In registering an entity in Nigeria, there are basic requirements you need to provide so as to complete your registration with the Corporate Affairs Commission which is the government body saddled with company registrations and other allied matters.

These requirements are so important that without them you cannot complete your registration.

In registering a Business Name (Enterprise) you need the following:

1. Two names for name search
2. Business address e.g. street number, street, city, LGA, State,
3. Details of the proprietor(s) which includes; names, address, phone number, email address, date of birth, ID of the proprietor
4. The ID can be Permanent voters’ card, Driver’s license, international passport or NIN
5. Nature of the business (what business you intend to carryout)Signature (signed on a piece of paper), passport,

Requirements for registration of Company Limited by shares, Limited Partnership, Limited Liability Partnership

1. Two names for name search. Note: you can submit One name for search but it is advisable to submit two names so that if the 1^st name did not go through the 2^nd name can go through to save you cost.
2. Nature of business or objects (the type of business you want to carryout)
3. Details of the Directors or Partners which includes; names, phone number, date of birth, email address, Residential/service address.
4. Details of the shareholders which includes; names, phone number, date of birth, email address, Residential/service address.
5. Sharing formular among shareholders/ partners (note that people with 5% shares and above will automatically be persons of significant control in the company).
6. ID cards of the Directors and shareholders, signature of the directors and shareholders.
7. ID card can either be Permanent voters’ card or Driver’s license or international passport or NIN
8. Certificate of incorporation if one of the shareholders is a company
9. Birth certificate if a minor is one of the shareholders

Requirements for registration of Incorporated Trustee (NGO, Association, Clubs, Church etc.)

1. Three names for search
2. Details of the body (email address, service address, phone number)
3. Aims and objectives
4. Constitution (Source of funds, account keeping, application of funds, governing body)
5. Minutes of meeting appointing trustees.
6. Newspaper publication (2 national daily newspapers)
7. ID cards of the Trustees (NIN, Driver’s license, Permanent Voters Card, or International Passport) signature, passport photograph.
8. Statutory declaratory form for the trustees.

 

Some questions asked by clients and the answers

1. Can a foreigner register an entity in Nigeria?

Yes, a foreigner can register an entity in Nigeria but business name is excluded. It is solely for Nigerians! A foreigner can register a private company limited by shares with a minimum share capital of NGN100 million or be one of the Trustees in an Incorporated Trustee (IT).

2. Can I change an entity name after registration?

Yes, it is called post incorporation matters. It is commenced 48 hours after registration.

3. After registration what next?

Get your entity TIN, SCUML registration, open a corporate account with the bank, Filing of annual returns with CAC. Note annual return filing starts 12 or 18 Months after registration.

4. Can I register my business with CAC online?

Yes, company registration is done online and the certificate and other documents are issued online ie softcopy.

5. How long does the process take?

From the name search to the registration can take 5 to 10 working days for business name and company. But for Incorporated Trustee it takes 30-40 working days because after newspaper publication you wait for 28 days before you can continue with the registration.

6. Can my child of less than 18 years be a director?

No, a child less than 18 years old cannot be a Director of a Company section 20(1) CAMA 2020 but he or she can be a shareholder.

7. Can I add more objects or change /nature of business/ aims and objectives after registration?

Yes, you can! It is done as post incorporation but you will need the services of a CAC accredited agent to do it.

8. Can I remove a Proprietor/Director /Trustee after registration?

Yes, as a post incorporation matters after the payment of the necessary fees and the submission of the requirements.

 

For further questions or enquiries please contact us via

Email: info@verazadvocates.com.ng

Call/WhatsApp: +234 8116486356