It is trite that all Companies in Nigeria must be incorporated at the Corporate Affairs Commission (CAC). The CAC is a body established by the provisions of the Companies and Allied Matters Act 1990 (CAMA).
WHO CAN START A COMPANY?
Section 20 CAMA makes provisions for persons without the capacity to form a company and this includes:
- An infant (unless there are two persons of age and at full capacity who have already subscribed to the memorandum).
- A person of sound mind and has been proven to be by either the court of elsewhere.
- An undischarged bankrupt.
- A person disqualified under section 254 of the act from being a director of a company.
- A corporate body in the process of liquidation cannot join in the formation of a company.
An alien can partake in the formation and registration of a Company, provided he has complied with the provisions of any applicable law such as the Immigration Act and the Nigerian Investment Promotion Commission Act.
HOW MANY PERSONS ARE REQUIRED TO START A COMPANY?
Section 18(2) CAMA states any two or more persons may form an incorporated company whether private or public.
TYPES OF COMPANIES
- Private Limited Liability Company (Ltd);
- Public Limited Liability Company (Plc);
- Unlimited Liability Company (Unltd);
- Company Limited by Guarantee (Ltd/Gte).
REQUIREMENTS FOR REGISTRATION OF A LIMITED LIABILITY COMPANY.
- The persons must choose two suitable names for a company and then an availability check will be conducted by the Corporate Affairs Commission.
- It must then be decided whether the company will be public or private.
- The objectives and business of the company must be provided.
- The principal address of the Company must be registered.
- A copy of the means of identification of a minimum of two directors of the company must then also be provided
- The proposed share capital and shareholding formula among shareholders shall be submitted to the CAC.
- A company secretary must be selected.
- The applicant will be required to then submit details of all the shareholders of the company such as the names, occupation, residential address, email address, mobile phone number and means of identification such as driver’s license, international passport or national identity card.
- The Memorandum and the Articles of Association (MEMART) of the company to be registered is advised to be drafted by a legal professional, however the CAC provides a generic MEMART which can be simply adopted.
- The applicant will also be expected to pay filing fees to the CAC and Stamp Duties to the Federal Inland Revenue Service (FIRS). The prices may vary.
At Legal Central Ng, we receive applications from individuals who desire to register their Companies, Business Names and Incorporated Trustees in Nigeria. We also offer post-incorporated services such as filing annual returns and conducting searches at the Corporate Affairs Commission.
Contact Us:
Email: Legalcentralng@gmail.com
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