Are you an entrepreneur or a business owner whose business has not been incorporated? Do you not know the benefits of expanding the reach of your business through incorporation with Corporate Affairs Commission (CAC)? To reap the benefit of becoming a Limited Liability Company in Ibadan, here are some of the steps you need to take to ensure that your business is registered with CAC.
The first thing you need to know is that CAC is a government agency empowered for assigning patents and approving names of business. The following information will help you get your business registered.
I will advise that you should register your business as Limited Liability Company with the aid of a lawyer who will help him minimize the headache and cost of incorporation.
The amount you will pay depends on what the lawyer charges. You must however understand that the minimum shares that must be in your business before incorporation is one million naira.
When you are sure that you meet the first requirement, you can go ahead and choose a name, may be “ABC Nigeria Ltd”. Then, CAC will carry out a search to confirm that such name is not in use. As soon as the confirmation search is completed and your name chosen, CAC will give you 60 days for completion of registration.
Keep at the back of your mind that a minimum of two and a maximum of 50 people can start a company and they are thus the company’s directors. The share ratio will have to be divided among the directors.
It is important to note that a minor, that is someone below the age of 18 years can become a company’s director as long as there are two other adults. A foreigner can be a director provided that there are other directors in Ibadan. It is thus, advisable for the directors to adopt Ibadan or Nigerian addresses.
Every detail: full names, ages, year of birth and residential addresses of all directors must be supplied as well as the company’s head office address.
All the directors must sign forms and memorandum of association before stamping and verification is done after which you will be issued a certificate of incorporation by Corporate Affairs Commission.
One final key you must remember is collection of Certified True Copy (CTC) of the verified and stamped memorandum of association from your lawyer.