Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Nigeria
Nigeria is one of the biggest economies in Africa. Therefore, this makes it a worthy consideration for most people looking forward to having a business presence on the continent. It is a country rich in oil and minerals and also has a vast population. Though they have their financial and domestic challenges, their buying power is one of the best in Africa. Then, it is understandable why investors would want to start a business in the West African country. If you happen to be one of them, here is a brief guide about company registration in Nigeria.
Registering the Company With the Corporate Affairs Commission
The Corporate Affairs Commission is the regulatory authority that deals with the registration, formation, regulation and overall monitoring of companies’ affairs in Nigeria. The company registration process can also be done entirely online. On the other hand, you can walk into the offices of the CAC to start the registration process.
Preparation of the Documents
The documents needed for company registration in Nigeria will depend on the type of entity you are interested in registering. The common types of businesses that most investors prefer registering in Nigeria include-:
- Sole proprietorship businesses
- Partnership businesses
- None profit business organizations
- Limited liability companies
- Cooperative society
The preferred entity for most foreigners is the limited liability company, and to institute its formation, the following documents will be needed:
- Memorandum and articles of association
- List and details of the directors
- Notice of the registered address for the business
- Compliance statement by a legal practitioner
- Stamp duty certificate
- Legal forms of identification for the company directors
- Proficiency Certificate if applicable
Other documents may apply depending on the specific industry you are keen on joining. Kindly get in touch with us for a comprehensive list of requirements relevant to forming a company in your sector of preference.
Business Name Check
If you are looking forward to registering a limited liability company and you have all the necessary documents in order, the next step is to conduct a business name check for your preferred business name. Then, it is possible to do this online, or you can visit the nearest CAC offices and request a name availability check or name reservation.
Upon successful reservation of the company name, you will pay the filing fees either at the CAC offices or online. When making the payment, you must clearly state the business name as well as the details for which why you are making the payment. It is also at this point when you will pay the statutory stamp duty fees to the Inland Revenue Services.
Filing the Supporting Documents
It is vital that after you reserve the name and make the above payments, you submit the articles of organization, memorandum of association and other supporting documents with the CAC office in the jurisdiction of where you will be doing business. For limited liability companies, you must also submit the identity documents of the directors.
Upon the successful completion of the registration process, you will get certified true copies of all the documents you submitted as well as Certificate of Incorporation.
The process of company registration in Nigeria should not be any tough if you prepare all the necessary documents and fees. 3E Accounting can provide assistance. If you need any assistance with registering your business in Nigeria, don’t hesitate to contact us for immediate help. We are experts in business formation in Nigeria, and we will extend all the help you need to ensure a successful registration.