HOW TO REGISTER A COMPANY WITH THE CORPORATE AFFAIRS COMMISSION (CAC) IN NIGERIA
How to register a corporation in Nigeria with the Corporate Affairs Commission (Cac)
First and foremost, you must comprehend the nature of a business before you can register or incorporate it. Company is a type of business structure in which the legal position of the company is distinct from the legal position of the proprietor/promoter, and in which the legal position of the company is controlled by the shareholders. The phrase “corporate personality” is used by the corporation to describe its corporate culture. You may learn more about some of the benefits of starting a business in this article: There are seven advantages to starting a business.
Private businesses and public businesses are the two sorts of enterprises. In this article, only privately held corporations will be examined. Private firms can be organized as one of three types: a company limited by shares, a company limited by guarantee, or an unlimited corporation. Because private limited liability companies (private limited liability partnerships) account for the great majority of enterprises in Nigeria, we will limit our discussion to them in this essay. This Act controls the establishment, operation, and dissolution of enterprises in Nigeria, according to the Nigerian Constitution (CAMA). It discusses the various types of business structures available, as well as eligibility, the registration/incorporation process, and operational criteria for each. For the purposes of enforcing the CAMA’s obligations, The Corporate Affairs Commission is the regulatory authority in charge of doing so (CAC).
How to register a corporation in Nigeria with the Corporate Affairs Commission (Cac)
Step 1: Give your availability/reservation a name that you can remember.
The search for a company’s name in Nigeria is the first step in the process of founding a company. As a first step, you should determine whether the name you intend to use for your company registration is available and not already in use by another entity. There are two methods for conducting a search. On the CAC website, you may conduct a free public search to find out what they are up to. http://publicsearch.cac.gov.ng/comsearch/ A public search tool is available on the internet that you can use to do an initial free search – http://publicsearch.cac.gov.ng/comsearch/ – before proceeding with your search.
You can use the CAC web portal to do an official search after you’ve completed this search and selected which name you wish to use and established that it is not currently in use by someone else. The search will cost you N500 (five hundred naira), and if your name is found, you can reserve it for 60 days if it is still available.
It’s critical to remember that while reserving a name, you should choose something that is quite distinctive (you should have at least 2 options). Because generic names are almost definitely already taken, you should avoid utilizing them in your campaign. You’re also not permitted to use some names — for example,
« Chamber of Commerce »; « Federal »; « National »; « Regional »; « State »; « Government »; « Municipality »; « Chartered »; « Cooperative »; « Building Society »; « Group »; « Holding »; « Building Society »; « Building Society »; « Group »; « Holding »
If the Commission believes that a proposed name is likely to cause confusion about the nature or scope of an organization’s activities, or if the name is undesirable, offensive or otherwise contrary to public policy; If the Commission believes that a proposed name will infringe on any existing trademark or business name registered in Nigeria unless the trademark or business name owner’s approval has been obtained, the Commission will deny the application.
Step 2: Enter the information about the shareholders.
According to Nigerian law, a private corporation must have a minimum of two members and a maximum of fifty members in order to be valid. The founding members may not be under the age of 18 (unless at least two more members are beyond the age of 18), be of unsound mind, be a bankrupt who has not been released, or be otherwise forbidden from serving as a Director by the Canadian Association of Medical Associations.
The names of shareholders, residential address, place of employment, email address, and mobile phone number are just a few of the information you’ll need to submit. Along with this, you’ll need to carry a recognized form of identification, such as a passport or driver’s license, or a national identification card.
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All of the appropriate papers must be completed in Step 3.
In order for a corporation to be registered, the following documents must be submitted:
Articles of Association and Memorandum of Understanding
Notice of the business’s registration address and other pertinent information, as well as approval of the company’s first Board of Directors
A statement of compliance from a legal professional
Those participating in the new CAC process are able to get all necessary documents through the CAC site. You should keep in mind that the CAC portal only provides templates for the Memorandum of Association and the Articles of Association; therefore, if your field of business requires custom documentation, you should consider having them professionally created by a lawyer…………………………….
The final steps are payment, submission, and pick-up of your order.
step number four.
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Following completion of the appropriate fees (the amount varies according on the share capital of your company), you will be able to upload all of your documentation, and your submission will be considered completed. If the CAC has any questions about your application after you submit it, they will get in touch with you. As long as there are no questions, the CAC will contact you when the registration process is complete, and you will be able to pick up your certificate of incorporation from their office after that. How to register a corporation in Nigeria with the Corporate Affairs Commission (Cac)
Please visit the CAC’s website at https://pre.cac.gov.ng/ if you are interested in learning more about the organization’s registration process.
The following items must be completed after getting your Certificate of Registration/Incorporation, and failure to comply with these requirements may result in fines:
Companies must register with the Federal Inland Revenue Service’s Special Control Unit Against Money Laundering (FIRS) in order to be exempt from income tax and value-added tax in certain circumstances (SCUML) It is necessary to register (if applicable)
Every company is obligated to have an Annual General Meeting at least once a year (AGM)
Annual returns are due 42 days after the annual general meeting.
