Limited Liability Company
A Limited Liability Company is one of the most popular legal structures in Nigeria. This is due to the many professional and financial benefits it offers, all of which far surpass those available to Business Names.
We are a team of legal experts and accredited CAC Consultants and have helped thousands of entrepreneurs power their ambitions by registering their Limited Liability Company with CAC. We deliver your certificate and other documents anywhere in Nigeria and all over the world within 7 working days.
Ready to get started? Click the 'Chat' button below or call us at 0810 399 3662 (available Monday to Friday, 9am-5pm) to speak directly with one of our friendly Consultants. Alternatively, you can also reach out to us via email at products@kudikonsult.com for any inquiries or to begin your consultation process.
FAQs About Company Registration In Nigeria
- Ability to open a Corporate Accounts
- Customers/Clients take you more serious if your Company is registered
- Banks only grant business loans to registered businesses
- Your Company becomes your brand
- Investors are more comfortable with a registered business.
Yes, CAMA 2020 allows for a sole person to set up a company as the director and shareholder.
No, a minor cannot be a director.
- Check for availability of proposed company name
- After name has been approved, use the availability code to start process of registration and fill all necessary forms on the Company Registration Portal
- Complete pre-registration form and upload relevant documents and information online using Company Registration Portal.
- Pay filing and Stamp duty fees
- Upon completion of the registration of any entity on the portal, your registration is approved by the Commission and an E- Certificate and Certified Extract of Registration information is automatically generated to your dashboard where you can download at your convenience.
Shares can be defined as units of ownership interest in a Limited Liability Company. While owning shares in a business does not mean that the shareholder has direct control over the business’s day-to-day operations, being a shareholder does entitle the possessor to participation in the profit (dividends) or losses (liabilities)
CAMA 2020 makes provision for an individual to own 100% shares in a Company. You can however decide to allocate shares to partners, family members, partners, friends or investors. Allocation of shares is usually dependent on what the person is bringing on board. However you must be careful in choosing your shareholders as they are entitled to vote in the proceedings of company meetings, receive dividend, attend meetings and contribute to the affairs of the company, inspect company’s statutory books, protect proprietary interest in the management of the company.
While the minimum share capital can be as low as 100,000 shares, it’s often advisable to have at least 1 million share capital. This recommendation is due to the cost of filing fees and stamp duties being the same regardless of the amount of share capital. Additionally, it’s important to note that the required share capital can be higher for specific types of businesses, such as banks and foreign-owned companies, as dictated by law.
For certain industries, the law has stipulated minimum share capital threshold before such a company can be registered and deemed eligible to carry on business in those industries. The essence of this requirement is to determine the viability of the company as these industries are usually capital-intensive ventures and highly regulated. Some examples of such industries include, Maritime Operators, Travel & Tour, Airline, Banks and Insurance Companies, Fund/Portfolio Managers etc
The commission has also introduced a document format called E-status report to replace the CAC forms issued upon new registration/incorporation of all entities. The E-status report will now replace the Form CAC 1.1 for company registration, BN 1 for Business name registration, IT form 1 for Incorporated Trustees
A Foreigner can fully participate in the operation of any enterprise in Nigeria except enterprises in the negative list (which largely relates to the manufacturing of firearms and other military materials). The foreigner may operate alone or in Joint venture with Nigerians by means of a company, which has to be formed and registered with the Corporate Affairs Commission (CAC) and with the Nigerian Investment Promotion Commission (NIPC).
Yes, the following companies will be exempted after application for exemption:
- Foreign companies invited to Nigeria by or with the approval of the Federal Government to execute any specified individual project;
- Foreign companies which are in Nigeria for the execution of specific individual loan projects on behalf of a donor country or international organization;
- Foreign government-owned companies engaged solely in export promotion activities; and
- Engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.
In addition to registering your business with the Corporate Affairs Commission, a foreigner that intends to do business in Nigeria must also register with the Nigerian Investment Promotion Commission (NIPC) and where he/she wants to live in Nigeria would require a business permit from the Ministry of Interior. Kudi Konsult has a full registration package for foreigners package that includes all the necessary permits, registered address, bank account opening etc To get started call or chat 09034086536
