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How to update your Memorandum and Article of Association

A Memorandum of Association is a legal statement signed by all the initial shareholders while the Article of Association is a written rules about the company agreed by the shareholders. In registering a company in Nigeria, theses 2 document are part of the documents that forms document of incorporation. Before this time, the Memorandum and Article of Association popularly call MEMART was all done manually. The promoter of the company will have to prepare the MEMART and print same to be taken to the shareholders of the company for signing. Currently all incorporation process is done online and all you need do is to adopt the default Article and insert the signatures of the shareholders.

Read also HOW TO REGISTER A LIMITED LIABILITY COMPANY in Nigeria

The MEMART is only used in the incorporation of a Limited Liability Company (Ltd) because other types of entities do not have shareholders. It is in the MEMART that the objects of the company are included aside other contents.

There are times as a company owner you discover that the objects of the company do not encompass all the activities the company is carrying on or intends to carry on. In such circumstance what do you do? This is the main crux of this write-up.

HOW TO UPDATE YOUR MEMART

In the scenario I painted above, the solution to the predicament is to update the MEMART and in so doing all the new objects of the company will be added to the Memorandum of Association. This process is done as a post incorporation and one must be a CAC accredited agent to complete the process.

You begin by passing a resolution to have the objects of the company amended and then you include the objects to be added or removed as the case maybe. The resolution will be signed by the Director of the company or the Director and the Secretary.

Read also: HOW TO CHANGE COMPANY OR BUSINESS NAME (NIGERIA)

Once that is done you go to the company’s dashboard on the post-incorporation portal then you select alteration of Memo as the task you want to work on. Once you click on the alteration of Memo, you will be redirected to the next page where you input the details as required and add or remove the objects as desired. Once that section is completed click on save and continue and that is how you continue until you get to the stage of making payment. Make payment and upload the necessary documents, then click on submit and wait for your application to be approved.

The process is as simple as ABC if you know how to navigate your way in the Post-incorporation Portal, but should you encounter any issue or you need assistance on how to go about it we are here to assist.

For further enquiry and question(s) call 09054440156