CAC | Nigeria Company Registration
Koriat Law provides CAC Company Registration for individual and corporate clients in Nigeria.
Looking for a CAC Company Registration Lawyer in Nigeria? We are available to advise and assist local and foreign investors on the appropriate business entity to register as well as local directorship, local office address, bank account opening as well as obtaining regulatory permits and approvals for business incorporation and immigration.
We take care of our clients’ needs by adopting the best investment structures that guarantee easy market penetration, corporate overseas recruitments, tax efficiency and seamless compliance with regulatory standards, and intellectual property protection.
We act as liaison between our clients and their local partners as well as the Nigerian regulatory authorities at Federal and State levels, such as the Nigerian Investment Promotions Commission (NIPC), the Ministry of Interior, the Nigerian Immigration Service (NIS), the Federal Inland Revenue Service (FIRS), the States’ various Inland Revenue Services, , etc.
KoriatLaw offers CAC Company Registration Services for Nigeria and International clients. Our offices are located in Lagos & Abuja
A private limited liability company is the most common type of company for business undertakings in Nigeria. By virtue of section 18 of the Companies and Allied Matters Act 2020 (“CAMA”), one or more shareholders can form a small company limited by shares. A company is small if, amongst others, the turnover is less than N25,000,000 (about US$50,000) and it has no foreigner or government or government corporation as a shareholder.
So, unless for financial institutions like banks, mortgage institutions, payment systems companies etc. regulated by the Central Bank of Nigeria (“CBN”) or gaming companies like sports betting business, casino companies, etc. regulated by the National Lottery Regulatory Commission (“NLRC”) which require provisional approval the CBN or NLRC (as the case may be) before they can be registered, any other company can be registered without any delay.
Incorporation of companies can now be completed within 24 hours using the Same Day Incorporation desk of the Corporate Affairs Commission (“CAC”). The CAMA 2020 requires a company to have at least two (2) directors though small companies may have one (1) director pursuant to section 271 of CAMA 2020.
The process of incorporation of a company starts from the name availability search and reservation. The cost of Name Availability Search and Reservation is N500 (less than US$2). Upon approval of the name, the CAC registration cost is in accordance with the amount of the company’s issued share capital.
For example, the CAC charges the sum of N55,000 (about US$110) to register a company of 10,000,000 issued share capital (the formula for calculating the CAC cost is N5,000 for every 1,000,000 of the 10,000,000 issued share capital though the initial N1,000,000 of the share capital attracts N10,000 cost).
Also, the FIRS charges N75,000 (about US$150) as stamp duty to register a company of 10,000,000 issued share capital (the formula for calculating FIRS stamp duty is 0.75% of 10,000,000). Please note that the foregoing costs are exclusive of consultant’s or lawyer’s professional fees.
In Nigerian, CAC refers to the Corporate Affairs Commission, a government body responsible for regulating and incorporating companies, business names, and incorporated trustees.
The Corporate Affairs Commission was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.
The establishment of the Corporate Affairs Commission as an autonomous body
Functions of the Commission
The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, includes the following:
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- To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies
- To establish and maintain companies registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with responsibility
- Arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand
- To undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.
- The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services
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About KORIAT & CO.
KORIAT & CO. is a commercial law firm in Lagos Nigeria with versed experience in business establishment, regulatory compliance and dispute resolution.