As a law firm, a frequent question we receive from our client’s looking to incorporate their company in Nigeria is; “What are the requirements for registering/incorporating my company”. In this article, we would be discussing this in detail.
Apart from a company, there are other types of business entities a person can register such as; Sole Proprietorship, General Partnership, Limited Liability Partnership, etc.
However, since the focus is on companies, below are the requirements you are expected to make available should you opt for incorporating a company.
1. Proposed names of the company for reservation (a minimum of two)
2. Brief description of the principal nature of business
3. The registered address of the company (must be in Nigeria)
4. Type of company to be incorporated. It could be a private company limited by shares, a company limited by guarantee or a public company. We recommend you seek professional advice on what type is suitable for your business goals.
5. Details of share capital of the company. Some regulated sectors stipulate minimum share capital requirements. Getting expert advice before undertaking the incorporation process will help a great deal in bridging this knowledge gap.
6. Details of Director(s) such as phone number, email, residential address, means of identification etc. Under the new Companies and Allied Matters Act (CAMA) 2020, a private company can be incorporated with one individual as both director and shareholder.
7. Details of Shareholder(s) such as phone number, email, residential address, means of identification etc.
8. Details of Company Secretary if necessary. Under the new CAMA, it is no longer mandatory for a private company to have a Secretary.
9. Details of distribution of shares amongst shareholders.
10. E-signatures of Directors, Shareholders, Secretary and Witnesses whose names would be provided in the incorporation documents.
With respect to means of identification, the following could suffice;
ii National ID card
iii. Driver’s license
iv. Permanent Voters Card.
Where a director is a minor (i.e. below 18 years), a birth certificate or age declaration would suffice. It is important to note that a minor cannot incorporate a company as a single director. Such minor must incorporate the company an adult(s).
Company incorporation is currently handled online and as such, you can have your company set up in Nigeria regardless of your location.
We hope this answers your question? For further inquiries and If you’ll like us to assist you with this process, you may reach out to us HERE, and we will be delighted to assist you.