NOTES FOR CUSTOMER GUIDANCE
Legal Requirements for using the services of Corporate Affairs Commission
The Corporate Affairs Commission was established through the promulgation of the Companies and Allied Matters Act 1990. The Commission is the only Agency of Government charged with the responsibility of registration of Companies, Business names and Incorporated Trustees.
SERVICES OFFERED AT THE HEADQUARTERS, Abuja:
The Commission’s operations are fully computerized and an online system of the services being implemented.
SERVICES OFFERED AT THE STATE OFFICES:
The purpose of the following notes is to enable customers to understand the legal requirements for using the services of the Commission, it will serve as a handbook for every one in the legal, accounting and company secretarial professions who would wish to use the services of Commission at any time. It will also be of immense interest to members of the public who may wish to be sure of the legal and administrative requirements for the services of the Commission.
We have stated the various processes that have to be carried out and all the requirements needed for each. You will also find a list of statutory fees required for the different transactions.
TYPES OF COMPANIES
Basically, four types of companies are recognized for business ventures in Nigeria, namely:
The minimum membership for each of these companies is two and the maximum for private companies is fifty members while there is no upper limit for public companies. A minimum share capital of ten thousand Naira is prescribed for private companies and five hundred thousand Naira for public companies with a minimum subscription of 25% of the shares.
Foreign nationals may undertake any type of business and own 100 percent equity and undertake any type of business in Nigeria except those in the negative list, that is, production of arms, narcotics and related substances which are prohibited to Nigerians and Foreign Investors alike.
Residence permits are obtained from the Nigerian Immigration Service while business permits are obtained from the Federal Ministry of Internal Affairs. Companies intending to use the services of foreign workers need to obtain expatriate quota from the Nigerian Investment Promotion Council.
EXEMPTION FROM REGISTRATION
Foreign companies intending to do business in Nigeria may apply for exemption from registration especially those undertaking special projects. Companies seeking exemption are to forward their applications to the Secretary to the Federal Government of Nigeria.