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.
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A Limited Liability Company is a corporate structure that separates individuals from liability for debt obligations and financial losses of the Company. Some of the features of a Limited Liability Company is the presence of Directors and Shareholders. This structure is better suited for a medium and large-scale business.
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.
A minor can only be a shareholder if there is a minimum of two adults in the company.
No, a minor cannot be a director.
Minors (people under 18 years) cannot be a director but can however hold shares in the Company.
CAC reserves the right to reject names that are:
The CAMA 2020 provides for the electronic submission/filing of incorporation and other documents as well as the use of electronic signature.
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
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
CAC now allows individuals to register Business Names and Company by themselves, however Kudi Konsult saves you the headache with our affordable and reliable Company registration package. Still want to do it yourself? See process below
You can have as low as 100,000 shares however it is advisable to have at least 1 million share capital in place because cost of filing fees and stamp duties is the same.
The amended 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.
A major and remarkable feature of the new system is the introduction of E-certificate. The commission has introduced and adopted issuance of E-certificate as against the former manual system where customers have to walk into the Commission to pick up the certificate of registrations and incorporation of all entities. Upon completion of the registration of any entity on the portal, your registration is approved by the Commission seamlessly, the certificate is automatically generated to your dashboard where you can download at your convenience.
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
TIN nos is free. It now comes printed on Certficate of Incorporation of Limited Liability Companies. For Business Names you can visit nearest FIRS office for the printout of your TIN
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).
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
Yes, the following companies will be exempted after application for exemption:
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