We explained SCUML Registration and Requirements Car Dealership in this post as one of SCUML DNFI.
What is DNFI?
DNFI means Designated Non-Financial Institutions (DNFI). The statutory responsibility of SCUML is ‘to be a world-class regulatory unit – one that becomes a benchmark in the supervision, monitoring and regulation of the Designated Non-Financial Institutions (DNFI) as regards compliance to Nigeria’s Anti Money Laundering and Combating the Financing
Read: SCUML Registration Steps
Car Dealer SCUML Registration
A car dealer is anyone who sells cars. In Nigeria this sector may be informally classified into ‘‘organized’’ and ‘‘un-organized’’ car dealers. The organized car dealers are mostly owned by well established limited liability companies which hold franchise/distributorship of major car manufacturers around the globe.
The organized car dealers operate standard business practices and accounting procedure, and also have been known with imposing office edifice in high brow areas of major commercial cities in the country while on the other hand, the un-organized car dealers are mostly sole proprietorship or family owned businesses. Most of the un-organized car dealers operates from roadsides and has no permanent office premises. The un-organised car dealers dominate the market given the fact that they deal mostly on fairly used ‘tokunbo’ cars, which the majority of the Nigeria populace can afford.
It will interest to know that Car Dealers are one of the Designated Non-Financial Institutions (DNFI) in SCUML registration.
Read: Business/ Company Registration Service
CAR DEALER REQUIREMENTS WITH SCUML
The above DNFIs are required to provide their full incorporation papers for registration
a) Certificate of Incorporation/ Business Name
b) Article of Memorandum & Association/ BN01
c) Tax Clearance Certificate / FIRs TIN
d) Form co7 ( Particulars of Directors)
e) Professional Certificates
f) Company Profile
SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act ML(P) Act 2011 and the Prevention of Terrorism Act (PTA) 2011.