Did you know that you can register a company that shall own all your assets? Here at Thebioscript.com we offer financial and business advice. One of the major advantages is that the ownership of all items pertaining to you can be shared among shareholders of your choice. That aside, transferring your vehicle to your company`s name can get you a lot of advantages. Here is how to transfer your car to your company- step by step guide. This gives you space for a myriad of activities and avoids a million and one challenges faced people who own property in their personal names.
How to Transfer Your Car to Your Company on eCitizen: Step-by-Step Guide
Login to Ecitizen account by the details of one appointed director.
Please note that you will only be successful in this process if you are either a director of the company, an official of the company or authorized person to perform the affairs of the company on NTSA. If you have not been appointed to serve as either director, authorized person or official, then you will have to add organization to the account of at least one director to be able to conduct any business of the company. We will provide a detailed process of how to add organization to a director`s account in another article.
Select the section to log in as the director not the company
Under this subheading, a list of vehicles owned by the director will appear. Choose the vehicle you wish to transfer and click on it. Navigate to moto vehicle services and click on it. A section with all the business that can be conducted on the vehicle will appear. Click on Transfer Vehicle.
Confirm all the details of the vehicle
A breakdown of all the details of the vehicle will appear here . Confirm all the details to be correct as you navigate down to the section that requires you to upload the logbook. If all details are correct, for example the registration details, chasis number and the current owner is correct, proceed to logbook upload.
Upload Logbook
Now upload a scanned colored copy of the logbook. Ensure the size of the logbook is a below 5mb. If the pdf size exceeds the limit, compress the pdf here, download and upload back to the site. After successful upload, proceed to click on the next button.
Enter the Details of the New Owner
Now enter the details of the new owner or company. Key in the pin of the company in the new owner section. Click on the Search to fetch the details of the company. Make sure the names match to the name of your company. You may add financier where the car will be owned by two individuals one being a bank, Sacco or micro finance institution.
Pay for the Transfer Service
Now pay for the service via the given options. Please note that this service is real time. After confirmation of payment, you can now click on complete button. Congratulations, you have now transferred your vehicle to your company.
Accept Ownership of the Vehicle in the company
This is one of the most important sections. Accepting the ownership of the new logbook will only be possible where the director has already added the organization/company to their account. We have prepared a detailed process of how to add organization to your NTSA site.
NOTES
Doing it through eCitizen makes the process smoother, faster, and fully legal. Advantages of Transferring Your Car to Your Company
- Tax Benefits – Owning a vehicle under your company can help claim expenses like fuel, maintenance, and insurance as business deductions.
- Asset Management – The vehicle becomes a company asset, making it easier to track, insure, and manage for business use.
- Professionalism – Using a company-owned vehicle enhances your business image when dealing with clients and partners.
- Liability Protection – The vehicle’s ownership under the company limits personal liability in case of accidents or damages.
- Simplified Financing – Companies often have better access to vehicle financing or leasing options.
