How to register a private (Limited Liability) company in Nigeria.

How to register a private (Limited Liability) company in Nigeria.

July 23, 2019

A private Company, also known as a limited liability company is simple to register; this makes it the most sought after of registered businesses in Nigeria. One of the numerous advantages of registering this type of company is that, shareholders are not personally liable for debts and liabilities of the company.

Register your private company by following the simple steps ;

  1. Choose 2 names for the proposed company in order of preference.
  2. Log on to the Corporate Affairs Commission (CAC) portal at cac.gov.ng
  3. Conduct a search for availability of the name on the CA.C website.
  4. Reserve the available name by paying reservation fees after which a notice of approval will be sent by the commission.
  5. Complete the online pre-registration form (CAC 1.1) on the portal.
  6. Pay filing and stamp duties fees.
  7. Prepare the following documents to be scanned on to the portal.

i. Names, addresses, phone numbers and email addresses of Shareholders, stating the shareholding percentage for each shareholder.

ii. Name, address, phone number and email address of Company Secretary

iii. Name, addresses, phone numbers and email addresses of Directors (minimum of two directors. Note that to appoint a minor, i.e. a person below 18 years of age as a director, there has to be a minimum of two adult directors).

iv. Proposed Company address.

v. Proposed share capital of the company (minimum of 1million naira is advised).

vi. Means of identification for the directors, shareholders and Company Secretary i.e a copy of international passport, permanent voters card, national id card or driver’s license

vii. Objects of the Company, i.e business the Company proposes to operate

viii. Memorandum and Articles of association of the Company.

ix. Submit the original copies of the scanned documents at the nearest CAC office

Please note that only accredited CAC agents can make an application for this registration on your behalf.

Best regards,

Team 618 Bees

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advise, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advise from the particular facts and circumstances at issue from a lawyer.

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Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • what does copyright protect?
      1. Music, books, brochures and written materials.
      2. Photographs, drawings and illustrations.
      3. Films and videos.
      4. Logos and packaging.
      5. Computer programs and games.

     
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • How many shareholders do I need to start a company?

    A minimum of one (1) adult shareholder is required to form a company.
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
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