A lot of people might have wondered if a business name can be converted to an Limited Liability Company (LTD) or Public Limited Company (PLC), possibly for reasons of expansion in the future.
The answer is Yes! You can convert a business name to an LTD or a PLC.
Converting your business name to a company is like re-registering a new business. Hence, you need to do the following:
- Show proof of ownership that the business enterprise belongs to you.
- Search to know if the preferred name for your proposed company is available.
- Write a formal application to the Registrar General of the Corporate Affairs Commission (CAC) seeking consent to convert with payment of consent fee.
- Upon the grant of consent, you can now commence your registration and payment of the necessary application fees.
To read more on converting a to a LTD or PLC, see this
Upon completion of the whole process, a Company Certificate is issued by CAC.