There are several types of companies that can be set up in Nigeria depending on the intended purpose of establishment. However, the most commonly used or established company in Nigeria for profit oriented commercial operations are Private or Public companies wherein the liability of each member is limited by shares.
The most common type of company registration depending on business interest is a private company limited by shares, which will be registered at the Corporate Affairs Commission (CAC).
Outlined below are the requirements for the registration of a private company limited by shares in Nigeria;
1. Two proposed names according to preference: Two proposed names in order of preference for availability search/name reservation.
2. Object of the company: This is the nature of business the newly formed company intended to operate in Nigeria.
3. Registered office address: The proposed place of business.
4. Details of Directors of the newly formed company including their full names, identity cards and their contact details.
5. Details of Secretary: Same as listed in details of Directors above
6. Proposed Share Capital of the Company: Under Nigerian law, the minimum share capital for Companies owned partly or wholly by foreigners is N 10, 000, 000.00 (Ten Million Naira). It is useful to note that whatever the share capital is at incorporation, same can be increased from time to time, depending on the corporate finance strategy of the company;
7. Details of Shareholders/ Subscribers and the amount of shares allotted by the company. The following are required:
a. The names, addresses, occupation, email address, phone number and nationalities of the natural or legal persons (individual or company) who are the intended shareholders of the Company.
b. Copies of the information page of passport or national identity card of the shareholders/directors;
c. Where another company would be a shareholder in the new company, a copy of a certificate of registration of the company in the jurisdiction where it is registered will be required;
d. Where another company would be a shareholder or subscriber to the memorandum and articles of association, a duly signed and sealed resolution authorizing the subscription of the shares of the new company will be required.
By Adeola Oyinlade & Co
Note: The content of this article is anticipated to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Adeola Oyinlade & Co provides help and offer advisory to both local and foreign clients in setting up a company in Nigeria at Corporate Affairs Commission (CAC).
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