SMEs

Investment Opportunities in Kwara State

 

Continued from  Edition 25 Vol 26

4 Obtain bank draft from a bank for payment of the registration fees:   Payment is made to any of the receiving banks designated by the Corporate Affairs Commission.

Time to complete: 1 day

Associate Cost: NGN 29,000 (NGN 20,000 for registration fees [NGN 10,000 for company whose nominal share capital is NGN 1,000,000 or less + NGN 5,000 for all subsequent million] + NGN 3,000 for certified true copy of memorandum and articles of association + NGN 2,000 for certified true copy of particulars of directors + NGN 2,000 for certified true copy of particulars of shareholders + NGN 2,000 for certified true copy of particulars of the company secretary).

 

  1. Register the company at the Corporate Affairs Commission

The applicant must file with the Corporate Affairs Commission the required incorporation documents and forms, which include:

  1. Stamped memorandum and articles of association (2 copies);
  2. Form CAC 1: Availability check and reservation of name;
  3. Form CAC 2: Statement of share capital and return of allotment of shares;
  4. Form CAC 2.1: Particulars of the company secretary;
  5. Form CAC 3: Notice of registered address;
  6. Form CAC 4: Declaration of compliance;
  7. Form CAC 7: Particulars of directors;
  8. Photocopy of information page of international passport or national identity card for each director and subscriber.

The fee schedule for registration is the following: for the first NGN 1,000,000 of nominal capital: NGN 10,000; for every NGN 1,000,000 or less thereof of nominal capital after the first NGN 1,000,000: NGN 5,000. Fees for certified true copies of some forms are paid as follows: NGN 3,000 for C.T.C of memorandum and articles of association, NGN 2,000 for C.T.C of particulars of directors (CAC 7), NGN 2,000 for C.T.C of allotment of share capital (CAC 2) and NGN 2,000 for C.T.C of particulars of the company secretary.

Lawyers are usually hired to undertake the administrative incorporation procedures. On average, a lawyer will charge NGN 50,000 to handle the entire incorporation process in this state.

Time to complete: 14 day

Associate Cost: NGN 50,000 (legal fees)

 

6 Make a company seal

Section 74 of the Companies and Allied Matters Act (CAMA) requires every company to have a common seal. The company is thus mandated to have a company seal by the Companies and Allied Matters Act 1990 (2004) first schedule paragraph 15, which provides a standard memorandum of articles of companies and requires directors to provide a company seal. It is also the common practice, especially because companies will generally have to register a deed or other official documents.

Time to complete: 1 day

Associate Cost: NGN 5,000

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