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Posts Tagged ‘Company Registration’

nig limted ii

August 25, 2011 Leave a comment

About three weeks ago, I received an email from my lawyer, Kunle M* notifying of his receipt of the search results. He did three searches – the first two were refused, and only SKA Pearl Kreations Nigeria Limited was successful, because SKA Nigeria apparently already exists.

It would seem I have met a brick wall as I will not have with SKA and Pearl Kreations combined as the company’s name. There is however a silver lining – SKA Nigeria Ltd is a moribund company; hence The SKA Group can still be registered and there are two options towards getting that done:

  1. Getting the Registrar of Companies to strike the moribund company off the Register of Companies. My lawyer’s contact at the CAC Headquarters in Abuja advised that it will be almost impossible to move the Registrar to strike out one company when more than sixty percent of companies on the register are dead! Besides that, the law apparently prescribes a procedure to be adopted before a name can be struck off and this procedure involves publication of warnings in national newspapers. If the striking has to be done, it would be done holistically and not just for one company.
  2. Applying for a ‘Change of Directors’, a ‘Change of Name’ or a ‘Report of Same Ownership’ of the moribund company i.e. declare that SKA Nigeria Ltd and The SKA Group Nigeria Ltd are owned by the same entity.

Obviously, my best option is the second, but I will need a copy of the Certificate of Incorporation of the moribund SKA Nigeria Limited! I began to wonder how I would find them and if it was worth the trouble.

Fortunately, I managed to get in contact with one of its (SKA Nigeria Limited) majority stakeholders and he has agreed to do the change directors. Even though a scanned copy of the Certificate of Incorporation would have to suffice, we set a tentative meeting date for sometime in December because I felt I should meet the gentleman in person. Also, I might as well go because I’m sure I will have a bunch of documents to sign in person -__-

nig limited i

January 18, 2011 Leave a comment

I’m so happy – The SKA Group is finally in the process of being registered in Nigeria.

A few hours ago, I met with my lawyer, Kunle M* at my residence to sign the documents for the registration. I have never ever ever ever signed so many documents! It was probably so many because I had to sign for two (2). I’ll explain – First, I had to sign for The SKA Group. As a Corporation, it is recognized as an independent entity under law. The SKA Group will own seventy percent (70%) of all subsidiaries. I also had to sign for myself as I will own thirty percent (30%) of them. My mum had to sign a couple too because unlike Canada, there has to be a minimum of two (2) directors for a company in order to have it registered in Nigeria; and I chose my mum. I will retain ninety percent (90%) ownership of the conglomerate, while she will have ten percent (10%) ownership. The conglomerate has to have the majority share of the companies in order to be the parent company. I don’t lose any control as I already own ninety percent (90%) of The SKA Group Inc. It took me a while to understand that lol.

I do not recall if I mentioned it in the last year’s post, but in Nigeria, the parent company plus each of the subsidiaries will have to be separately registered as individual companies. Once that is completed, the subsidiaries will then be consolidated under the parent company as subsidiaries. I initially thought it was total fee of N90,000 for the whole thing, but apparently, it is N90,000 per company including legal fees. That would make it a grand total if N810,000 for the parent company and its eight subsidiaries.

In order not to pull my hair out, I decided to register just two for now. Unfortunately, this means I have to endure another 14 hr flight back to Nigeria when it is completed. I was hoping I would be able to get all that done before returning. Oh well, more family time for me! I will put updates as it goes on as nig limited II, III and so on.

Cheers!