Below is the step-by-step guide to registering a private limited company with the CAC.
1. Check for availability of proposed company name.
2. Complete pre-registration form – CAC1.1 (Online using Company Registration Portal)
3. Pay filing and Stamp duty fees
a. Steps 1-3 can be completed on the CAC’s Company Registration Portal (CRP)
4. Prepare the signed scan copy of your pre-registration documents for upload as follows:
a. Form CAC1.1
b. Memorandum and Article of Association (MEMART)
c. Recognized form of identification for Director(s)/Subscriber(s) and Secretary such as: International Passport, Driver’s Licence, Permanent Voter’s Card
d. Evidence of payment to CAC
5. Upload the scanned documents for processing.
6. Submit the original copies of the documents uploaded at step 6 (Form CAC1.1, MEMART, etc) to the CAC office you had selected in exchange for your certificate and the Certified True copies of the documents.
The truth is that every incorporation is different. For example, although N10,000 is the absolute minimum share capital for incorporation, the minimum required share capital actually varies by industry.
Another task which certainly requires professional assistance is the drafting of the Memorandum and Article of Association (MEMART). This document lists the company’s objectives in full in addition to the shares being subscribed to by the various shareholders. It’s very important that your lawyer conducts a thorough job with regards to the company’s objectives, as it will determine in which lines of business you’ll be permitted to operate.
In our experience, we’ve seen this document result in many queries with the Corporate Affairs Commission, so professional assistance is recommended.