If you know the cost of registering a company in Nigeria, then you’re ready to jump into the process. Registering your company is quite easy for those willing to personally put in the efforts for their business. This article explains how to register your company in Nigeria with the CAC in 2022.
The Corporate Affairs Commission (CAC) is responsible for registering companies in Nigeria. Therefore, it is compulsory to register your company in order to run a business legally in Nigeria.
The Stepwise Process of Company Registration in CAC, Nigeria
Submit your company name
The initial step to starting a company is to enroll your business name with the government. After choosing your business name, you submit this to the CAC in order to check its availability. It is wise to submit two names. This way, if one is taken, the other is probably available. Your business name should not contain words like ‘Government’, ‘Federal’, ‘Holdings’, or ‘National’ without approval. Your business name could be rejected if it already exists or if it is confusing. Business name registration could take up to 14 days in Nigeria.
Develop the Memorandum Of Association
It is wise to consult a legal advisor (a lawyer perhaps) for this step. Your lawyer gathers the name of all stakeholders in the company. Each stakeholder must be an adult by law (at least 18 years old), mentally fit and should not have a criminal indictment. All stakeholders must provide a valid means of identification to the CAC.
Fill out the Pre-Registration Form
After the preparation of the MOA, you need to fill out a CAC form containing the details in the MOA and submit it with backing documents. It is wise to have a company representative (a lawyer or an accountant) file this documentation with the CAC after you’ve registered your company.
Here’s the registration process;
- All directors must fill the Particulars of Director form [Form CAC 7]
- One director must fill the Statement of Share Capital and Return of Allotment form [Form CAC 2]
- One director and the Company Secretary have to fill out the Notice of Situation/Change of Registered Address form [Form CAC 3]
- An individual or firm accredited by the CAC can fill the Declaration of Compliance with the requirements of the Company and Allied Matters Act (CAMA) form [Form CAC 4]
- At least 2 directors have to fill the form appointing a Company Secretary for the company
- Pay the Stamp Duty and Filling Fee
The next step is to pay stamp duty to the Federal Inland Revenue Services (FIRS). After this, you visit the Stamp Duty Commission where your Memorandum and Articles of Association (MAA) are stamped with some incorporation forms. These forms and stamped documents are then submitted to the CAC. It takes about 2 months from the submission date to receive your Certificate of Incorporation.
Upload Scanned Copy of Documents to CAC Website
This is the final step in registering your company with the CAC. The following documents need to be scanned and uploaded online on the CAC website.
- Form CAC1.1
- Memorandum and Articles of Association
- Recognized form of identification for Director(s)/Subscriber(s) and Secretary
- Evidence of payment to CAC
You can upload all these documents for processing
To register your company with the CAC, here are the necessary documents;
- A notice of the registered address of your business
- Memorandum and Articles of Association (MAA)
- Receipt of payment of your stamp duties
- Particulars, list, and consent of the first directors of your company
- Statement of compliance by a legal practitioner
Company registration is just one of the steps in starting a business in Nigeria. Your business needs to have an identity and you also need to build marketing assets for your company. You will need the services of a logo designer as well as a web design company in Nigeria. I am available for your logo design, web design and your digital marketing needs.
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