Do Business Names Enterprises Need SCUML in Nigeria? The truth is that many business names do not need SCUML in Nigeria. However, if your business name is involved in any of the regulated business activities, you certainly need this certificate. Now, get the list of the Designated Non Financial Institutions (DNFIs) below.
Furthermore, this post gives you details of what you need to do if you are one of the Designated Non Financial Institutions (DNFIs). It also gives you details of the documents and other requirements for the application. We have here too referrals and links to other of our previous publications on this matter. And, if you desire to know more about SCUML and its applications, you simply click on the highlighted topics to get the relevant information. Now, read on.
As a matter of fact, if your business name needs a SCUML then it’s for a reason. This is because SCUML is charged with specified responsibilities. So, it has the responsibility of monitoring, supervising and regulating the activities of Designated Non Financial Institutions (DNFIs). In doing this it confines with the the Money Laundering (Prohibition) Act ML(P)Act 2011 and the Prevention of Terrorism Act (PTA).
In the end, your business name enterprise requires this SCUML certificate to open your business account. We had in our previous article on no SCUML no bank account detailed why you need this certificate. Just click here to visit the article.
Other references for Do Business Names Enterprises Need SCUML in Nigeria?
Furthermore, here are other references you may need to visit.
- SCUML DNFIS sensitized on obligations: This is how it goes
- 13 SCUML questions & answers: these are what you should know
- Requirements for SCUML registration In Nigeria: Here they are
Which Organizations Need SCUML in Nigeria now?
SCUML stands for Special Control Unit Against Money Laundering. SCUML 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 your company/business.
Generally, 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.
- And, 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.
Your incorporation MEMART or Business Objective:
This is where the issue lies. Yes; because your business may not be among those listed above but the memorandum of association of your business incorporation or business name object gives hint that you will be doing any of the listed business, you must get SCUML to operate a bank account. In fact, if your Memo or business object entails that you will be dealing with high-network activities, you certainly need this SCUML.
So, please note the above. So, that even if you classify your business under some category not mentioned above, 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. Now, this is where we ask, what can we do for you? Do you need your SCUML sharp sharp? Then, get us these requirements. Then, contact us.
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What we can Offer you here:
Furthermore, when it comes to what we can offer you, there are a lot to do for you my friend. In fact, we have a lot to do for your business start-up and growth. This is why our business development and support services offer you the following services;
- A bankable Business Plan for all scope of operation
- Train and apply for CBN/BOI/ NIRSAL MFB AGSMEIS and other loan facilities
- Register your business appropriately with C.A.C.
- Make incorporation changes for you @ C.A.C. – change of MEMART, Director, Shareholding etc.
- Render annual returns for you @ C.A.C. and obtain other certifications/reports for you
- Apply and obtain SCUML certificate for your banking purposes
- Apply and obtain contract bidding compliance certificates for you – PENCOM, NSITF, ITF, BPP IRR, Tax Clearance certificate
- Auditing Services and Tax management services
- Apply and obtain regulatory certificates – Import/Export licenses, NCC licenses, NAFDAC certificates etc.
- And other consultancy services.
Do Business Names Enterprises Need SCUML in Nigeria?
That is the question we answered in this post. So, you can now contact us on +234 8034347851 or 09053130518 (Office) or email@example.com.
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