A Company is a legal entity and as such needs to be incorporated by an accredited lawyer unlike what is applicable for business name, where a non-lawyer is allowed to handle the registration.
If you wish to have your Company recognized legally, you must go through the Incorporation process as is mandated by law.
Procedure for Company Incorporation in Nigeria
- Before you can go ahead with your Company Incorporation, you need to have the following information ready:
- A proposed Company name which must end with Ltd. or Plc.
- If it is a private or public Company
- The cost of your authorized share capital
- The kind or nature of business you want to run
- When you have the above information ready, you can then proceed to the Corporate Affairs Commission’s office and get the Form CAC1, which is the reservation and name availability form. This is to be filled and submitted at the CAC office.
- The name search and reservation takes a few days to be completed. If the name is not available then you will have to resubmit another set of names for consideration. But if the name is available, you can then proceed to the next stage where you will be required to submit
- Form CAC 2.2 which is a notice of the address of the registered office of the Company.
- Two copies of the Article of Association as well as Memorandum. This should be bound and should also a stamp indicating that the stamp duty has been paid.
- Form CAC 2.3 and CAC 7 which contains the list of the first Directors of the Company along with their details of their particulars and consent to be Directors.
- Form CAC 2.4 signed by at least one Director with a statement indicating the authorized share capital.
- Form C.0.1 which is a statutory declaration put together by a lawyer stating your compliance with all the requirements for the registration process.
- The details of the person to be appointed as the Secretary to the Company.
- A form of identification for the Company Secretary, the Directors as well as shareholders.
- After the submission of the above documents to the CAC, you will be required to pay a fee which is relative and depends on the authorized share capital for the Company. A minimum share capital of ten thousand naira is required for private Companies and five hundred thousand for Public Companies. However, there is no maximum for both and so there is no set limit.
- After completing the steps above you will have to wait for some days before the Certificate of Incorporation will be issued to you. Once the certificate is issued you can display it at your registered office address and also quote the number on your Company’s letter head paper.
It should be noted that the CAC has a fast track registration process for Companies to be incorporated within one day but is charged at a fee of fifty thousand naira.