The business incorporation in Nigeria may seem to be a daunting process. But with the assistance of professionals, entrepreneurs or investors can easily set up their business in Nigeria. The Corporate Affairs Commission (CAC) operates the process of company incorporation and management in Nigeria. This commission was established under the Companies and Allied Matters Act. Registering your company under the CAC is essential to run a business in Nigeria.
Company Registration lawyers in Nigeria also play a vital role in informing entrepreneurs or investors about the company rules and regulations of Nigeria. According to experienced lawyers, entrepreneurs can follow these six steps to successfully register their business in Nigeria.
- Register your company name
The first step in company registration in Nigeria is to register the company name with authorities. The chosen name must be submitted to the CAC website to check availability. Entrepreneurs should always choose two names. If one name is taken, another name might be available. The application can be rejected if the name already exists. Some words such as ‘National’, ‘Federal’, ‘Government’ and ‘Holdings’ are prohibited without special permission. It generally takes upto a week to register a business in Nigeria.
- Prepare MOA
Preparing the Memorandum of Association (MOA) is an essential thing in the process of company registration. It is prepared under the guidance of an experienced Company Registration lawyer in Nigeria. It comes under the responsibility of lawyers to request the names of directors and shareholders. Directors must be above 18 with no criminal records in the past. Directors need to have a means of identification for inspection by the CAC.
- Fill the Pre-Registration Form
After the preparation of all the documents, entrepreneurs need to fill the form issued by the CAC. Here, all the documents need to be carefully submitted. You may seek assistance from a Company Secretarial Service who acts as your company representative and is responsible throughout the process.
The process of documentation is as follows:
- All the directors need to fill the Particulars of Director form [Form CAC 7]
- The Statement of Share Capital and Return of Allotment form [Form CAC 2] need to be filled up.
- The director and the Company Secretary must fill the Change of Registered Address form [Form CAC 3]
- A CAC accredited company can fill the Declaration of Compliance.
- At least 2 directors must fill the form of appointing a Company Secretary.
- Pay the Stamp Duty and Filing Fee
Entrepreneurs need to make the payment of stamp duty at the Federal Inland Revenue Services. After the payment, the applicant interacts with the Stamp Duty Commission where the Memorandum and Articles of Association (MAA) and incorporation papers are stamped. All the attested papers are later submitted to the CAC.
- Prepare the Scanned Copy of Your Documents
This stage involves the preparation of a signed scan copy of your pre-registration documents. All the documents must be uploaded online.
- Form CAC1.1
- Memorandum and Articles of Association
- Form of identification for Director(s) and Secretary
- Evidence of payment to CAC
Please, consult an experienced Company Registration lawyer in Nigeria to learn more about this process.
- Submit the Original Documents
All the documents scanned in Step 5 need to be uploaded on the website of CAC. But before submitting the document, make sure to check these points ;
- The company possesses 2 to 50 members.
- The members are at least 18 years old.
- The minimum limit of share capital is NGN 10,000.
Following the above-mentioned steps, entrepreneurs can easily register their business in Nigeria. However, if you are an aspiring entrepreneur seeking assistance from experienced and affordable Company Registration lawyers in Nigeria, you can consult eLegal Consultants. We have a team of Company Registration experts in Nigeria. To learn more, feel free to reach our veteran Company Registration lawyers in Nigeria.