Change is a constant life event, in business you expect changes to happen constantly, appointing a director and removal of a director are some of those changes you will keep experiencing, how do you change directors? it is important to know directors are part of the life of a company.
How to Change Directors in your company in Nigeria: if you fail to follow the proper way, the changes might suffer set back.
THE PROCESS OF EFFECTING CHANGE/ REMOVAL OF DIRECTORS IN YOUR COMPANY IN NIGERIA
1.First things first, Prepare all your annual returns, do you understand what an annual return is? click and find out on what is an annual return. if you have not been filing annual return, you will need to do so, make default payment and penalty for late filing.
2. Pass a board resolution appointing a secretary where may be your secretary had left.
3. Pass a board resolution to change the director and appointing the new directors.
4. Prepare a consent letter to be signed by the outgoing director and an acceptance letter by the new directors.
5. Re-allotment of shares especially where the directors are shareholders.
6. Obtain your CAC form 2 &7 from an accredited cac agent.
7. Prepare your statement of affairs.
8.Create an account on https://post.cac.gov.ng/login
9.login to the cac website and proceed to fill in the required fields.
10. Pay your filling fees for change of directors.
Duration for change of directors– the duration is between a month or two, if your application is queried by CAC. you need to resolve the query otherwise, there will be no final approval.
The commission reserves the right to approve or disapprove the application or query it.
The process of approval of this changes, takes time, hence patience is needed.
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