HOW TO REGISTER A COMPANY IN NIGERIA

A company is a legal entity with a separate legal personality, formed by an individual or a group of individuals for the purpose of engaging in a profit-making business. By the provision of the law in Nigeria, it is mandatory for all companies to be registered with the Corporate Affairs Commission (CAC) in accordance with the Companies and Allied Matters Act (CAMA) 2020.

It is noteworthy that, by the provisions of CAMA 2020, a single person can now register and fully own a company in Nigeria. The process for company registration in Nigeria is provided below.

HOW TO REGISTER A COMPANY IN NIGERIA

NAME AVAILABILITY AND RESERVATION

The first step to registering a company is to get its name reserved. The applicant is expected to propose two names for the company for which an availability check will be conducted, and if any of the names is available and registrable, it will be reserved accordingly.

FILLING THE ONLINE PRE-INCORPORATION FORMS

Upon reservation of the name, the applicant will be required to provide the following details and information:

  • Nature of the Business: the Company/Objects of the company
  • Details about the Director(s):(a) Full Name and Address (b) Date of Birth (c) Gender (d) Phone Number (e) Email Address (f) Occupation (g) Scanned Signature (h) Scanned Identity Card (International Passport, National ID Card, Voter’s Card, or Driver’s License)
  • Details about the shareholder (s):(a) Full Name and Address (b) Date of Birth (c) Gender (d) Phone Number (e) Email Address (f) Occupation (g) Scanned Signature (h) Scanned Identity Card (International Passport, National ID Card, Voter’s Card, or Driver’s License).
  • Particulars of the Company Secretary (This is, however, optional for a private company).
  • The Share Capital and the Percentage of Shares to be Held by Each Shareholder (It is important to consider if there is a mandatory share capital threshold applicable to the proposed company.)

PREPARATION OF DOCUMENTATION

The applicant is expected to provide the Memorandum and Articles of Association of the company (“MEMART”) for registration. Although there is a generic MEMART made available by CAC which can be adopted by the applicant, it is, however, advisable for the applicant to engage the services of a legal practitioner to draft the MEMART.

PAYMENTS & SUBMISSION

The applicant is required to make payments for stamp duties and the company registration filing fee. After payment of these fees, the applicant is required to submit the application and await registration accordingly.

CONCLUSION

Upon due registration of the company, a Certificate of Incorporation will be issued by CAC together with a copy of the duly registered MEMART and a Status Report of the company.

Conclusively, it is important to note that the incorporation process can be done by an individual applicant himself or through an accredited agent. It is, however, advisable to engage the services of an accredited agent to ensure a smooth and seamless registration process.