Register your Company in Nigeria
SolutionTrix helps you register your company in Nigeria in a way that is ideal for your business type.
WHY REGISTER A COMPANY IN NIGERIA?
- Nigeria has a politically stable environment, on top of a free market economy.
- The population of Nigeria is enormous and skilled, making it easy to procure inexpensive and efficacious workforce here.
- The country is rich in natural resources like oil and minerals.
- Exchange control regulations in Nigeria have been liberalized to enable free flow of international capital. Now there is unrestricted movement of investment capital here.
PROCESS OF REGISTERING A COMPANY IN NIGERIA
Company registration in Nigeria may be carried out as per the following steps:
- Decide upon a name for the company, and check for its availability with the Corporate Affairs Commission (CAC).
- Fill out the form CAC 1.1. It requires the provision of key information fundamental for your new company, like authorized share capital and particulars of the directors and the shareholders.
- Prepare the Memorandum and Articles of Association (MAA), specifying the company’s objectives, in addition to the shares already issued to each of the directors – following from the information filled in form CAC 1.1. This document is required to be signed by a witness.
- Based on the company type and the volume of your share capital, pay the requisite CAC registration fee and stamp duty.
- Get the form CAC 1.1 and the MMA (both duly stamped) signed by the directors, shareholders, witnesses and accredited CAC agents.
- Submit the following documents to the CAC online:
- Form CAC 1.1
- MMA of the company
- Name availability notification from CAC
- The means of identification of all the stakeholders
- The CAC receipt for payment of registration fees
The CAC should take 2-3 daysto examinethese documents and, if everything is in order, a notification will be sent informing you of the company’s registration with the company’s RC number.
Type of Company you can Register in Nigeria
1. Sole Trader
A sole trader company is owned by a single person. It is the simplest form of business entity, not mandatorily requiring a company registration. In such a company, the sole trader is personally responsible for all aspects of the business and has unlimited liability to all debts and obligations.
2. Private Limited Company
A private limited company is an entity separate from its shareholders, who enjoy limited liability, i.e., their personal possessions remain separate, and their risk is reduced to only the money they have invested in the company. The requirements for incorporating a private limited company in Nigeria are:
- The total number of members in the company must not exceed 50, excluding those who are employees of the company
- The company must have a registered office in Nigeria
- A minimumof 2 people above 18 years of age must subscribe to the Memorandum &Articles of Association (MAA)
- The name of the company must not be the same as any other company name currently held in the registry of the Corporate Affairs Commission (CAC)
3. Public Limited Company
A public company, unlike a private limited one, is allowed to be publicly listed and sell its shares to the public.The cost of running a public limited company is considerably higher than that of a private limited liability company. Therefore, a public limited company is better suited for large organizations.
4. Guarantee Company
A guarantee company is not meant for profit purposes and set up generally by charitable organizations. Such a company does not have a share capital, and the members do not own the company, nor do they receive any profits. They also have no claim to the company’s assets. All income generated by a guarantee company is used to cover its operating costs and to achieve the objectives of the company.
Documents Required for Company Registration in Nigeria
- Memorandum and Articles of Association
- Form CAC 1.1
- Proof of registered business address
- List, particulars and consent of the first directors of the company
- Statement of compliance by a legal practitioner
- Receipt of payment of stamp duties
We at SolutionTrix have helped so many startups and existing business owners to Register there Company, from start to finish, getting and processing Business documents, might be very difficult, but we can assist you with the entire process, to Register your company
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