There is major development on the Corporate Affair Commission (“CAC”) online portal which sets a new tune in the registration of companies in Nigeria. The CAC portal is now linked with the National Identity Management Commission (“NIMC”) portal to enforce the use of the National Identification Number (“NIN”) card as the only valid means of Identification for individuals willing to register their companies. This development started with CAC’s circular of November, 2022 which stated that only the NIN card will be acceptable as a valid means of Identification of any individual seeking to register a company in Nigeria.
In our previous article, we highlighted these changes and stated the reasons why the CAC is now mandating Nigerians and foreigners in Nigeria to use their NIN Cards instead of the International Passport. You can read more about new updates on company registration procedures in Nigeria on our website.
With the adoption of the mandatory NIN Card, the electronic signatures of Nigerian Directors, shareholders and individual company secretaries are now automatically processed from their bio-data records with NIMC. The foregoing requirement will also apply to foreigners who are resident in Nigeria. With this new development, Nigerians and foreigners, who are interested in setting up a company in Nigeria, have asked questions as to how they can comply with the new requirement in order to complete incorporation of their company.
Based on our experience in company incorporation and advising clients, we have carefully compiled some of the frequently asked questions on the new developments on company registration in Nigeria and how foreigners can meet the new requirement. Please find the answers to the questions as follows:
- HOW DOES THE INTRODUCTION OF THE NIN AFFECT NIGERIANS WHO WANT TO SET UP A COMPANY?
It is no longer news that without the NIN card, Nigerians cannot register as directors, shareholders and individual company secretary on the CAC portal. The CAC portal has now been programmed to process a person’s NIN (or a phone number registered with the person’s NIN) and to automatically extract the person’s data from the NIMC’s database.
So, as illustrated in the images below, in order to fill a person’s personal information, the only information required is either the person’s NIN or the phone number registered in the person’s NIN records. With that, the portal will extract the person’s data from the NIMC and auto fill the required fields on the CAC portal:
Please Note that a person with an incomplete NIN registration will be unable to complete any company registration on the CAC portal. The CAC will likely query the application and require the person to first go to NIMC to update his NIN records before proceeding with the Company registration.
- ARE FOREIGNERS REQUIRED TO PRESENT NIN CARD FOR COMPANY INCORPORATION IN NIGERIA?
The answer to this question depends on the residence of the foreigner. In this context, there are two (2) types of foreigners which are:
- Foreigner resident in Nigeria
A Foreigner resident in Nigeria or a visiting foreigner or on a tourist visa whose status changes to residency or work permit, he/she will obtain NIN just like Nigerian citizens. Such foreigners can process their NIN by submitting valid resident/work permits at NIMC enrollment centers. Please click here for NIMC Enrollment Centres.
Please note that the NIN registration does not confer citizenship on foreigners but only serves to identify a person (citizens and legal residents). Please note also that NIN registration is free.
- Foreigner not resident in Nigeria.
Foreigners not resident in Nigeria can make use of their valid national or international identity card and international passport to register their companies in Nigeria. The CAC portal also provides an electronic form for this type of foreigners to be filled manually as shown in the image below:
See HOW TO PRE-REGISTER FOR NIN BY YOURSELF.
See also, the procedure and supporting documents for registering for NIN in Nigeria.
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About KORIAT & CO.
We are a commercial law firm in Nigeria with network of lawyers and consultants in Ghana, Kenya and Rwanda. The above article is not legal advice and does not automatically make our readers our clients unless they specifically instruct us to act or represent them in any way.
We assist local and foreign clients to process company registration and business licences in Nigeria, Ghana, Kenya and Rwanda.
Please contact Koriat & Co. through admin@koriatlaw.com or 09067842241 if you require additional information about or assistance in processing incorporation of company in Ghana, Nigeria, Kenya or Rwanda.
