To register a company in Nigeria, you need not be a Nigerian. You need not be an adult and you do not need to have the whole sum of money reflected as the company's share capital.
(Please note that minors need to register a company with at least 2 other shareholders who are adults.)
What you need:
- A Business Idea.
Your proposed company must have set objective(s) for which it is registered to carry on business. These are the areas of business you want to venture into. It may be transportation, information technology, or anything. The company' Memorandum of Association will reflect the content of the company's objectives.
- The company's objectives are a list of the businesses of the company not a breakdown of the company's business plan;
- The company may be required to provide proof of expertise or proficiency in some technical fields it professes to carry on business. Some of these fields are medicine, air and water transportation, etc.
- A Business Partner.
At least two (2) adults are required to be on the Board of Directors of the company. In the same vein, the company must have at least two shareholders who are adults.
- A child/minor can be a shareholder along with the two adult shareholders;
- A child/minor cannot be on the Board of Directors of the company;
- At least 25% of the share capital must be allotted and fully paid for;
- A maximum of 50 members/shareholders;
- Shares can not be sold to the Public by public invitations or offerings.
- A Company Secretary.
Some of the functions of the company secretary are:
- The keeper of the company records;
- Compliance officer of the company; and
- The "updater" of the company records with government agencies.
Anyone of the directors or adult shareholders can act as the company secretary. A chartered secretary or lawyer is however preferred for this office because of the technicality of compliance and records filing with government agencies.
- The office of the secretary used to be optional at the point of registration but it is now a prerequisite for registration.
- The secretary does not have to hold shares or act as a company director.
- Means of Identification.
Everyone on the management of the Company – shareholders, directors and secretary – must furnish the Corporate Affairs Commission with valid means of identification.
- The IDs need not be Nigerian IDs. They just have to be valid.
- Other information.
Other information required are:
- The Company address and email;
- The emails, phone numbers and addresses of the shareholders, secretary and directors;
- The share structure of the company.
- The address of the company must be in Nigeria;
- Foreigners with Nigerian addresses must provide proof of residence.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.