Sunday, 4 February 2018

Company Incorporation In Nigeria: Step By Step Guide

Owners of companies in Nigeria are expected to register their companies as mandated by the laws of Nigeria. 

Before you can register your company there are some processes that you must be familiar with.

Your company is considered a legal entity, so for your company to be incorporated you will be needing the services of a legal practitioner or lawyer along the way. 

This post contains information on everything you should know about company incorporation in Nigeria and the step by step procedure for company incorporation in Nigeria. 

Procedure for Company Incorporation in Nigeria

Step 1:

Before you proceed to register your company name you should have the following documents on standby: 
  • A proposed Company name which must end with Ltd. or Plc.
  • Whether it is a private or public Company.
  • The cost of your authorized share capital.
  • The nature of business to be run. 

Step 2:

Visit the Corporate Affairs Commission’s office and request for the CAC1,this is the reservation and name availability form. 
Fill this form and and submit at the CAC office.

Step 3:

Manual name search takes a couple of days,if the name you chose is not available then you can submit another set of names. 

See Also: How To Register A Company In Nigeria

Step 4:

After your proposed names has been validated,you can proceed and submit the form CAC 2.2.

The CAC 2.2 is a notice of the address of the registered office of the Company.

Two copies of the Article of Association as well as Memorandum should be bound and should also a stamp indicating that the stamp duty has been paid.

Go ahead and pay the stamp duty fee to the designated bank of the FIRS. 

Step 5:

The Form CAC 2.3 and CAC 7 is expected to contain the list of the first Directors of the Company with details details of their particulars and consent. 

The Form CAC 2.4 should be signed by at least one Director in your company with a statement indicating the authorized share capital.

The Form C.0.1 is a statutory declaration put together by your lawyer stating your compliance with all the requirements for the registration process.

Also the details of the individual selected to be appointed as the secretary to the company and a form of identification of the company secretary,the Directors and shareholders should be provided. 

Read Also: Company Income Tax,All You Need To Know

Step 6:

Submit the stated documents back to the CAC,you will also be expected to pay a fee which depends on the authorized share capital for the Company.

A minimum share capital amount of N10,000 is required for private Companies while N500,000 is required for Public Companies,this price however is not fixed.

Step 7:

After following the steps above,you will be issued a Certificate of Incorporation. 

You should display it at the registered company address and also you should quote the number on your Company’s letter head paper.

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