Dear Subscriber,

Starting a business begins with an idea to fulfill a need in return for compensation. As the idea takes form, the owner of the idea starts putting a structure around it by letting the world know what he/she is offering and how they can patronize the product or service. The business then progresses to the point where people start paying for the service or product and at this point it becomes obvious that for the business to be taken serious the business owner needs to separate his person from the business.

Why Form A Company

A common way of separating a business from an individual is by forming a company, whilst registering a company is not mandatory there are several reasons why it would be beneficial for you to register your business. They include:

Ability to open a Corporate Account.
Customers/Clients take you more serious if your Company is registered
Banks only grant business loans to registered businesses
Your Company becomes your brand
Limitation of Liability- This means you will not be personally liable for the debts of the Company.
Investors are more comfortable with a registered business.
Applicable Law

The majority of businesses in Nigeria are private companies limited by shares and in this article we will only deal with private companies limited by shares. The law that regulates companies in Nigeria is known as the Company and Allied Matters Act (CAMA) and the regulatory body that is in charge of implementing the provisions of the CAMA is the Corporate Affairs Commission (CAC).

Reforms

In a bid to ease the hurdles associated with Doing Business in Nigeria , the Presidential Enabling Business Environment Council (PEBEC) recently introduced reforms which has now transformed Company Registration in Nigeria. Some of these reforms include:

Company Registration timeline revised: It now takes 24-48 hours to register a business entity in Nigeria from when the application form is completed and all required documents available
Company name search on CAC portal: It is now possible to conduct an online search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names.
Company registration in Nigeria no longer requires lawyers: The new regulations made it optional for applicants to hire lawyers to prepare registration documents.
Single incorporation form: The new regulations introduced single incorporation form (CAC1.1) to save time and reduce costs.
Document Upload Interface: You can now submit completed business registration documents on the portal and physical submission no longer allowed.
FIRS e-payment solution integrated: The Corporate Affairs Portal has now integrated the Federal Inland Revenue Service (FIRS) e-payment solution to enable e-stamping.
Requirements for Company Registration in Nigeria

Completed Form CAC1.1
Memorandum and Article of Association (MEMART)
Proficiency certificate (where applicable)
Recognized form of identification for Director(s)/Subscriber(s) and Secretary
Stamp duty receipt
Evidence of payment to CAC

Read on Blog: http://ioclaw.com/register-company-nigeria/