For many decades, Nigeria has been the home for foreigners expanding their businesses into Africa. One cannot talk about Africa without mentioning Nigeria. The untapped business opportunities in Nigeria cut across all sectors from Fintech, manufacturing, export, agro-business, and tourism among others.
The recent declaration by the Improved World Bank, declared Nigeria as the best place for investment in Africa, and Statista, in 2021 recognized Lagos, Nigeria as the most attractive place in Africa compared to its direct competitors. (Source: Techcrunch, Statista)
Despite knowing your business will thrive in Nigeria, one of the initial steps to undertake before commencing your business in Nigeria is company registration.
The company registration process can be difficult if you are unfamiliar with the Nigerian terrain and the challenging hoops you must jump through to get your business "perfectly" registered.
I encourage you to read and follow the steps below to have a successful business registration in Nigeria.
Procedures for registering a company in Nigeria
Below are step by step guidelines for registering a company limited by shares in Nigeria;
STEP 1 – Check availability of business name
Check for availability of suggested business names on the CAC
portal. It is always best to submit 2 or 3 names to avoid
confusion. This takes 1 week for approval.
STEP 2 – Prepare Memorandum of Association
The preparation of the Memorandum of Association (MOA) and all related documents i.e., directors' and shareholders' names and means of identification must be collated by a lawyer.
STEP 3 – Fill the Pre-registration forms on the CAC Portal
- All directors must fill the Director form providing the information below;
- Names of Directors
- Email addresses for directors
- Contact information for the directors
- Address of the Director's Office (Physical or Virtual)
- Residential Address of the Directors
- Signatures of Directors
2 directors must fill a form appointing a company secretary
- The share capital statement and return of allotment form must be completed by one of the two directors.
- Any change in registration address or nature of company situation must be filled out by one of the two directors or the company secretary.
- According to the Company and Allied Matters Act, any firm or individual processing the registration may fill out the declaration of compliance (CAMA)
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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.