Starting a business in Nigeria can be an exciting and rewarding experience, but it’s important to understand the process of registering your company with the Corporate Affairs Commission (CAC). This guide will walk you through exactly what you need to do to get your business up and running.
Requirements For Registering A Company In Nigeria
Step 1: Select a Business Name
The first step is selecting a name for your company that complies with CAC regulations. The name must not already exist or be similar enough to another registered one as this could lead to legal issues down the line. Once you have chosen an appropriate name, make sure it isn’t being used by someone else on social media or other online platforms. You should also check if any trademarks are associated with it before proceeding further.
Step 2: Prepare Your Documents
To register your company, certain documents must be prepared including Articles of Association which outlines how shareholders can vote on decisions; Memorandum of Association which states why the firm was set up; Form CAC1 – Application for registration signed by all directors/shareholders; Form C07 – Notice of Situation/Change in Registered Office Address signed by all directors/shareholders where applicable; Evidence that at least two persons are members such as copies of their passports and utility bills among others depending on type of organization formed like LLCs require additional documents like sworn affidavit from each director etc.; Copy Of Certificate Of Incorporation once approved; and payment receipt from bank confirming payment has been made into designated account.
Step 3: Submit Documentation & Pay the Fees
After preparing these documents they need to be submitted along with relevant fees at any office location nationwide run by Corporate Affairs Commission (CAC) , which currently stands at N100,000 per annum payable annually after the incorporation date. Additionally, there may also be extra charges depending upon services required so ensure full cost is known prior to submission.
It usually takes anywhere between 7-21 days before the certificate is issued indicating successful registration however timescale varies according outcome given when the application is submitted e.g. if refused then the time taken longer due to reasons provided needing addressing etc.
Step 4 : Obtain Tax Identification Number(TIN) & Open Bank Account
Now comes obtaining a tax identification number (TIN ) issued Federal Inland Revenue Service(FIRS ) without which no trading is allowed legally plus opening a corporate bank account with necessary funds held securely purpose operating business effectively and efficiently. Lastly, obtaining insurance coverage protect against unforeseen circumstances arising potentially causing financial loss and damage to reputation.
We are here to help
We offer assistance in registering your company in Nigeria. Our team is experienced and knowledgeable in the process, ensuring a smooth and efficient registration. Contact us for more information.