How to register a public (limited) company in Nigeria

How to register a public (limited) company in Nigeria

July 23, 2019

A public company is one who is able to sell its shares to the public and may have its shares quoted on the stock exchange. A minimum of 2 persons is required by the Corporate Affairs Commission (CAC) to register this type of company and the share capital must be a minimum of N500,000.

Register your public company by following the simple steps below;

  • Choose 2 names for the proposed company in order of preference
  • Log on to the CAC portal at www.cac.gov.ng
  • Conduct a search for availability of the name on the CA.C website
  • Reserve the available name by paying reservation fees after which a notice of approval will be sent by the commission
  • Complete the online pre-registration form (CAC 1.1) on the portal
  • Pay filing and stamp duties fees
  • Prepare the following documents to be scanned on to the portal
  1. Names, addresses, phone numbers and email addresses of Shareholders, stating the shareholding percentage for each shareholder
  2. Name, address, phone number and email address of Company Secretary (must be a professional)
  3. 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).
  4. Proposed Company address.
  5. Proposed share capital of the company (minimum of N500, 000)
  6. 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
  7. Objects of the Company, i.e business the Company proposes to operate
  8. Memorandum and Articles of association of the Company
  • Submit the original copies of the scanned documents at the nearest CAC office.

Note that you need to engage the services of an accredited agent for the registration as only an accredited agent can register with the CAC.

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

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • 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 is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • 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’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. 
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
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