₦airaland Forum

As I heard, only CAC HQ Abuja appears to be in operation. We have been able to get availability results in one and half weeks during this crisis period (against the usual 3 to 4 working days).

I was at their Lagos zonal office yesterday to get some set of forms and heard that business names submitted for search and reservation since 3 weeks, have not been treated! CAC is indeed a disturbed agency.
Click Here to Register a Company in Nigeria. We get it done at Abuja.

But why didn't they protest the intial N100

Foreign investment will continue to be on the rise in Africa as it has bEen over the past few years; though rather more modestly than any other continent.

First came the Chinese, then the Turks and then the Indians. More and more foreign investors are recognising the potential in Africa's emerging economy.
STOP PRESS! Click Here to Register a Company in Nigeria

makeitsoon: this is very good info. hope you are not just stopping there...

Thanks. I will work on more updates.

Hello Readers,

As this post suggests, I shall be reeling out the simple requirements anybody who wants to form a Nigerian company must comply with. I call it "simple" because, unlike most of the information you read on the internet on this subject, the authors make Nigerian company formation look seemingly complex by writing out a long list of "legal" requirements difficult to understand by the average reader. However, it is advisable you consult a specialist who will assist you in the entire formation process.

The Companies and Allied Matters Act (CAMA) recognizes 6 corporate structures in Nigeria:
1. The Business Name
2. The Private Company Limited by Shares.
3. The Public Limited Company
4. Unlimited Company
5. Company Limited by Guarantee; and
6. Incorporated Trustees.

But for the purpose of this post, however, let me just proceed to the business of the day.

REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.

Irrespective of whatever you must have read elsewhere, the steps for incorporating a new company at the nation's registry, The Corporate Affairs Commission, can be summarised in the following 10 steps:

1. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons - availability, suitability, legality, similarity, etc. It takes an average of 5 business days to get availability results.

2. Details of Directors. Long story short, you will be required to provide the bio-data of the Directors of the proposed company. These information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.

3. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company.
PS - the shareholders can also double as the directors of the company.

4. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors responsiblity to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company. The company secretary could be an in-house person or an outside consultant. Some of the roles of a company secretary include:
a. Maintaining the Statutory Registers;
b. Liaison between the company and the CAC and other relevant government agencies;
c. Providing members and auditors with notice of meetings.

5. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement need no much explanation and not debatable either.

6. Core Areas of the company's business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it's legal and not in the "negative list". If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.

7. Valid Identification. Although I have stated this requirement earlier. It is worthy of mention here again. A photocopy of Identification of all the directors is required. (e.g. National ID card, Data Page of your National Passport, Voter's Card or Driver's License).

8. The Company's Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10,000. However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1,000,000 share capital company. A company's share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized sharecapital must be subscribed and paid for.

Once the issue of share capital have been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.

9. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.

10. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company's share capital.

These are the basic requirements for incorporating a private limited liability company in Nigeria. However, EXPATRIATES are subjected to additional requirements and laws - Nigerian Investments Promotion Act, Immigration Act, Investment and Security Act, and Foreign Exchange and Monitoring Act.

Duration of Incorporation at the Corporate Affairs Commission
As at the time of writing this post, the average turnaround time to receive a Certificate of Incorporation and Certified True Copies of your documents at the CAC is 3 weeks.

Although, Nigeria deserves a better business environment, Africa's most populous nation is a thriving business destination for many investors.

CREDITS: Citizens & Expats

Lol. Some children can be hyper-intelligent enough to write a letter to their heavEnly Father. Hehhehehe

Ok

Smart investors taking giant steps.

A 75 year old looking for romance?

A great icon! A fighter! A crusader of true human right activism. You are fondly remembered!

whirlwind7: It doesn't take rocket science to figure out. Cost of running business in Nigeria is outrageously high. Same reason why many companies have been shut down: No water, no electricity.

Yeah, sure. The only way to keep afloat seem to inflate the prices of goods and services. And the resultant effect? Exhorbitant prices compared to other countries in the region.
STOP PRESS! Click Here to Register a Company in Nigeria

I understand it's a gradual process, but until it translates into atleast 12 hours steady power supply, I aint believing any of these.

Enemies of progress!

OP,
I still use a biz card for a number of reasons (and this is true for a number of people too).

1. Professionalism. Not all your prospective clients/customers will be an "old friend;" so you need to be professional in your business dealings. Handling out a biz card gives the biz partner or prospective customer/client that you are for real.

2. Reference. Yes, you might have exchanged phone contacts already, but the biz card is always a reference when you need it most. In case you lose your phone or contacts, you can readily get them back from your pack of biz cards.

3. Client Request. Even if you don't feel like having one, some clients/customers will ask you for it! And imagine telling a big client you don't have a biz card or you forgot?! Traditionally, exchange of biz card
s is the first thing to do in a business meeting.

4. Branding. A business card is an integral part of your business brand identity. And your biz card is an important brand communication.

There are more reasons why we still use biz cards - these 3 are just a few.

It takes a man with real guts and character to do that. The truth must indeed be told instead of winning and dinning.

whitecat007: Eeddioot!!

Shouldn't he have been briefed about all he needed to know since the only town captured by bokoharam has been in the news? You are a first class mumu who deserves every misfortune that is and will befall you in future. Keep showing your dumb president ar.se to the world, ode.

I had to go check your profile for this stunt you just put up. How I wish I had a face to face encounter with you. So many babies on NL. Must you be vulgar?

Presido doesn't know na! You expect him to know all the remotest parts of Nigeria ni?

Sauce and pepper?

A section of the news today said APC was in clear lead

SMH!

Citizens & Expats is Africa's Company Formation & Expat Relocation Agency of Choice

Africa is the next investment destination, and Citizens & Expats Agency Limited has positioned herself to be the company formation and expatriate management agency of choice for world investors looking at incorporating a company in, and relocating expats to notable African nations such as Nigeria, South Africa, Kenya, Ghana, Algeria, Angola, et cetera.

Citizens & Expats Agency Limited helps multi-national companies and their employees manage the issues associated with living, working and travelling among African countries.

We also work with Nigerians and indeed, Africans - both resident home or in the diaspora - who need to establish viable businesses in their country and relocate back home.

Citizens & Expats Agency Limited has her corporate base in Lagos, Nigeria; and trusted local affiliates in other African countries where we have our operations.

For more information about services at Citizens & Expats, please call +234 805 598 1421

Is this for real?

I'm not a fan of GEJ or PDP, but I don't see Lamido as a threat with the arsenal at GEJ's disposal being the incubent. #9ja politricks. However, the party hierachy should ensure a level playing field for any aspirant wishing to vie for any post.

STOP PRESS! Click Here to Register a Company in Nigeria

Mehn, 4 days off can be an incredible opportunity for an employee - you have extra time to earn more.

Howbeit, earning off your free days may largely depend on your skills (for a service-based biz); and available cash if you plan a trade.

Which would you rather go for?

Will FG just keep quiet for once

I spend more on Petrol these days that I begin to wonder if PHCN still exist Yet, some will say the power situation has improved significantly in an area.

You know the western media won't do that. Very biased media reportage! Little wonder I get asked about ebola crisis in Nigeria by my expat clients and I ask myself, "has the crisis been so bad?"

That's just an opinion though. We await the APC to make their choice formal.