Legal Services and Business Registration in Nigeria

The first procedure for the setting up a company in Nigeria is to check for the availability of the proposed name of the new company for registration with the Corporate Affairs Commission and to reserve the name if available.

REQUIREMENTS FOR COMPANY REGISTRATION
A company is a corporate structure with separate legal personality. It is regulated by law and incorporated to be a going concern. All companies, whether a private company limited by shares, private unlimited or a company limited by guarantee must be registered in accordance with the Companies and Allied Matters Act (CAMA), which is the principal law that regulates companies in Nigeria. The requirements for registering a company in Nigeria are quite straightforward.

The commission in charge of the regulation and supervision of the registration and companies is the Corporate Affairs Commission (CAC) established pursuant to the provisions of CAMA.

It should be noted that the minimum number of persons required to form a company is two (2), with the age capacity not less than 18 years. The only exception for a person less than 18 years to register a company is where there are two or more adults involved in the formation of the company.

Requirements to register a limited liability company;

The first step required by the applicant is to choose two suitable proposed names for the company. Where this is done, an availability check will be conducted on the CAC online portal to find out if the name is available and not already in use.
Choosing the type of company to be registered whether a private limited company or private unlimited company or company limited by guarantee.
The objectives and business of the company must be provided.
The registered principal address of the company.
The share capital and shareholding formula among shareholders will be required.
The particulars of a minimum of two (2) Directors will be required. A copy of their means of identification such as voter's card, national ID, drivers' license or international passport.
Particulars of the company secretary (one of the directors may also act as the Secretary of the company)
The applicant will be required to furnish details of the shareholders of the company. Details such as names, occupation, residential address, email address, mobile phone number and means of identification such as driver's license, international passport or national identity card. It should be noted that the directors listed can also hold the capacity of shareholders in the company if desired.
The memorandum and Articles of association of the company to be registered which is advisable to be drafted professionally by a Legal Practitioner.