In Nigeria, all companies have to be registered with the body responsible for the regulation of the structure and formation of companies in Nigeria, the Corporate Affairs Commission (CAC). The incorporation of a company in Nigeria is also known as registration. After you have completed the required forms, you need a corporate lawyer to confirm a company registration in Nigeria by filing the correct papers with the courts. All forms must be notarised.
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Get in contact with a corporate lawyer to help you prepare your Articles of Association and Memorandum for the business. The Articles of Association and the Memorandum are a legal requirement for company registration in Nigeria and many other countries. Together, they form the constitution of a company and include a range of topics such as how the company issues shares, the appropriation of directors and how management decisions are made.
Decide on your business name and run a company search with the CAC to determine if the name is available for use or if it has been taken by another company. You can run the search on the CAC website for a fee of N200 (200 Naira, Nigerian currency, equivalent to approximately 80p). Alternatively, you can visit the CAC offices and run a search there. The process of checking the company name takes approximately two days finish. Once it is done, assuming the name is not already taken, the company name will automatically be reserved for you.
Download the form CAC4 (Declaration of Compliance Form) from the CAC website. Fill in the form and have it notarised by your lawyer. In order to complete registration, the lawyer must take the form plus a package of other documents to the state or federal high court. This informs the courts that all of the necessary files have been filed.
Submit all of the required forms to register your business with the CAC. You can download the forms from the CAC website. The entire process can take up to two weeks. Required forms include Particulars of Directors (Form CAC 7), Memorandum and Articles of Association, Return of Allotment of Shares (Form CAC 2), Notice of Registered Address (Form CAC 3),the Statement of Authorized Share Capital (Form CAC 2.4) and Declaration of Compliance (Form CAC 4).
Submit payment to the CAC for your filing fees. You will be notified of what the fees are, as the fees depend on the type of business you are registering as. Single forms cost N100 or 40p. Collections of forms for the whole process can cost N500 or £2.10. You can pay for same-day registration, which costs N50,000 or £215. If your share capital structure is greater than N1million, your fees will be higher. Once all steps have been completed, you will receive confirmation of your company registration in the post at your registered company address.
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- DoingBusiness.org: Starting a business in Nigeria details
- Nigeria-Law.org: Guide to Business in Nigeria
- Nigeria.SMEToolkit.org: Establishing an Enterprise in Nigeria: Legal Framework Read more: How to Incorporate a Company in Nigeria
- Nigeria Corporate Affairs Commission: Registration of companies under Part A of CAMA Read more: How to Incorporate a Company in Nigeria
- Nigeria Corporate Affairs Commission: Statutory Fees