The Application for registration of a Co-operative Society is processed at the Osun State Ministry of Commerce, Industry, Cooperatives and Empowerment (“licensing authority”).
Please note that a Co-operative Society may be incorporated as a private limited liability company with share capital by the Corporate Affairs Commission (“CAC”). See our article for the general requirements for incorporation here.
Where the members prefer to proceed with the registration process without incorporation by the CAC, then the application for registration can be submitted to the licensing authority with all the requirements and evidence of payment of mandatory fees.
REQUIREMENTS FOR REGISTRATION
(i.) Name of the proposed Society.
(ii.) Address of the Society for purpose of registration:
- Residential Address
- Postal Address
- Email Address
(iii.) Area of Operations.
(iv.) Exact objects of the Society.
(v.) Number and amount of shares which the Society proposes to issue (Only applicable to a Co-operative Society that is registered with the CAC with share capital if otherwise mode of operation should be stated).
(vi.) Vital description of proposed workings of the society.
(vii.) Name and phone numbers of principal officers like:
- President
- Vice- President
- Treasurer
- Secretary
(viii.) Name, Signature, Occupation, Residential Address and Administrative Division of not less than 10 members including principal members of the proposed Co-operative Society.
(ix.) Actual Number of members of the Society as at the date of application.
(x.) Payment of total costs which is estimated about N100,000.
Please Note that Co-operative Society is required to have a minimum of ten (10) members before its application can be accepted for registration.
PROCEDURE FOR COMPLETION
The procedure for registration of Co-operative Society in Osun State are as follow:
- First step is to purchase the forms from the Osun State Ministry of Commerce, Industry, Cooperatives and Empowerment.
- Fill and submit the required forms and affix the required passport.
- Payment of Registraton fee to any bank in Osun State with the revenue code 4030012 or at the front desk.
- After the registration process is successful, certificate of registration will be issued to the Cooperative Society and an official from the local government in which the Co-operative Society is located will be attached to the Cooperative Society to help assist and guide the affairs of the Cooperative Society.
TIMELINE FOR COMPLETION
Upon submission of all required forms and payment of registration fee, it takes two (2) weeks to process the certificate of registration.
