The registration of a company is a prerequisite for a corporate entity to become a juristic person in law. This is more so as a company is an artificial person in law that is administered by human beings. Therefore, it is pertinent that the necessary documentations are completed with the Corporate Affairs Commission (CAC) in accordance with the requirements of the Companies and Allied Matters Act (CAMA) 2020. The crux of this article is to explain the steps that are required in the registration of a company in Nigeria by the Corporate Affairs Commission (CAC). It is important to note that the requirements for the registration of a company are different from the requirements for the registration of a business name and registration of an incorporated trustee under. Although there are certain similar and different steps and procedures. For example, they all commence with the reservation of the name that is intended to be registered, while in the place of an incorporated trustee, it is consent (which can be seen as a matter of nomenclature).
See also: How to register Business Name in Nigeria
Furthermore, it is important to note that registration of business names, companies and incorporated trustees are done with the Corporate Affairs Commission (CAC) online. Prior to the new dispensation, registrations were done manually and applicants were required to fill forms and submit at the nearest CAC offices.
See also: How to Register a Church, Association, or any Non Profit Organization
The first step that is required to register a company in Nigeria is to have the proposed name reserved for registration on the CAC online portal on https://pre.cac.gov.ng/. Therefore, an applicant has to structure the company name and apply to CAC for the name to be reserved for registration. Meanwhile, there are instances where an application for reservation may be denied by CAC. For example, where the name has been previously registered, where the name is misleading or too similar with the name of an existing company, or where the name contains some misleading wordings. Where the application to reserve a name is denied, an applicant would have to read the reason for the denial and reapply with a different name. On the other hand, where the application is granted and the name reserved, the applicant has a period of sixty (60) days to submit an application for the registration of the company. On reservation, you will be notified on your email that your application for reservation has been approved.
Tip: It is advisable to do a public search and find out if your proposed name has previously been registered. This public search can be done on CAC website on www.cac.gov.ng
See also: Difference between Business Name, Company and Incorporated Trustees
After the reservation of the proposed name, the next step would be to fill in the relevant forms online. This include the personal data of the first: shareholder, directors and secretary, such as: names, date of birth, gender, nationality, former name (if any), former nationality (if any), contact address and residential address, occupation, phone number, email, means of identification, and details of ID such as type of ID and the number.
The number of shares and the interest allocated to each shareholder, the level of control of each shareholder is over the company. Additionally, a statement of compliance, and in the event that a company is a shareholder, the Certificate of Incorporation and Company Resolution authorizing the registration of the company, is required of the registration. After filling the relevant forms, all necessary documents, ID and signatures are uploaded and then you preview your application and proceed to make payment. It is important to note that the amount required for incorporation of a company is subject to the share capital. After payment is made, the application is submitted. In the event that you notice that your application is not automatically submitted, you have to check the status of the payments made, such as the filing fee and the stamp duties fees. Under certain conditions, you would be required to input the remita number.
After reviewing an application for registration/incorporation of a company, the application may either be approved or queried. In the event that there is any issue that requires clarification, the application is queried. Therefore, the applicant is required to resolve any query on the application until the application is approved.
TIP: It is advisable to download and/or print the Certificate of Incorporation, MEMORANDUM and ARTICLE of Association and other documents within seven (7) days of approval, as there are payment requirements for any download after 7 days of incorporation.
From the above, it is apt to say that the process of registration of a company in Nigeria is an easy process. However, experience has shown that some persons are faced with enormous queries. In some instances, the Corporate Affairs Commission would request that an applicant to consult with a lawyer who is accredited with CAC to render “his” professional expertize in resolving issues relating to company registration.
This article was written by N. G. Usie, Esq
(Legal Practitioner and CAC Accredited Agent)
Phone Number: +2348034893231
Email: ngusielawfirm@gmail.com