Company Registration in Nigeria

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

1. What is the cost of company registration in Nigeria?

40,000-70,000 Naira.

2. Which is the governing authority for Nigerian company formation?

The Corporate Affairs Commission.

3. Is it mandatory to appoint a secretary in Nigeria for private company incorporation?

No, it is not required.

4. What is the minimum age of a director in a Nigerian company?

The director must be of above 18 years.