We provide complete company secretarial services for our client. We assist in registering their businesses with Corporate Affairs Commission and also ensure that they comply with post-incorporation demands on them by the law.
We also support them with Change of Directors, Change in return of Allotment, Business Name, Incorporation of Limited Liability Company, Incorporation of Churches, Association, Non-Governmental Organizations as Registered Trustees, Change of Trustees, etc, Filing of Annual Returns, Company Searches, Obtaining Certified Copies of CAC Form CO2(Return of Allotment of Shares & CO7(Particulars of Shareholders),Certificate of Incorporation, Articles & Memorandum of Association, Alteration of Articles & Memorandum of Association, Act as Company Secretary, Maintaining Shareholder Register and Keeping Records of Minutes of Meeting and carrying any other job as Company Secretary This section explains procedure for incorporating a business enterprise by a foreign investor in Nigeria and the legal framework for business activities.
Methods of conducting business:
All business enterprises must be registered with the Corporate Affairs Commission. Business activities may be undertaken in Nigeria as a:
The Companies and Allied Matters Act, 1990 (the Companies Act) is the principal law regulating the incorporation of businesses. The administration of the Companies Act is undertaken by the CORPORATE AFFAIRS COMMISSION (CAC), which undertakes the administration of the Companies Act.
The minimum authorised share capital is N10, 000 (Ten Thousand Naira) in the case of private companies or N500,000 (Five Hundred Thousand Naira) in the case of public companies with a minimum subscription of 25% of the authorised share capital respectively.
A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria . However, a foreign company wishing to set up business operations in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary as a separate entity in Nigeria for that purpose. Until so incorporated, the foreign company may not carry on business in Nigeria or exercise any of the powers of a registered company.
The foreign investor may incorporate a Nigerian branch or subsidiary by giving a power of attorney to a qualified solicitor in Nigeria for this purpose. The incorporation documents in this instance would disclose that the solicitor is merely acting as an “agent” of a “principal” whose name(s) should also appear in the document. The power of attorney should be designed to lapse and the appointed solicitor ceases to function upon the conclusion of all registration formalities.
The locally incorporated branch or subsidiary company must then register with the Nigerian Investment Promotion Commission (NIPC) before commencing formal operations. The new company may also apply to NIPC for other investment approvals (e.g. expatriate quota) and other incentives. Exemption to the General Rule
Where exemption from local incorporation is desired, a foreign company may apply in accordance with Section 56 of the Companies Act, to the National Council of Ministers for exemption from incorporating a local subsidiary if such foreign company belongs to one of the following categories:
The application for exemption from disclosing certain details about the applicant is to be made to the Secretary to the Government of the Federation (SGF). If successful, the request of the applicant is granted upon such terms and conditions, as the National Council of Ministers may think fit. Representative Offices
Foreign companies may set up representative offices in Nigeria . A representative office however, cannot engage in business or conclude contracts or open or negotiate any letters of credit. It can only serve as a promotional and liaison office, and its local operational expenses have to be floated by the foreign company. A representative office has to be registered with the CAC.