Limited Liability Company​

Ability to open a corporate account; Banks only lend money to registered firms; Your Company becomes your brand; Investors feel more at ease doing business with a registered company; Customers/clients take you more seriously if your company is registered.

Indeed, CAMA 2020 permits an individual to form a corporation and serve as both the director and shareholder.

A minimum of two adults must be present in the company for a minor to be eligible to become a shareholder.

No, a minor cannot be a director.

Minors, or those under the age of 18, are not permitted to serve as directors but are permitted to own company share

• Unless the registered company is in the process of dissolving and gives written consent, CAC reserves the right to reject names that:  Contain the phrase “Chamber of Commerce” unless it is a company limited by guarantee;
• Would violate any existing trade mark or business name unless with the consent of the trade mark or business name owner; ● would violate any incorporated trustee unless with the consent of the trustees;
• Are capable of misleading as to the nature and extent of their activities;
• Undesirable, offensive, or contrary to public policy;

The CAMA 2020 permits the use of electronic signatures in addition to the electronic filing and submission of documents, including articles of incorporation.

Units of ownership interest in a Limited Liability Company are known as shares. While having shares in a company does not give one direct influence over its daily operations, it does give one the right to partake in its profits (in the form of dividends) and losses (in the form of liabilities).

The law specifies a minimum share capital requirement for specific industries before a company may be formed and considered qualified to conduct business in such areas. This requirement's main goal is to ascertain the company's viability, as these sectors are typically highly regulated and capital-intensive businesses. Maritime operators, travel and tour companies, banks and insurance companies, fund/portfolio managers, etc. are a few examples of these industries.

Although individuals can now register companies and business names on their own through CAC, Rexobe Consult relieves you of the hassle with our dependable and reasonably priced company registration package. Still want to complete it by hand? View the procedure below. <br> 

1. Biometric details of he shareholder(s), directors(s), witness and secretary (optional)
2. Business email, phone and office address
3. Signature and NIN slip of all parties in the point above
4. Object of the business

You can have as low as 100,000 shares however it is advisable to have at least 1 million share capital in place because cost of filing fees and stamp duties is the same

The amended CAMA 2020 makes provision for an individual to own 100% shares in a Company. You can however decide to allocate shares to partners, family members, partners, friends or investors. Allocation of shares is usually dependent on what the person is bringing on board. However you must be careful in choosing your shareholders as they are entitled to vote in the proceedings of company meetings, receive dividend, attend meetings and contribute to the affairs of the company, inspect company’s statutory books, protect proprietary interest in the management of the company.

A major and remarkable feature of the new system is the introduction of E-certificate. The commission has introduced and adopted issuance of E-certificate as against the former manual system where customers have to walk into the Commission to pick up the certificate of registrations and incorporation of all entities. Upon completion of the registration of any entity on the portal, your registration is approved by the Commission seamlessly, the certificate is automatically generated to your dashboard where you can download at your convenience. The commission has also introduced a document format called E-status report to replace the CAC forms issued upon new registration/incorporation of all entities. The E-status report will now replace the Form CAC 1.1 for company registration, BN 1 for Business name registration, IT form 1 for Incorporated Trustees

TIN nos is free. It now comes printed on Certficate of Incorporation of Limited Liability Companies. For Business Names you can visit nearest FIRS office for the printout of your TIN

A foreigner can fully participate in the operation of any enterprise in Nigeria except enterprises in the negative list (which largely relates to the manufacturing of firearms and other military materials). The foreigner may operate alone or in Joint venture with Nigerians by means of a company, which has to be formed and registered with the Corporate Affairs Commission (CAC) and with the Nigerian Investment Promotion Commission (NIPC).

In addition to registering your business with the Corporate Affairs Commission, a foreigner that intends to do business in Nigeria must also register with the Nigerian Investment Promotion Commission (NIPC) and where he/she wants to live in Nigeria would require a business permit from the Ministry of Interior. Rexobe Consult has a full registration package for foreigners package that includes all the necessary permits, registered address, bank account opening etc

Yes, the following companies will be exempted after application for exemption: ● Foreign companies invited to Nigeria by or with the approval of the Federal Government to execute any specified individual project; ● Foreign companies which are in Nigeria for the execution of specific individual loan projects on behalf of a donor country or international organization; ● Foreign government-owned companies engaged solely in export promotion activities; and ● Engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.