The introduction of the new Companies and Allied Matters Act in 2020 brought about changes to the administration of corporate affairs in Nigeria, and with the introduction of new procedures and processes to the registration of companies in Nigeria, I’ll be answering this question in line with these recent changes.
Before i proceed, let me state the following;
a) The Corporate Affairs Commission is the sole agency responsible for incorporation of companies in Nigeria.
b) A company is different from a business name.
c) In Nigeria, there are various types of companies provided by law. They include;
Private company limited by shares; This type of company is most popular and often used. Companies under this category must end with “Limited” or “Ltd”. Such company is said to be private as its members are made up of 2 to 50 persons, and it is limited by shares because the liability of its members is restricted to the amount of shares paid up in the event of winding up.
Public company limited by shares; This type of company is said to be public as there are no legal restrictions as regards its number of members or transfer of shares.
Company limited by guarantee; This type of company is said to be limited by guarantee as the liability of its members is limited to the amount members respectively undertake to contribute to the asset of its company in the event of its being wound up.
d) Presently, an LLC can be incorporated by one individual.
e) With the current inclusion of technology to the corporate administration process, anyone from within or outside Nigeria can have his/her company registered and have easy access to his of her registration documents.
PROCEDURE FOR REGISTERING A COMPANY IN NIGERIA?
1. Provide not less than 2 (or more) names for reservation. The Corporate Affairs Commission reserves the right to reject names which are similar to already existing names or which does not satisfy the requirements provided by law.
2. Upon approval of any of your proposed names, complete the necessary incorporation forms (including statement of authorized share capital, memorandum and articles of association, particulars of directors, shareholders and secretaries if any e.t.c).
3. Submit your completed application documents alongside the following; E-signatures of all members (i.e Directors, Shareholders, Secretary) of the company, Valid Government issued ID cards.
4. Once your application documents are approved, an E-certificate together with certified copies of your LLC’s memorandum and articles of association is made available.
Hope you found this useful? For further enquiries in this regard, you may provide them at the comment section or click here . And If you’ll like to have your company registered, you may click the link here and reach out to us here let’s get you sorted. Do have a fabulous day!