Secretary

  • What it is: Filing the appointment of a company secretary, especially if it’s a limited liability company.
  • Why it’s important: A company secretary is crucial in managing legal compliance, and their appointment must be registered.
  • When to file: As soon as the appointment is made.

5. Conversion from Business Name to Limited Liability Company

  • What it is: Changing the legal structure of your business from a registered business name to a limited liability company.
  • Why it’s important: This gives your business legal protection and corporate tax benefits.
  • How to file: Submit the conversion application to the CAC with the necessary documents, including a new Memorandum and Articles of Association.

6. Filing for Changes in Shareholders or Directors

  • What it is: Updating the records of the CAC whenever there’s a change in the shareholders of the company.
  • Why it’s important: It ensures that the CAC has the most current information about the owners of the company.
  • How to file: Submit the necessary forms along with supporting documentation for the share transfer or ownership change.

7. Dissolution or Winding up of Company

  • What it is: Officially closing down your company and notifying the CAC of its dissolution.

  • Why it’s important: Proper dissolution protects the company’s owners from future liabilities and clears any pending obligations with the government.

  • How to file: Submit a formal application for winding up with all required legal documents and court orders (if applicable).

These post-incorporation filings are crucial for maintaining your company’s legal standing and avoiding penalties. By staying compliant with the CAC, your business will remain on the right path for long-term success.

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