After publishing "How I Registered Business Name with CAC Nigeria for Less than N5000", I keep receiving mails from some of my blog readers, asking me how they can also register a company in Nigeria; the cost and probably the names of registered companies in Nigeria.
Though, have only been able to personally register a business name, and not a company, I've been able to get some info on how to register a limited liability company (LLC) in Nigeria from an experienced professional that works as a consultant to the Corporate Affairs Commission (CAC).
While I can't guarantee you the list of registered company in Nigeria, the info herein will keep you informed on what you need to know about company registration in Nigeria.
General Information for Company Registration in Nigeria
1. Approval of a Name begins the Registration Process. Before you register a Company, you will need to make a choice between two (2) Proposed Names you plan or intend to register.
At this initial (first) stage, it is called Availability of Name Searches. The Approval Officer checks in the System Server (Content Pinnacle Register) to find out if your proposed names have already been registered or not.
When your proposed names have been registered by other person(s) -; both your two names will be denied approval or rejected. If the officer finds out that one or all of your two proposed names has not or are not yet registered by other person(s), one name (usually the first choice name) is thus approved and reserved for you to proceed with your registration/incorporation.
Note: Names of Limited companies in Nigeria are registered with ending suffixes like ‘’Limited’’ or ‘’Ltd’’ or ‘’Plc.’’. You can read the full guide in choosing proposed Limited Company Name in Nigeria here.
2. After the approval of a name, registration/incorporation process begins. at this stage, you will have to fill the requisite incorporation documents and pay the necessary fees.
3. On completion of registration, you wait for a minimum of two (2) weeks for your certificates and the Certified True Copy of Forms (DEEDS) to be ready for your collection.
Guides on Requirements for Limited Companies Registration in Nigeria
Below are the Specific Requirements for company registration in Nigeria as provided by Nigeria’s Company and Allied Matters Act of 1990.
i. Limited Companies can be registered by 2 people or even up to 10 people.
ii. Each Director is called a Shareholder of the Company. The overall share capacities of the Company are shared/allotted by the shareholders and each is given a number of shares.
Usually, if the overall share capacity is 1,000, 000 (1 million) shares, then, the key promoter/person (shareholder) who is forming it (that is to say, the owner(s) would take the highest number of shares like, 600, 000. Other 400,000 are shared by his or her partners, children, wife, husband, friends, etc (other shareholders/directors).
iii. Note down at least 4 objectives/objects of your proposed company. These are "what you are into" or what you would be doing with the company after registration or what you have already been doing and you now want to formalise it through registration.
For instance, if you are into Engineering, or Construction services, you write your objects as these:
a) Building Engineering Services
b) Water Engineering Services
c) General Contracts …etc.
iv. Note down the Registered Office Address of your Proposed Company. (it begins with, NO. ..., PLOT ..., SUITE ...).
Corporate Affairs Commission (CAC) does not accept vague address like Akinsanya Road, Maisalaci Avenue, Enugu, Nigeria. You must specify the House Number, Plot Number or Suite Number.
(Note that if you don't have Office yet, you can also use your Residential or Contact Address as your registered office/COMPANY address.)
v. Provide the Full Names (no initials in person’s name), Occupations, Share Allotments/Capacity, Specimen Signatures and Contact Addresses of the Shareholders/Directors.
Example: If the total share capacity of the company is 1,000,000 and the share holders or directors are 3 in number, spread the shares as in example, in this manner, while also indicating each of their full names, occupation, signatures and contact addresses:
- Name of Shareholder or Director Ifesinachi Oderaa.
Occupation Architect/Business Man/Farmer
Share Capacity 500,000
Specimen Signature .............
Contact Address Plot this/No./Number this, Igando
Estate, Lekki, Lagos. Lagos State, Nigeria.
- Name of Shareholder or Director Oladimeji Olugbenga
Occupation Engineer/Consultant/Business Man
Share Capacity 250, 000
Specimen Signature …………
Contact Address No. 5, Hotoro Street, Kano, Kano State, Nigeria
- Name of Shareholder/Director Musa Nurrudeen
Occupation: Farmer/Business Man/Estate Manager
Share Capacity 250,000
Specimen Signature ……………
Contact Address: Number 1, Okigwe Road, Owerri,
Imo State, Nigeria.
VI. Each Director/Shareholder must provide scanned copy or scanned photocopy of his or her means of Identification: Choose one from these three, which you have:
Any of Data Pages of National ID Card, International Passport or Drivers Licence.
How Much Does it Cost to Register a Company in Nigeria?
To get the official registration fee for a company with CAC Nigeria, go to CAC website and click on "summary of fees and forms" on the sidebar menu.
If you don't want to go through the cumbersome process and face some "non-smiling" CAC clerks who just tell you, "go and see a lawyer"; my experienced Professional, Bar. Kasie, can get everything done for you.
Limited Company Registration/Incorporation for 1, 000, 000 (1million) Share Capital is # 70, 000 for both Government Fees and his Services Fee while LLC Registration/Incorporation for 500, 000 (5hundred thousand) Share Capital costs # 60, 000 naira for both Government Official Fees and his Services fee.
He has direct access to CAC Abuja, because his office is in Abuja. If he handles the registration for you, you can pick up your certificate at his office and he can also despatch to you through Courier Services like Ifex, Chisco, Peace, Tradeways (in Nigeria) and DHL, UPS & FedEx for outside Nigeria).
You can contact Bar. Kasie via:
Address: B40 Ext. Efab, off Gimbiya St. Garki, Abuja. Nigeria.
Whenever you contact him, let him know you got his info from my blog; Ogbongeblog.
Now you might be wondering, should I just register my business name or register my company? Well, I will write on this soon. If you do not want to miss this, SUBSCRIBE here.
If you have contributions or questions to ask, kindly relay them via comments.