How to close your Business Name in Nigeria

How to close your Business Name in Nigeria

December 15, 2021

After incorporation of a business, the proprietor or proprietors of the business can decide to close the business name on reasonable grounds or upon the death of a proprietor, the Legal representative can apply for the business to be closed. The process of closing a business name in Nigeria is called cessation of business.

To apply for cessation of business, the applicant must provide a consent letter for the cessation of business addressed to the Registrar of the Corporate Affairs Commission (CAC). A death certificate would be required where the proprietor is dead and the identification card of the Legal representative. Where the proprietor(s) is applying for himself/herself, his/her identification card would suffice.

The application is usually done on the CAC  post-incorporation portal by an accredited agent of the Commission.

Before any cessation can be concluded the applicant must have filed up to date Annual Returns.

Team 618 Bees

 

618 Bees can help you quickly and easily help you apply for the Cessation of your Business Name in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the Corporate Affairs Commission (CAC).

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • If I have NAFDAC Registration number, do I still need SON registration number?

    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • Can industrial design be protected under copy right law?

    Yes, it can be protected under copyright law as a work of Art.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • Does Trademark registration protect my website domain name?

    Yes, it does.
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