Private Limited Company in Nigeria
The Companies and Allied Matters Act 2020 and the Companies Regulations 2021, which were enacted in response to the Act, have considerably simplified the process of forming a private limited company in Nigeria. The formation of a limited liability corporation (LLC) in Nigeria can now be completed online using Nigerian company regulations. The Corporate Affairs Commission (CAC) is the authority in charge of overseeing and regulating the creation and incorporation of businesses in Nigeria.
We offer a comprehensive business solution that includes, registration and set-up.
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We can provide expert advice and help on a variety of company law and corporate practice issues, including requirements for various business combinations, due diligence on potential target businesses, company restructuring and re-registration, and capital changes.
Private Limited Company registration conditions
A private limited business should not have more than 50 members. A minimum of 25% of the total shares should be allocated during the company’s incorporation. The article of association and the memorandum of associations must include at least two people above the age of 18.
Timeline
It takes up to five weeks for a PLC to be registered.
Fees
It costs around 9,690 USD to register. For our fees – contact us.
Compulsory regulation
The applicant must choose two good recommended names for the company, after which he must check the proposed name’s availability. This will be done through the CAC online portal to see if the name is available and has not been taken.
The applicant must draft the Company’s Memorandum and Articles of Association (MEMART), which should be professionally drafted by a lawyer. Nonetheless, the CAC has offered a basic MEMART that the new company can use in its whole or with modifications.
Documents
List of documents required to register PLC in Nigeria:
- Any form of identification for the directors and shareholders, such as a national ID card, a driver’s license, a voter’s card, or an international passport.
- Certificate of Proficiency (if the business is a consultancy or hospital)
- Note from CAC, Nigeria, reserving a name.
- Payment from CAC receipt.
- FIRS Stamp Duty Certificate.
- Permit to Reside (for Foreigner shareholders).
We make sure we prepare these documents to suit the requirements.
Consultation about Private Limited Company registration
The consultation services we offer for registering a Private Limited Company are intended to assist you in setting up your business in Nigeria. Our expert advisors will help you with all the required tasks, from preparing initial paperwork to obtaining the necessary permits and registrations, to ensure a seamless and effective process. We offer tailored advice on legal obligations, share capital, and corporate structure to help you make well-informed decisions that are in line with your business objectives.
Ownership management
Handling the ownership of a Private Limited Company can be a complicated yet essential responsibility. Our services involve managing alterations in ownership, overseeing beneficial owners, and supervising ownership transfers. We guarantee that all ownership changes are correctly recorded and adhere to the most recent regulations.
Corporate structure changes
As your business grows, your corporate structure may need to adapt. If you need to replace directors, revise nominee details, or make other structural modifications, we offer full services to help with these changes in a seamless and efficient manner.
Share capital management
Managing share capital is essential for the financial well-being of your business. We provide assistance in raising, decreasing, selling, and transferring share capital, ensuring that all actions are conducted with precision and in compliance with legal obligations.
Other legal forms in Nigeria
Company in Nigeria is responsible for profitably providing goods or services to clients utilizing its economic resources. In Nigeria, there are various sorts of companies and corporate structures.
According to CAC, there are four types of businesses recognized in Nigeria:
- Private Limited Company (LTD),
- Public Limited Company (PLC),
- Company limited by guarantee,
- Unlimited Company,
- Branch office.
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