HOW TO REGISTER A LIMITED LIABILITY COMPANY
A limited liability company is a company whose liability is limited by the share capital of the company. For one to incorporate a company you decide the following:
- What type of business (the objects of the company) do you want to carry on with the company, this will determine the share capital of the company. Example if it’s a shipping company the minimum share capital is 5million Naira. If it’s a hotel the minimum share capital is 10million naira etc.
- The people that will be directors: the directors must be18years and above.
- The shareholders in this a child can be a shareholder of a company together with other adults.
The steps to follow in registering a company are as follows:
- Conduct an availability name search. Get two unique names of your choice e.g combination of your surname and your first name or combination of your children names. It all depends on your choice. If you are in any of these States Lagos, Kano, Rivers and Abuja, the name search and everything about registration can be done online by clicking on to www.cac.gov.ng but in other States you can walk into Corporate Affairs Commission office and they will conduct the name search for you.
- If any of the names submitted is available for you, you then go online and commence registration by entering the availability code on your Notice of Approval. Once you are through with filling the registration forms and making payment, next is getting the forms stamped electronically by the FIRS once that is done, you print the stamped forms and receipt of payment.
- Then next you go to document upload section of the site and upload the signed forms , the payment receipt , Notice of Approval together with directors and shareholders means of identification eg Driver’s license, Voters card, International passport or National ID card.
- After the upload click on the submit button. You will only go to the site to check if your certificate is out. Once you see your Registered Company(RC) Number you will know that the certificate is ready. Go to the CAC office to collect your certificate.
- If you are not in any of the states mentioned above, after the name search, go back to CAC office buy the registration forms after filling the forms, prepare your Memorandum and Article of Association (MEMART). Proceed to the bank to make payment for filing and stamp duty after the payment, take the Memorandum and Article of Association to stamp duty office of the FIRS for stamping. After the stamping, you then submit the forms, stamped MEMART and the payment teller or receipt, the notice of approval ,photocopies of means of identification of the directors and shareholders to CAC office (NB: you will have to generate Remita Retrieval Reference (RRR) code which shall be used for the payment).
- Once the form is submitted, you go to CAC office one week after to check if the certificate is out. If the certificate is out, you sign and collect your certificate.