CORPORATE AND COMMERCIAL BUSSINESS IN NIGERIA
Corporate and Commercial business now made easy to establish and carry on in Nigeria. This is as a result of some changes and new innovations introduced by the Corporate Affairs Commission (CAC) and the present government administration by announcing removals of restrictions on foreigner's participation on business in Nigeria to improve and stabilize economy and make it conducive for foreign investors.
The Corporate Affairs Commission (CAC) in Abuja launched a 24-hour online company registration platform to fast track its business services to its customers. The new online registration portal was developed to make registration and carrying on business in Nigeria easy and accessible.
The Corporate Affairs Commission (CAC) of Nigeria was established in 1990 vide Companies and Allied Matters Act (CAMA) no1 1990, cap C20 Laws of Federation of Nigeria. It is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. It carries out its functions through accredited members mostly legal practitioners, and Institute of Chartered Accountants of Nigeria , Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Bar Association (NBA). It is headed by a Registrar-General. Prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968.(CA 1948).
Corporate Affairs Commission(CAC) Services are categorized in parts: PART A - Company Registration PART B - Registration of Business Names PART C - Registration of Incorporated Trustees (NGO’s). These categories covers the following services: -Incorporation of Companies (Private or Public Company, Limited by guarantee) -Registration of Business Name -Registration of Incorporated Trustees.
-Same Day Incorporation Services under which companies are registered within one day -Conducting searches -Issuance of Certified True Copies of filed documents -Registration of share capital increases, mortgages, etc. -Processing the statutory filings of Annual Returns, increase, changes in the memo and articles, addresses, etc. -Arrange or conduct investigations into the affairs of any company where the interests of the shareholders and the public so demand. -Management and winding-up of companies. -Monitoring the Compliance with the CAMA by companies. -Sale of all statutory forms and publications of the Commission -Responding to enquiries and complaints in respect of the services of the Commission. -Handling preliminary process of accreditation of Lawyers, Chartered Accountants and Chartered Secretaries who are the recognized professionals and direct users of the Companies Registry.
Types of Company Four(4) types of companies are recognized for business ventures in Nigeria, namely: Private Limited Company (LTD) Public Limited Company (PLC) Companies limited by guarantee and Unlimited Companies. The minimum membership for each of these companies is two and the maximum for private companies is fifty members while there is no upper limit for public companies. A minimum share capital of ten thousand Naira is prescribed for private companies and five hundred thousand Naira for public companies with a minimum subscription of 25% of the shares.