REQUIREMENTS FOR COMPANY REGISTRATION
A company is a corporate structure with separate legal personality status. It is statutorily regulated and incorporated for the purpose of profit maximization. All companies, whether a private company limited by shares, private unlimited or a company limited by guarantee must be registered in accordance with the Companies and Allied Matters Act (CAMA), which is the principal law that regulates companies in Nigeria. The requirements for registering a company in Nigeria are straightforward with no intricacies.
The commission in charge of the regulation and supervision of the registration and companies is the Corporate Affairs Commission (CAC) established pursuant to the provisions of CAMA. In one of our previous articles, we explained a step by step guide for company registration, but we shall briefly highlight the basic requirements for an incorporation of a limited liability company here.
It should be noted that the minimum number of persons required to form a company is two (2), with the age capacity not less than 18 years. The only exception for a person less than 18 years to register a company is where there are two or more adults involved in the formation of the company.
Requirements to register a limited liability company
The applicant will also be required to pay a filing fee to the CAC and stamp duty paid to the Federal Inland Revenue Service (FIRS).
Where this information is provided for, the following statutory forms will be required to be filled and submitted along with the evidence of payment at the CAC and other requirements:
Incorporation can be commenced online by an individual applicant or through a CAC accredited agent at the CAC’s online portal. Where an individual commenced the incorporation himself or herself, such a person will still require the services of a legal practitioner for an attestation.
In conclusion, to operate any company in Nigeria, such a company must be incorporated. Although the company registration can be initiated online, the original copies of the documents used for the registration must be submitted to the CAC before the Certificate of Incorporation can be issued to the owners or their agent.
Written by Corporate & Commercial Law Department at Resolution Law Firm, Nigeria