In this short article, you will get know what is a group of companies, the requirements and steps to take to get your group of companies registered with Corporate Affairs Commission (CAC).
What is a Group of Companies?
A Group of Companies is a combinations of small companies merged together as one. In other words if 2 or more companies who are carrying on same type of businesses agrees to come together as one, such formation is referred as Group of Companies
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What can be referred to as a group of companies? A Group or consortium involves three or more companies registered with Corporate Affairs commission as one. It is also companies that become its subsidiaries.
In this case, a Group/Consortium involves itself in the affairs of other companies under its subsidiaries list and manages the affairs of the subsidiaries. It also manages the assets and liabilities of the subsidiaries under her.
A Group/Consortium Can Enter into contracts on behalf of its subsidiaries. The Managers and directors of the Group/Consortium might be different from the subsidiaries.
The use of the word “GROUP” is under the Prohibited list with Corporate Affairs Commission (CAC), hence for purpose of registration, one need to seek and obtain the consent of the Registrar General of CAC before using such word. This is pursuant to Section 852(1) CAMA.
In order to use a name such as “GROUP”, “HOLDING”,” FEDERAL” “NATIONAL” “CORPORATIVE” “REGIONAL” “STATE” “CENTER” you need to seek the consent of the Registrar General of the Commission.
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How do you now Register a Group of Companies with CAC?
Below is the step-by-step guide on how to register a group of companies
- Choose CAC accredited agent for your registration. Contact us as a CAC accredited agent in Nigeria
- Choose 2 unique names for your group of companies and conduct a name search to ensure that the name is available.
- Note that Reservation of the name of the Group is solely at the discretion of the registrar general of the Corporate Affairs Commission.
- Fill out the documents, which may include the following:
- Particulars of the Company
- Particulars of Directors
- Memorandum and Articles of Association
- Particulars of the Share Capital and Shareholders of the Company
- Particulars of the Company Secretary
- Upload the necessary documents.
- Preview your registration.
- Pay the required fees for registration and Pay for the stamp duty.
- Once your application is approved, you will receive a certificate of incorporation and other accompanying documents which confirms that your group of companies has been registered.
In conclusion, It is important to note that the registration process for a group of companies may be more complex than that of a single company. In that case you will need the services of a lawyer or an accredited CAC agent to assist you.
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