The Processes Involved In Registering A Limited Liability Company In Nigeria
Registering a limited liability company in Nigeria is a task that is overseen by the Corporate Affairs Commission (CAC). Are you interested in starting a business in Nigeria? Are you interested in registering a limited liability company in Nigeria?
You should continue reading this article as I take you through the processes involved in registering a limited liability company in Nigeria.
Those entrepreneurs who are interested in registering a limited liability company in Nigeria should know that it is exclusively the task of the Corporate Affairs Commission (CAC). The CAC is the governmental body in charge of registering businesses in Nigeria.
Not taking much of your time, the processes involved in registering a limited liability company in Nigeria are listed below.
Guidelines for Registering a Limited Liability Company in Nigeria
- Registering a limited liability company must be by a certified layer. This will help to save you from costly mistakes and legal headaches. It is very advisable that you get a very good legal adviser to start your registration process.
- The minimum number of shares required in registering a limited liability company in Nigeria is one million shares.
- You should choose three unique names for your company. Examples include Diligent Global Ltd or ZYX Nigeria Inc. The CAC will then conduct a search if one of your chosen names is found suitable and unregistered; it will be assigned to you.
- If the names you submitted are already chosen by another person, then you will have up to 60days to complete the whole registration by filling the necessary documents.
- After the name search involved in registering a limited liability company by CAC, you need to choose your directors. This comes after dividing the share ratio among the directors.
- The least number of people required to start a company is two, while the maximum number is 50. These people are seen as directors in the business.
- Registering a limited liability company, a minor (person under the age of 18) can be a director provided that there are at least two adults listed as directors.
- During the registering of a limited liability company, the full names, ages, year of birth and the residential address of all the directors must be supplied to the CAC for record keeping and references.
- Someone with a foreign nationality can be a director provided that one or more directors reside here in Nigeria. To avoid unnecessary questions at the CAC, it’s needful that all directors adopt Nigerian nationality.
- Before registering a limited liability company, you must give the proposed address of the company’s head office to CAC.
- All the directors must append their signatures to the filled forms and memorandum of association before filling for the stamping and verification.
- Once the stamping and verification have been done by the CAC, you will be given a certificate of incorporation. The issuance of this certificate of incorporation ends the processes.
At the end of this registration process, you must demand the Certified True Copy (CTC) from your lawyer. This CTC is a copy of the Memorandum of Association (MOA) that has been verified and stamped as the exact true copy of the MOA in CACs possession.
There is no fixed price for registering a limited liability company in Nigeria. This is due to the fact that the policy of the CAC is always changing.
You must also know that the price you pay for registering a limited liability company in Nigeria is greatly dependent on the law firm you are working with.