The process of incorporating a company in Nigeria or registering a business name in Nigeria is now very easy, this is due to the corporate affairs commission ease of doing business policy.
One can sit comfortably on his couch anywhere and register a company in Nigeria,by following the laid down procedures.
company registration for businesses that intends to operate in Nigeria is however not an all comers affair.
WHO CAN REGISTER A COMPANY IN NIGERIA?
We consider this question very pertinent, to begin with company registration .
Before proceeding to register your company in any state in Nigeria, one need to ascertain of his eligibilty ,limitations if any.
There is no gainsaying the fact, that not all persons can register a company in Nigeria, even though they are citizens of Nigeria.
On another score Company registration in Nigeria, is the duty of some government agencies.
The Corporate Affairs Commission, is the first port of call.
The Corporate Affairs Commission is empowered by the law, to regulate the registration and supervision of companies in Nigeria.
HIGHLIGHTS OF THE CORPORATE AFFAIRS COMMISSION FUNCTIONS:
(a) subject to section 541 of this Act, (C.A.M.A) The commission is to administer this Act including the regulation and supervision of the formation, incorporation, registration, management, and winding up of companies under or pursuant to this Act;
(b) Establish and maintain a company’s registry and offices in all the States of the Federation suitably and adequately equipped to discharge its functions under this Act or any other law in respect of which it is charged with responsibility;
(c) Arrange or conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand;
(d) Perform such other functions as may be specified by any Act or enactment; and
(e) Undertake such other activities as are necessary or expedient for giving full effect to the provisions of this Act.
(2) Nothing in this section shall affect the powers, duties or jurisdiction of the Securities and Exchange Commission under the Investments and Securities Act.
OTHER GOVERNMENT AGENCIES YOU NEED WHEN REGISTERING COMPANY IN NIGERIA:
It is imperative to note that these agencies will require you to register with corporate affairs commission before,you can register with them.
NIGERIA SECURITY AND CIVIL DEFENSE CORPS
NIGERIA SECURITY AND EXCHANGE COMMISSION
NATIONAL FOOD DRUG AND ADMISTRATION CONTROL
CENTRAL BANK OF NIGERIA
NIGERIA DEPOSIT INSURANCE CORPORATION
FEDERAL INLAND REVENUE SERVICE.
It is necessary to note that that the requirement/necessity of these and other agencies depends on the area of your business, except stamp duty which works directly with cac in company set up in Nigeria.
WHO CAN REGISTER A COMPANY IN NIGERIA?
Accordingly not all persons can register company in Nigeria, find out if you are qualified or belong to the exception; an individual shall not join in the formation of a company under this Act if‐
(a) He is less than 18 years of age;(A minor however can be a director in a company if the two other directors are Adults and qualified) or
(b)A person cannot register a company in Nigeria, if he is of unsound mind and has been so found by a court in Nigeria or elsewhere; or
(c) A person cannot register a company in Nigeria if he is an un discharged bankrupt; or
(d) A person cannot register a company in Nigeria if he is disqualified under section 254 of this Act from being a director of a company.
(2) A person shall not be disqualified under paragraph (a) of subsection (1) of this section, if two other persons not disqualified under that subsection have subscribed to the memorandum.
(3) A corporate body in liquidation shall not join in the formation of a company under this Act.
(4) Subject to the provisions of any enactment regulating the rights and capacity of aliens to undertake or participate in trade or business, an alien or a foreign company may join in forming a company.
It is obvious that a person so disqualified by this law, even though a Nigerian citizen cannot register or form part of the company set up in Nigeria.