17/10/2023
SIX FACTS TO KNOW ABOUT A COMPANY
Let me clarify some misconceptions about setting up a company.
1.First of all, understand that a company is a creation of law.
It is a legal entity recognised by the law as an artificial person with all the powers of a natural person.
2. Contrary to what you may or may not already know
You do not need a physical office to establish a company.
Stop procrastinating and waiting for when you would have a physical office address before setting up your company in Nigeria
Your company as an artificial person can reside in your home.
So yes you can use your residential address as your registered company address.
3. You do not need so many people to float a company.
I personally don't think as a fresh company, you should have more than 3-5 members or shareholders at the early stage
Investors who would otherwise have funded you will be wondering why you still need funding when you can just raise the funds from your numerous shareholders.
4. A company is not actually the physical building neither is it the people running it.
A company is just a legal fiction.
That is why the company may continue to exist even though all the people are dead and the building has collapsed.
Likewise, The company may die or cease to exist even though the building is still standing and the people still living.
5. You do not need to have physical branches of your business scattered all over the country just to prove a point to your competitors.
Understand that you are not in competition with anybody.
Grow at your own pace
6. Finally don't shoot yourself in the leg by trying to become the CEO as well as the lawyer in your business
Please, if you can afford it, get your company it’s own company lawyer, more like a legal bodyguard your business will thank you for it.
If you need help with registration of a Company in Nigeria, please send me a message through the the WhatsApp group below
