1. Select a Unique Business Name
Begin by choosing two distinct business names and verify their availability on the CAC portal. Once approved, you can reserve a name for 60 days by paying a ₦500 fee. Ensure that the chosen name is not identical to existing companies and does not violate Section 30 of CAMA 2020.
2. Prepare Governing Documents
Draft the Memorandum of Association (MOA) and Articles of Association (AOA), which outline your business objectives, share structure, and internal governance. These documents must comply with Sections 27 and 28 of CAMA 2020 and be signed by the company's promoters.
3. Declare Share Capital
Determine and declare your company's authorized share capital. For private companies, the minimum share capital is ₦100,000. Note that higher share capital may enhance your company's credibility but will also increase filing fees and stamp duties.
4. Appoint Directors and Shareholders
Provide details of at least two directors (or one for small companies) and at least one shareholder. Directors must be at least 18 years old, mentally sound, and not disqualified under the Act. Required information includes names, addresses, occupations, and valid identification.
5. Submit Registration Documents
Complete and submit Form CAC1.1 along with your MOA, AOA, directors' and shareholders' details, notice of registered office, and a compliance statement through the CAC online portal. Pay the necessary filing fees and stamp duties, which are determined by your declared share capital.
6. Post-Registration Compliance
After incorporation, ensure ongoing compliance by:
- Registering for a Tax Identification Number (TIN) with the Federal Inland Revenue Service (FIRS).
- Securing any required permits or licenses relevant to your business operations.
- Filing annual returns within 42 days of your company's anniversary date.
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