The Corporate Affairs Commission (CAC) in a bid to ease doing business in Nigeria has made the process of registering a company in Nigeria quite seamless. The CAC is the authority charged with the responsibility of regulating and supervising the operation of companies, from registration to the post-registration stage in Nigeria.
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How do I register my small business in Nigeria?
A company is simply an association of persons who have come together for a common purpose which is usually to do business and make a profit. In legal parlance, a company is essentially an artificial person. It is an entity separate from the individuals who own, manage and support its operations. A company has the same legal rights and responsibilities as an individual.
A company can either be Public or Private. A company must also be limited by shares, by guarantee or be unlimited. The popular means of carrying out business intended solely for profit and especially when just starting is a Private Company Limited by Shares. The requirements are less cumbersome and it is easier to establish. Companies making millions in revenue in Nigeria operate with this model. Therefore, for the purpose of this article, we would stick to a private company limited by shares.
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What is the cost of registering a company in Nigeria?
The cost of registering a company depends on a number of factors. A major disparity in cost exists between Company Incorporation in Nigeria by foreigners and locals. Foreigners interested in incorporating a company in Nigeria are subject to a higher minimum capital requirement which in turn increases the fees charged by CAC.
Another factor influencing the cost of registering a company in Nigeria is the type of business to be carried out. Certain highly regulated businesses have a higher minimum capital requirement which also increases cost. Minimum capital share requirement can range from 10,000 Naira to 25 Billion Naira. Specialized industry includes Travel, Aviation, Technology, Oil and Gas, etc.
Types of company registration in Nigeria
In Nigeria there are several options for registering a company however the most popular and the most recommended is a private limited liability company.
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How can I register a company in Nigeria?
Company Incorporation in Nigeria has been relatively made easy by the CAC however, using professionals is advised because of the complexities that might arise due to an inadequate understanding of Nigerian laws and company registration requirements especially as it relates to certain industries.
Cost of Registering a company in Nigeria
Sidebrief registers a limited liability company for a total of N50,000 Naira only. Click here to register and get your company incorporation started.
How can I check if a company is registered in Nigeria?
It is easy to check on the corporate affairs website here to find out if a company is registered in Nigeria. This is called a public search. However, note that you might not always get results if the name of the company is wrongly spelled.
Requirements for registering a company in Nigeria
The following are required for registering a company in Nigeria
- Unique business name
- Business address
- Shareholders & Directors information and identification
- Utility bill
How do I register my company name?
When you register a company in Nigeria which is also known as Company Incorporation in Nigeria. The name of your company is already registered. No other individual or company can register a business under this particular name or any name similar to it. You might however want to be adequately protected by going forward by registering the name as a Trademark.
Sidebrief is a RegTech startup that makes business registration and compliance easy for founders, entrepreneurs, and business owners across Africa by removing lengthy paperwork, complexity, and hidden fees. We provide the tools for founders to start and scale businesses across borders from a single interface. To take advantage of exclusive discounts and pricing, simply sign up to get started. For further information, email email@example.com