Categories of Non-financial Businesses That Require SCUML Certificate in Nigeria

Categories of Non-financial Businesses That Require SCUML Certificate in Nigeria

July 31, 2020

SCUML stands for Special Control Unit Against Money Laundering and it is issued by the EFCC (Economic and Financial Crimes Commission) as proof that a bank account is not being used for money laundering activities. The certificate is issued after a thorough background check of the applicant company/business.

The following non-financial businesses require SCUML certificate in Nigeria;

  • Dealers in luxury goods.
  • Dealers in jewelry.
  • Importers and dealers in cars or any other automobile.
  • Hotels and other hospitality businesses.
  • Tax consultants.
  • Audit firms.
  • Casinos, pools betting and other Lottery businesses.
  • Audit firms.
  • Accountants and Accounting Firms.
  • Consultants and consulting companies.
  • Clearing and settlement companies.
  • Trust and company service providers.
  • Estate Surveyors and Valuers.
  • Dealers in Real Estate, Estates Developers, Estate Agents and Brokers.
  • Dealers in precious stones and metals.
  • Dealers in Mechanized farming equipment and machineries.
  • Construction companies.
  • Non-Governmental/Non-profit organisations.
  • Mortgage Brokers.
  • Practitioners of Mechanized farming an such other businesses and professions as the federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

Please note that even if you classify your business under some category not mentioned here, you will still require SCUML Certificate if the objectives of your business as stated in the MEMART or Business Name Form covers any of the above listed areas.

Team 618 Bees

 

 

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

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • 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. 

  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties

  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.

  • What is data protection?

    Data protection is a legal process of protecting sensitive data.

  • Who benefits from copyright protection?

    The creator of a copyright work, usually referred to as the “author” of the work owns the copyright in the work in the first instance. However, the author is at liberty to transfer his rights to a third party. In such a case, the person who has obtained the right by transfer or other legal means becomes the owner of the copyright.

  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.

Call Us Now on +234 901 719 0079 Chat on WhatsApp