Post-Incorporation Company Filings

After the registration/successful set-up of a company, there are usually measures that must be taken by its management as part of its post-registration compliance requirements laid down by the Corporate Affairs Commission (CAC).

This article will be looking at a list of these mandatory post-incorporation filings which can lead to sanctions from punitive fines imposed by the CAC to even striking off the name of a defaulting company from the CAC company register in the event of a compliance default.

These filings are as follows :- 

1. Registration of increases in Share Capital :- Which must be evidenced by a company resolution.

2. Notices of changes in the company’s name

3. Registration of Charges :- Charges are loans taken by a company which must be reflected in its company records and with the CAC. This comes with a 0.35% charge on the loan transaction value imposed by the CAC.

4. Notices of Voluntary Striking-off :- This is simply the voluntary liquidation by a company asking the CAC to strike off its name from the register of companies.

5. Annual Return Filings :- This is a foundational post-incorporation filing which must first be attended to by all businesses in Nigeria in order to make every other filing. Failure to send annual return filings to the CAC will attract default fees for each default year. Every company shall deliver an annual return to the CAC except in the year of incorporation/ 1st year of a company’s existence.

6. Relisting :- This applies to companies that had their names struck off from the register of companies initially and which are seeking to be relisted.

7. Same-day post-incorporation filings

8. Notices of changes in the particulars of a company secretary and directors.

9. Extensions of time to hold Annual General Meetings.

10. Notices of Exemption :- This is for companies that fall under the exempted company category.

11. Annual Reports of Foreign companies :- This is a mandatory post-incorporation filing for all foreign companies in Nigeria.

11. Changes of the company’s status as a public or unlimited company (this must be done within 90 days)

12. Returns on company share Allotments

13. Notices of  the appointment/removal of a company auditor.

Corporate Partnerships in Nigeria

Due to the Companies and Allied Matters Act (CAMA) 2020, partnerships which were formerly under the jurisdiction of statutes of general application and the partnership laws of various states of the Nigerian Federation, are now under the jurisdiction of the Corporate Affairs Commission (CAC). 

This article will be dealing with the general Regulatory Framework governing partnerships as business models in Nigeria currently, with a focus on :- 

– What partnerships are . 

– The types of partnerships in Nigeria. 

– The liability coverage applicable to each type of partnership in Nigeria. 

– The requirements for the registration of partnerships in Nigeria. 

What is a partnership? 

A partnership is a legally binding alliance between 2 or more people geared towards the operations of a business on a profit & liability sharing basis. This differs from companies that rely mainly on share structures or guarantees. 

Which businesses are best suited for partnerships in Nigeria? 

The businesses best suited for partnerships in Nigeria are usually Professional service firms such as Law firms, Audit & Actuarial service firms, or companies seeking a quicker alternative to setting up a Consortium structure. 

What are the types of partnerships in Nigeria? 

The types of partnerships in Nigeria currently are :- 

1. General Partnerships :- This is a partnership involving at least 2 partners agreeing to share the assets , profits and liabilities of the business. 

2. Limited Liability Partnerships (LLPs) :- A partnership formed and incorporated as an entity separated from its member partners. 

3. Limited Partnerships :- These are partnerships with at least 1 general partner and a limited partner.

What are the registration requirements for setting up a partnership in Nigeria?

 The requirements for setting up a partnership are :-

– 2 proposed names of the partnership(for limited partnerships & LLPs, the words “Limited Partnership” or  “LP” and “LLP” abbreviations respectively must be attached at the end of each proposed name)

 – A Business & email addresss for the partnership

 – The personal information of all the partners (phone, email & birth date details)

 – Valid means of Identification for all partners.

 – Passport photographs of the partners.

 – An executed partnership agreement.

How long does it take to register a partnership with the Corporate Affairs Commission?

 The registration process for a partnership takes a period of 1 week – 1 month to be completed.

Barely a week after Elon Musk took over ownership of Twitter, nearly half of the company’s workforce, 3,700, have been asked to take their matching orders in a message sent to them via their official email on Friday. The massive layoff has engendered a tough snarl among affected workers, many of whom have threatened with a lawsuit and deactivated their Twitter accounts.

Despite the recent developments, the new Twitter boss appeared to be unruffled. In a tweet Mr Musk was reported to have made on Friday morning, it was made known that the decision of the company to lay off its workers is due to the company’s excessive weight which has been taking a toll on its capacity to stay afloat. According to Musk, Twitter has been losing $4 million per day because of its large workforce…. “This has left the company with no choice but to let some people go” he said.

However, Mr Musk noted that everyone affected by the layoffs has been given three months of severance packages, which is 50% higher than legally required. According to him:

“Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required.”

Musk had earlier announced that users would be made to pay $8 a month to get/retain their blue thick verification badges, an incremental innovation by Musk. Even though this had initially generated negative reactions from some users, the blue bird owner insisted there is no going back on the plan. He tweeted: “Trash me all day, but it’ll cost $8.”

Tech leaders have voiced their concerns about the new development on Twitter. A Linkden post by Olu Akanmu, president and co-CEO of Opay, African based fintech company draws to mind why Musk’s sudden pruning and aggressive posture may be much more than meets the eye. The post went thus:

”Twitter will ultimately be a test of whether the long term performance of an organization is correlated to the moral/employee engagement of its people; whether an organization whose success has been historically driven by some significant moral purpose could remain enduringly successful with inflexion of its purpose into sheer, crude and cold blooded mercantilism; whether it is not true definition of genius that geniuses do not know it all; whether in a complex knowledge world of overlapping games and players, whether an emperor I know it all leadership style can create a sustainable long term value and at what point does genius overconfidenly stretch itself into hubris”

Responding to the post, Eyitayo Ogunmola, founder and CEO of Utiva, a Nigerian based international Edutecth company, said the following:

“The Unseen reality is that there is a cohort of folks (tech and non-tech )that align with the vision and direction of the new leadership.

“I would say this will be about 3 things:

“Are the leaders able to attract the talents that align with the new direction?

“Are they able to push innovations that users desperately want? I think there are million of folks that want the blue thick subscription.

“Are the leaders able to leverage the media controversy to build hype for the brand now?”

The purchase of crypto assets is currently one of the most novel and unique methods to invest your money.  For the past several years, it has become clear that this is the direction in which financial markets are headed. The blockchain technology that underpins cryptocurrency will also power many other industries.

Although cryptocurrencies are highly risky investments, their immense profit potential makes up for the volatility. Those who recognized the potential of cryptocurrencies and accepted them early stand to gain the most from the current market situation.

This is how things will always be, and the most successful people are those who are quick to recognize and capitalize on promising developments. For those looking to capitalize on the upcoming bull run, Big Eyes Coin (BIG), Solana (SOL), and Cosmos (ATOM) are three essential cryptocurrencies to own. Find out why in this article.

Solana: Cheap And Fast Transactions

Since it was first released in 2017, the decentralized blockchain known as Solana has amassed many users. Since then, the value of Solana has skyrocketed, becoming one of the most well-known and influential cryptocurrencies worldwide.

Solana’s native token, SOL, is the network’s cryptocurrency. One of the numerous advantages of utilizing the Solana platform is the reduced transaction costs provided. This is only one of the many advantages. Approximately 65,000 transactions per second can be processed by the blockchain.

Solana is a hybrid protocol that combines the best features of both consensus methods to be a true cryptocurrency for beginners. Solana uses only the Proof-of-Stake and Proof-of-History consensus procedures, in contrast to tokens, which use either the Proof-of-Work or Proof-of-Stake approaches.

Cosmos: Linking Multiple Blockchain Networks

The Cosmos (ATOM) cryptocurrency is quickly becoming the cryptocurrency industry standard for interoperability solutions. The network intends to be an open-source platform for facilitating transactions between various blockchain networks, earning it the moniker “Internet of Blockchains.”

Instead of focusing on its network, it aims to facilitate the transfer of data and assets between ecosystems of networks. Tokens called ATOM power the Cosmos network, which is a Proof-of-Stake system. Among the most recent innovations is EVMOS, which aims to link blockchains compatible with the EVM standard to the Cosmos network.

Big Eyes Coin: A New Meme Currency On The Rise

Since its presale, this new meme coin has been a major talking point in the cryptocurrency industry. It is a meme coin project you shouldn’t overlook because of its rapidly expanding user base and sustained market interest. Due to its remarkable progress, Big Eyes Coin (BIG) has been compared favorably to other leading cryptocurrencies.

Over a million was raised in the first week of the presale for Big Eyes Coin, and more than $9 million has now been generated at the time of writing. This successful run of the cryptocurrency project can be attributed to some things, including the fact that it was promoted through several contests and other marketing initiatives.

Creators of Big Eyes Coin guarantee that their cryptocurrency isn’t “simply another meme coin.” There’s no doubting its value in DeFi, and a portion of the profits from this effort will go to charity. Two hundred billion BIG are available, with roughly eighty percent available for presale.

The quantity available during each presale phase is limited. The first four rounds of the presale are completely sold out, and the fifth is almost over. The cryptocurrency asset’s presale may soon end, proving to be a significant oversight if it subsequently enjoys a price increase.

Click on the following links to learn more about Big Eyes Coin (BIG):

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Despite this year being a difficult time for many cryptocurrencies, people are still actively searching for ways to gain financial fruition outside of using centralised banking institutions. With the popularity of non-fungible tokens (NFT) on the rise, multiple blockchain networks are looking to capitalise on this niche by having their marketplace catered to the NFT realm. Big Eyes Coin (BIG) is a meme token newly launched into the world of crypto that aspires to have its NFT marketplace reach the top ten.

Ethereum’s CryptoPunks and Solana’s Solanart are currently two of the most prominent NFT marketplaces in crypto. This editorial will explore all three marketplaces, reviewing whether Big Eyes Coin can reach its NFT into the top ten.

What Does Big Eyes Coin Do Differently?

Big Eyes Coin (BIG) has managed to gain significant traction online through its unconventional marketing strategies, utilising a feline avatar with wide pupils to target the ‘cute’ market, which the BIG team claims are worth $1 billion. Having their crypto coin centred around a cat already diverts from how meme coins such as Dogecoin, Shiba Inu and Floki Inu brand themselves, usually having dogs as their mascots.

BIG’s objectives are to protect an important part of the world’s ecosystem, the ocean while wanting to transfer affluence into the decentralised finance (DeFi) ecosystem. The blockchain network wants to be beneficial by providing a charity wallet, with 80% of the 200,000,000 tokens available being donated to sea conservation organisations.

BIG also has ambitions to create a one-of-a-kind NFT collection through which content creators may sell their products. Their NFT marketplace is called the ‘NFT Sushi Club,’ and it is a club for NFT holders who enjoy owning cute products, eating fish, and having fun. Once this collection enters the top ten markets, every income generated by these NFTs will be used to vote on whether to burn or not burn. If Big Eyes Coin continues to rapidly rise in popularity, then its NFT marketplace will likely have a solid trajectory.

Why Ethereum’s CryptoPunks Is So Successful

Ethereum (ETH) is the second most popular cryptocurrency in the metaverse. It has the most developed crypto ecosystem, with multiple large Ethereum-based blockchain networks. Ethereum is primarily known for pioneering the incorporation of smart contracts into blockchain technology, allowing agreements between multiple parties to be executed without a third party’s involvement.

CryptoPunks, one of the most successful NFT collections in the crypto industry, is powered by Ethereum. The Larva Labs firm was created in 2017 by two Canadian software engineers, John Watkinson and Matt Hall. It’s composed of a spate of 10,000-pixel art figurines, each with its distinct personality.

Initially, the CryptoPunk trinkets were available for free. However, these days, the only way to obtain one is to purchase it. Keep in mind that buying one is a costly option. 75.95 ETH ($81,262.70) is the cheapest CryptoPunk. On September 28, 2022, CryptoPunks NFT #2924 sold for almost $4.5 million in ETH, making it the highest single NFT sale in recent memory. CryptoPunk’s high worth may also be connected to the fact that it is one of the earliest NFTs, which confers cultural importance in crypto.

Discover And Trade NFTs Efficiently With Solanart

Solana (SOL) describes itself as a highly functioning open-source project that leverages the permissionless nature of blockchain technology to empower users with decentralised banking solutions. The platform was created in March 2020, when several European nations were going into national lockdown due to the COVID-19 pandemic.

Due to its notable characteristics like as rapid transaction speed and proof-of-history consensus, Solana quickly adopted the moniker “Ethereum Killer.” One of Solana’s main attractions is its NFT marketplace, Solanart, a trustworthy leading NFTs marketplace with over 1350 Solana NFT collections. It displays NFTs for sale on the main page by utilising off-chain data kept in a database.

Solanart’s “Global Offer” feature distinguishes itself by giving liquidity to sellers without altering a collection’s floor price. Furthermore, this offer allows you to bid on any NFT in a series. In addition, Solanart will soon accept worldwide bids on NFT traits.

Find Out More About Big Eyes Coin (BIG) In The Links Below:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL