triaophant: Poster, your request is very vague, by company registration do you mean registration of business name or are you referring to incorporation of a company. while for the former the process is not all that demanding, the later is cumbersome and very demanding. the cost for both of them is not also the same. By the provisions of company And Allied Matters Act 1990 as amended, ONLY LAWYERS are allowed to incorporate a company with Corporate Affairs Commission. It therefore follows that you should contact a lawyer to do that, any other person claiming to do that is either a scammer, or commissioned agent.

Are you for real? Only lawyers? Where did you put Chartered Secretaries and Chartered Accountants?
Besides, only accreditted individuals or agencies are allowed as long as they are either of these three!
Pls, don't mis-inform!

Please, does anyone have an idea of the fees payable to the Lagos State Ministry of Women Affairs for the approval of a creche/daycare centre?

I will appreciate your reply.

Nigeria ‘inexperienced’ yet ‘tough’, Ghana all about
‘money’ – top words used to describe all 32 World
Cup nations

Nigeria was ‘inexperienced’ yet ‘tough’ at the 2014
FIFA World Cup in Brazil, while Ghana was
‘physical’, all about ‘money’ and Cameroon was
‘desperate’, according to a study conducted by
Cambridge University Press.

Experts collated data from a range of media sources
over the past month to discover the top three words
used to describe each of the 32 nations in Brazil.

See below the full list and let us know if you agree

Some days ago, I read a Nairalander fuss about GTBank telling him of how he needed to activate Internet Banking before he could receive money through Western Union; as Internet Banking was the only means he could do that at GTBank. Little did I know that I would be receiving funds sooner via WU.

But seriously, I had the best experience receiving funds via WU recently through GTB Internet banking! It is safer, faster and more convenient!

Since I already have Internet banking access, all I did was to request WU payment; provide all neccessary WU details and secret answer; and click send! In less than 5 minutes, my GTB account had been credited with the funds and an email notification was sent to me.

Waoh! The most interesting part of it is that it was on a Saturday. I never needed to wait until Monday!!!

Does this system also apply to other banks? Who else have received WU funds via GTB Internet banking? What is your experience?

According to GTB, it would be treated as same day if transfer is made before noon. But if after noon, payment will be credited within 24 hours.

Happy new year, Nairalanders!

Q: Our product and service is in the oil industry. Do we need Registration with the Department of Petroleum Resources?

A: Since your business "products and services is in the oil industry", yes you need to register with the Department of Petroleum Services for "Oil and Gas Industry Service" permit/license. However, that is AFTER the company has been duly incorporated at the CAC.

Validity of DPR License is 1 year.

Q: How do I know if a company name I intend to use isn't already registered at the CAC by someone else?

A: it's pretty difficult to ascertain the availability or non-availability of a company name without first of all submitting it for a search at the CAC. However, I will advise clients to be more creative in coming up with a company name because the CAC has one million and one company names on its database already, and this might just include that name you are about submmitting or a simmmilar one.

Google search could provide direction to you in case you want to know if a company had existed in Nigeria or not.m although, there is no guarantee that the name had been incorporated at the CAC. VConnect has more list of Nigerian company names than any other database.

admcompub: What is the price all together

N150,000k (inclusive of publication in newspaper).

How many shareholders should I have?

The law requires that every company be incorporated with at least 2 shareholders. In the case of Private Limited Liability companies, the maximum no of shareholders/ members is 50. In the calculation of this number, the following rules apply:

Persons who are bona fide in the employment of the company or who were members while in that employment and have continued to be members after the end of their employment with the company are not reckoned in the number; Joint shareholders are counted as one.

Go to the ministry of cooperatives in your state to register. Each state has its own requirements.

How many people should I have on my board of directors?

Apart from instances when regulations in a particular industry specify a higher minimum, every company should have at least 2 directors. Directorship of a company is not a sentimental matter. The decision to appoint someone as a director ought to be based on a sound consideration of your business objectives, the person’s ability to contribute to your vision and his/her disposition towards you and your company. A director should be able to make time to attend to your business.

Requirements for Incorporating an Association, NGO, Club, Foundation or Church in Nigeria

1. Availability and Reservation of Name

2. Procurement of Application Form

3. Publication of Notices in 2 Newspapers: 1, National Daily and 1 Daily Local Newspaper widely circulating where the Association is based, clearly stating the Name of the Association, the Trustees, and calling for Objection to the registration of the Association.

4. Submission of Duly completed typed application form which should be accompanied with the following:
•A formal letter of Application duly signed by the Association's Chairman, Secretary or the Applicant's Solicitors.

•The Original Newspaper publications
2 Copies of Applicant's Constitution
Minutes of Meeting wherein the Trustees where appointed, having the list of members present and absent and showing the voting pattern signed by the chairman and secretary of the board.

•Trustees should attach 2 passport-sized photograph each.

•Sworn affidavit by each of the Trustees

•Signature, Residential address and Occupation of Trustees

•The Common Seal of the Association

•Payment of Filling Fees


We could assist you in registering your next new non-profit organisation. Call 08055981421 or email aybanky@gmail.com

For website details, please check profile or signature

Adebobs: Companies and Allied Matters Act 2004 and Company Procedure Rules 2012. It's only in there. Thanks for the info tho. I sincerely hope it isn't a coy way of soliciting or advertising. Cos i'm sure in theory NBA will frown at that.

Thank you, Adebobs.

cometozizo: Nice thread

Thank you!

Must you directly lift web contents on our website to provide your audience? More than half of your website contents were just directly lifted! This is not a good business sense!

How much should my share capital be?

The Share of a company is the amount of capital it has to carry on its business. Share capital can be in form of cash or kind. There is no general legal requirement that the share capital of a company should be a specific amount. Rather, the law only specifies a minimum share capital for all companies. According to the provision, the share capital of every company must at least be N10, 000.00 (Ten Thousand Naira).

This means that the amount of share capital largely depends on the shareholders or promoters of the company: they know how much they can afford to invest in the business. But at times the law makes provisions requiring that a company engaged in a particular industry must have a ertain minimum shareholding/share capital.

For instance, a bank must have at least N25 billion Naira share capital and a life insurance company must have at least N2 billion share capital while a general insurance company must have at least N3 billion as share capital. You will need to check with your adviser or the regulator (if any) of your industry to know if any specific minimum share holding is prescribed.

Other factors to consider when deciding the share capital for your company include whether you will need to apply for certain licences and permits. For instance, Expatriate quota applications are treated more favourably if the company has a large share capital.

Whatever the share capital of a company is, the general law requires that 25% of it must be paid up. In other words while you are not required to pay up or invest the full share capital at once, at least 25% must be paid or invested. So if your share capital is N1 million (One Million Naira) you must pay up (either in cash or kind i.e. equipment e.t.c) N250, 000.00.

Again, the case may be different for companies operating in particular industries. Take the case of banks for instance, the N25 billion is also the minimum required to be paid up or invested.

If the proposed company is a joint-venture (that is, having both Nigerian and non-Nigerian as shareholders), or strictly 100% foreign-owned, the following conditions apply:

In addition to the following requirements above,...
• The foreign national will provide a valid ID; preferably the data page of his/her national ID.
• If you are incorporating a company having both Nigerians and non-Nigerians as the shareholders, you could have any amount of share capital on the documents as long as the non-Nigerian will not participate in the day-to-day affairs of the company directly here in Nigeria. For instance, you could do a 2 million naira share capital registration. Having a non-Nigerian with a Nigerian on the incorporation does not make any difference. BUT...

a. If either you plan a joint venture with a Nigerian or 100% ownership of foreign shareholders and one or all of the foreign shareholders will need to migrate to Nigeria to oversee (or work in) the company, then the law say the company must incorporate a 10 million naira share capital company.

b. You are not expected to invest N10m into the company; however it's assumed that you are investing at least 25% of that whether in cash or capital or equipment.

c. Incorporating a N10m capital company is a requirement for obtaining Business Permits for a foreign-owned company and obtaining Expartriate Quota. Expartriate Quota is the approval given to a company to employ non-Nigerians (including the share holders).

For information purpose, please, find below the basic requirements for incorporating a new Private Limited Company in Nigeria. This requirement is not for foreign nationals/shareholders (although, just a few difference apply).

1. The Proposed Company Names to be submitted at the CAC for approval. Usually, it's advisable to present two name options (option 1 and 2).

2. Full Names, Residential Address, Signature and Designation of Subscribers and Directors of the company. Minimum of 2 subscribers and directors. Any of the subscribers/directors must not be less than 18 years of age.

3. Name, Address and Signature of the Company Secretary.

4. Address of the Proposed Company.

5. Core areas of the company's business activities (Nature of business). If you engage in specialist services (Hospital, Consultancy, Schools, Media, etc), you'll need to provide a photocopy of your professional proficiency doocument. E.g. Certificate of Proficiency of a professional body/trade association, Academic Certificate, or both. We'll advice you if necessary.

6. A photocopy of Nigerian Identification (e.g. National ID card, Data Page of your National Passport, Voter's Card or Driver's License) for all the Nigerian subscribers/directors in the formation document.

7. The amount of the company's capitalization and how it will be shared among the subscribers. (E.g. N1,000,000 share capital). If there are 2 persons that formed the company, they could share it 50% each.

8. A copy of Memorandum of Understanding and Articles of Association (usually drafted by the consultant handling the process).



Should you seek more details, please call 08055981421 or email aybanky@gmail.com

abhi.r:
I am from India and thinking of opening up an Office in Nigeria and start a small import and trading business.
Please advise me where should I start with...
1) City to start with?
2) What are Legal requirements to open up a company in Nigeria?
3) Will I need help from a Tax Consultant?
4) What documents are mostly required?
5) What business license or permits are required for import/export/trading business?
6) I am looking for a sole proprietorship firm to start with. Later if required can i change it to LLC?
Are there any other things i should know about?

Send me an email to aybanky@gmail.com. I will provide you with all you need to know - requirement, procedures and cost

I have someone who needs outdoor advertising space within and around Lagos of a budget of N200,000 to N250,000 per year? Areas like Ibafo, Mowe are inclusive. For any info, please call 08055981421.

Perhaps, because your registered office address (as indicated on the document) states "Abuja".

If your new business address is now in lagos, you can still go to the firs in the jurisdiction where your new business address is located to register.

also, you can always change your registered business address anytime.

Regards,
LOUDmedia
For inquiries/consultation, call 0 8 0 5 5 9 8 1 4 2 1