How to Register a company in Nigeria with Cac To register/incorporate a business, you must first understand what a business is. A company is a sort of business organization in which the legal position of the company is separated from the legal status of the proprietor/promoter. ‘Corporate personality’ is a term used by the company. There are several advantages to forming a business, and you can learn about some of them in this article: 7 Advantages of Forming a Business.
There are two types of businesses: private and public. Only private companies will be discussed in this article. A company limited by shares, a company limited by guarantee, and an unlimited company are the three forms of private companies. Because private firms limited by shares account for the vast majority of enterprises in Nigeria, we shall focus only on them in this essay. The Company and Allied Matters Act is the Nigerian law that governs the regulation of businesses (CAMA). It covers the many forms of business structures, as well as eligibility, the registration/incorporation process, and operating requirements. The Corporate Affairs Commission is the regulatory authority in charge of enforcing the CAMA’s requirements (CAC).
How to Register a company in Nigeria with Cac
Step 1: Create a name for your availability/reservation.
The name availability search is the first stage in forming a company in Nigeria. At this point, you should check to see if the name you wish to use to register your business is available and not already in use. A search can be done in two ways. On the CAC website, you can conduct a free public search. http://publicsearch.cac.gov.ng/comsearch/ There is a public search tool on the website that you can use to make an initial free search – http://publicsearch.cac.gov.ng/comsearch/
After you’ve completed this search and determined which name you want to use and confirmed that it’s not already in use by someone else, you can utilize the CAC web portal to do an official search. The search costs N500 (five hundred naira), and you can reserve your name for 60 days if it is available.
It’s crucial to remember that while reserving a name, you should pick one that is quite unique (you should have at least 2 options). You should avoid using generic names because they are almost certainly already taken. You’re also not allowed to use certain names –
“Chamber of Commerce,” “Federal,” “National,” “Regional,” “State,” “Government,” “Municipal,” or “Chartered,” “Cooperative,” or the terms “Building Society”; or “Group” or “Holding”; or “Group” or “Holding”
Names that, in the Commission’s opinion, are likely to mislead the public about the nature or scope of the organization’s activities, or are undesirable, offensive, or otherwise contrary to public policy;
Names that, in the Commission’s opinion, will infringe on any existing trademark or business name registered in Nigeria unless the trademark or business name owner’s approval has been acquired.
Step 2: Register the Shareholders’ Information
A private corporation in Nigeria must have a minimum of two members and a maximum of 50 members, according to Nigerian legislation. The founding members must not be under the age of 18 (unless at least 2 additional members are over the age of 18), of unsound mind, an undischarged bankrupt, or otherwise barred from serving as a Director by CAMA.
Names of shareholders, residential address, employment, email address, and cell phone number are among the details you’ll need to provide. You’ll also need to bring a recognized form of identification, such as an international passport, a driver’s license, or a national identity card.
Step 3: All the necessary documentation needed
The following documents are necessary for a company’s registration:
Articles of Association and Memorandum
Notice of the business’s registration address, particulars, and approval of the company’s first Directors
Legal practitioner’s statement of compliance
Individuals can obtain all essential papers from the CAC portal under the new CAC process. Please keep in mind that the CAC portal only provides templates for the Memorandum of Association and Articles of Association, so if your field of business necessitates unique documentation, you should consider having them professionally created by a lawyer.
Payment, submission, and pick-up are the final steps.
Once you’ve made the necessary payments online (the amount varies depending on your company’s share capital), you may upload all of your documentation and your submission will be complete. If the CAC has any questions after you submit your application, they will contact you. If there are no questions, the CAC will notify you when the registration is complete, and you can then pick up your certificate of incorporation from their office. How to Register a company in Nigeria with Cac
If you’re interested in learning more about the CAC’s registration process, visit their website at . https://pre.cac.gov.ng/ Post-Incorporation Obligations
There are a few things you must do after receiving your Certificate of Registration/Incorporation, and failing to do so could result in fines:
Companies must register with the Federal Inland Revenue Service (FIRS) Special Control Unit Against Money Laundering for income tax and value added tax (SCUML) Registration is required (if applicable)
Every year, every firm is required to hold an Annual General Meeting (AGM)
Annual returns are due 42 days following the AGM. How to Register a company in Nigeria with Cac