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Company Formation in Nigeria

Steps:

Engage a Chartered Accountant or Lawyer or Company Secretary to check for the availability of the proposed company name with the Corporate Affairs Commission. We recommend you suggest at least 2 names that are acceptable.

If the name is approved, Corporate Affairs Commission will reserve it for 60days and if not approve a notice of denial will be issued by the Commission.

The Memorandum and Articles of Association (MEMART) of the proposed Company will be drawn up by the consultant with input from the client, stating the objects of the company, that the company is a private limited liability company and its authorized share capital in not more than one page. Similarly, the names of the subscribers to the MEMART, their full names, description, addresses and number of shares taken up.

Furthermore, the Complete Set of forms will be completed and endorsed by the shareholders and first director appointed by the company. They are

a  Form CAC 3, Notice of registered address;
c. Form CAC 7, Particulars of directors;
d. Form CAC 4, Declaration of compliance and the prescribed registration fees;
f. Form CAC 2, Statement of share capital and return of allotment of shares(2)

The Stamp Duty will be paid at the Federal Inland Revenue Service-Stamp Duties units normally located at the offices of Corporate Affairs Commission. The Duty payable is dependent of the authorized share capital of the company.

The Stamped copies of The MEMART (2) are filled with Corporate Affairs Commission after the payment of filing fees(dependent on the authorized share capital), accompanied with the approved availability form, set of incorporation forms together stated earlier.

The Corporate Affairs Commission issues a Certificate of Incorporation, CTC of Form CAC 2, CAC 7 and CTC of Memorandum of Association.

With the introduction of Treasury Single Account, payment for filing fees and incorporation are now done online with the remit.net and corporate affairs commission platform.

We help our client do business registration, company registration, develop the objects clause of their Memorandum Of Association, fill out the set of forms, pay the stamp duties and act as Company Secretary at Corporation. We do not charge you for consenting to Act as Company Secretary for new Company Formation. We however are paid if you require us to perform other specific services post incorporation. Change of Directors, Alteration of Memorandum of Association, Articles, Allotment of Shares, Filing of Annual Returns and other services as may be required.

Business Registration is better handled by Business Consultant who belong to either ICAN, NBA or ICS. They are professionals in their own field. Avoid quacks, they appear cheap on the face but more expensive, everything considered.

We can handle all aspect for our clients at the payment of customer-friendly fees.

About the AuthorMatthew Ogagavworia-Portrait

Post by: Matthew OGAGAVWORIA, FCA, CFAN

Matthew Ogagavworia is the founder of Matog Consulting, a specialist management consulting firm in Nigeria.  With over 19 years of experience in that cuts across professional service, banking, oil & gas, capital markets, serving small businesses. His specialties include, recruitment, forensic accounting, SME advisory, accounting advisory, risk management, audit, tax, debt recovery, business plan writing, company secretarial services and training.

Company: Matog Consulting

Website: www.matogconsulting.com

Connect with me on Facebook, Twitter, LinkedIn, and Google+.

CALL: 08023200801, 08075765799

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