Why Register a Company in Nigeria?
- Nigeria has a politically stable environment, on top of a free market economy.
- The population of Nigeria is enormous and skilled, making it easy to procure inexpensive and efficacious workforce here.
- The country is rich in natural resources like oil and minerals.
- Exchange control regulations in Nigeria have been liberalized to enable free flow of international capital. Now there is unrestricted movement of investment capital here.
Process of Registering a Company in Nigeria
Company registration in Nigeria may be carried out as per the following steps:
- Decide upon a name for the company, and check for its availability with the Corporate Affairs Commission (CAC).
- Fill out the form CAC 1.1. It requires the provision of key information fundamental for your new company, like authorized share capital and particulars of the directors and the shareholders.
- Prepare the Memorandum and Articles of Association (MAA), specifying the company’s objectives, in addition to the shares already issued to each of the directors – following from the information filled in form CAC 1.1. This document is required to be signed by a witness.
- Based on the company type and the volume of your share capital, pay the requisite CAC registration fee and stamp duty.
- Get the form CAC 1.1 and the MMA (both duly stamped) signed by the directors, shareholders, witnesses and accredited CAC agents.
- Submit the following documents to the CAC online:
- Form CAC 1.1
- MMA of the company
- Name availability notification from CAC
- The means of identification of all the stakeholders
- The CAC receipt for payment of registration fees
The CAC should take 2-3 daysto examinethese documents and, if everything is in order, a notification will be sent informing you of the company’s registration with the company’s RC number.
Documents Required for Company Registration in Nigeria
- Memorandum and Articles of Association
- Form CAC 1.1
- Proof of registered business address
- List, particulars and consent of the first directors of the company
- Statement of compliance by a legal practitioner
- Receipt of payment of stamp duties