Set up a company in Nigeria

Know the 5 Easy Steps to Set up a Company in Nigeria

Have you got bored with the scheduled rule of a hectic office job? Do you want to shift your income process and start something of your own? Having a totally independent company of your own is a great achievement altogether. But in doing so, you have to pass through some formal steps, that will secure you and your company from any further obstacles and legal issues.

Here in this blog, you will get to know about those steps to set up a company in Nigeria in simple language.

1.  Company Name: It is indeed very important to have your company a unique name. All you have to do is to register your company name under the Corporate Affairs Commission (CAC), which holds the responsibility of registering the companies formed in Nigeria. After usually a week long you will get your company name.

2.  Preparation of MOA: A lawyer undergoes this step. He produces a Memorandum of Association (MOA) through which some factors about you and your company are to be checked, like the entrepreneur’s age must be above 18, his physical and mental health, the location and environment the company is to be set up, etc.

3.  Pre-Registration Form fill up - An associated Lawyer or an Accountant is responsible for this job. All the prepared documents are to be taken to CAC to fill up the pre-registration form.

4.  Stamp Duty and Filling Fees: Now this step is for fees payment. The Stamp duty is a paid process to de done in a certain bank in the account of an arm of the Federal Inland Revenue Services. After this, all the documents are finally submitted to CAC, the final certification the applicant gets after six weeks of the submission.

5.  Preparation of the Scanned copies and final submission: The following documents the applicant has to prepare for scanning-

●   Form CAC1.1

●   Form of identification for Director/Subscriber or Secretary

●   Memorandum and Articles of Association

●   Evidence of Payment to CAC

After all the documents are scanned and prepared, the would-be entrepreneur has to submit those and finally set up a company in Nigeria.

6.  Find an Appropriate Location and Hire Employees - Your solicitor will help you in this process. Finding a suitable area where you want to form your office or the area of operation is very important. Once this job is done, you to start the hiring employees for your newly set up office, before that your solicitor will arrange the documents of the employee contract where all the details of what the employees are to be offered, will be mentioned so ease the process of employment.

Now, these are all about the details of a company formation in Nigeria. Begin with enthusiasm and energy to reach your new company to the zenith of success. Consistency and sustainability are the two most wanted factors you have to be crowned with. The Nigerian government will happily welcome any local or foreign direct investment to enrich the country.

To know more, please visit our website or contact our efficient lawyers, to set up a company in Nigeria.

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