Registering a company in Nigeria: a step-by-step guide

Companies in Nigeria are registered with the Corporate Affairs Commission (CAC) under the Companies and Allied Matters Act 2020 (CAMA 2020). Registration is done online through the CAC portal.

Step 1: Choose and reserve a name

Search the CAC portal to check that your proposed name is available, then reserve it. The name must not be identical or too similar to an existing company’s name, and it must not be misleading.

Step 2: Prepare the incorporation documents

The application includes:

• the company’s memorandum and articles of association;
• details of the directors and shareholders;
• a statement of share capital; and
• details of any persons with significant control, meaning individuals who own or control the company, directly or indirectly.

Step 3: Pay the fees and submit

Pay the CAC filing fees and stamp duty online, then submit the application. After approval, the CAC issues a certificate of incorporation.

Key rules for private companies

• One shareholder is enough. CAMA 2020 allows a private company to be formed by a single person.
• Minimum share capital. A private company must have an issued share capital of at least 100,000 naira.
• Small companies need only one director.

After incorporation

• File annual returns with the CAC every year.
• Record changes in directors, shareholders or persons with significant control with the CAC.
• Register for tax. Make sure the company has a tax identification number, and diary its tax filing deadlines.
• Open a corporate bank account using the certificate of incorporation and the registration documents.

Should I register a company or a business name?

A business name is simpler and cheaper to register, but the owner is personally liable for the business’s debts. A company is a separate legal person, so the shareholders’ liability is generally limited to their shares.

This article is general information, not legal advice. For help with incorporation, contact our Corporate and Commercial team.