Bussiness and Company Registration
Company Registration is a very important step to take if such company wants to exist.
The law guiding the company formation in Nigeria is the Companies And Allied Matters Act, (CAMA) Laws of the Federation of Nigeria (2004). The Act is the guidelines for the formation of any types of companies in Nigeria and other ancillary matters.
Unlike the United States of America where each state has its own company registry and can individually register companies, the company registration in Nigeria is central and a company can only be registered with the Corporate Affairs Commission (CAC) only.
The procedure for foreign-owned company registration in Nigeria is almost the same as the procedure for local company registration. However, every company with foreign participation in Nigeria must be capitalized with a minimum of N10 Million share capital as required by the law.
Procedures To Register Your Bussiness With Us:
The first step to register a company in Nigeria is called the name availability search. At this stage you want to find out if the name which you want to register your company with is available and not already in use.
The information which you will need to present include – the name of the shareholders, residential address, occupation, email address and mobile phone number. You will also need to provide a recognised identity document e.g. international passport, drivers licence, national identity card etc.
Under the new CAC process, individuals are able to get all the required documentation from the CAC portal. However, please note that with respect to the Memorandum of Association and Articles of Association, the CAC portal only provides templates, and therefore if your line of business is one which requires special documentation, you should consider getting these drafted professionally by a lawyer.
Once you make the relevant payments online (the amount depends on the share capital of your company), you can upload all the documents and your submission is finalised. After submission, the CAC will contact you if there are any queries. If there are no queries, the CAC will inform you once the registration is complete, and then you can go to their office to pick up your certificate of incorporation.
Once you are given your Certificate of Registration/Incorporation, there are certain things which you have to do, failure of which could involve fines
Why you need to register your bussiness:
They are so many reasons you need to register your website. The most important are listed below
- It gives you a unique identity (and protects it too).
- It protects you from personal liability.
- It makes you look serious and attracts more customers.
- It’s easier to get bank credit and investment from investors.
- It’s important for continuity sake.