The Cοrporate Αffairs Cοmmission (CAC) is a regulatory body set up to administer Nigerian entities. Recently, it has launched a new e-registration platform, due to which company registration in Nigeria can be done remotely. As specified by the law, an entry in a registrar of this regulator is a compulsory term for setting up a Nigerian business presence. Below is an overview of the rules for the Nigerian entity setup.
Registration of a company in Nigeria isn’t a challenging process, which is run in an e-portal. The stages of how an entity is established are as follows:
Once the requirements for company registration in Nigeria are satisfied, entities receive papers from the e-portal. The scope of papers includes constitutional documents which set out the basic management structure of the entity, and statements of compliance by lawyers. But for a statute, the authority only gives templates and then an owner gets them complemented.
Typically, registering can be done within 2 to 7 days provided that there are no force majors. The sum of contributed capital is subject to the nature of business to be run and if a noncitizen-person is active in the entity. Individuals interested in requirements for company registration in Nigeria are advised to consult a lawyer to assess the correct shareowner threshold for certain rules for specific businesses and other peculiarities.
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