Frequently Asked Questions
- Business Name(Sole proprietorship and partnership)
- Company (Private Company Limited by Shares, Public Company Limited by Shares, Company Limited by Guarantee and Unlimited Company)
- Limited Liability Partnership
- Limited Partnership
- Incorporated Trustee(NGOs)
A minimum of one person can form a company.
There is no limitation as to the number of companies you can register, however, you can not be a director of more than five public companies at the same time.
Yes, you can jointly form a company with a foreigner
The legal framework for registration of company in Nigeria, is the Companies and Allied Matters Act 2020.
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A registered office is the official address of an incorporated company, association or any other legal entity. In Nigeria one of the requirements to incorporate a company is that there must be a registered office address.
You can change your registered office address legally by;
- Resolution by the company for the change of the registered address of the company signed by two directors or a director and the Company Secretary.
- A completed CAC 3 Form.
- Evidence of updated Annual Returns Filings.
- Payment of the prescribed fee.
Yes! for private companies the minimum share capital is N100,000 (One Hundred Thousand Naira) and N2,000,000 (Two Million Naira) for public companies respectively.
Shares refers to the units of equity and interest of ownership in a company.
The following persons are disqualified from being appointed as directors;
- A person below 18 years of age, but below 70 years of age. However, under section 283 of the CAMA, any person who is appointed or to his knowledge proposed to be appointed director of a public company and who is 70 or more years old shall disclose this fact to the members at the general meeting.
- A person of unsound mind.
- An insolvent person.
- A person found guilty by a competent court of any offence involving fraud.
- A corporation
Every company other than a small company must have at least two directors. However, a small company may have a single director.
A memorandum and articles of association are legal documents that state the object of the company, shareholders of the company, the number of shares they subscribed to and the laid down rules in the running of the company which is signed by all subscribers and witnesses to the agreement and formation of the company.
A company cannot do business outside its object or business clause as such acts will amount to acts outside the scope of its powers.