REQUIREMENTS FOR INCORPORATION OF COMPANY

Specific information to be provided for incorporation of company include:

  1. Name – The proposed name and alternative name of the company This will be used for the availability search.
  2. Address of registered office – This should be an address other than a post box or private mail bag. It must be a physical address.
  3. Nature of business – This means the aims and objectives of the business and sphere of operation. You can state the businesses you want to do now and those you intend to do in the future.
  4. Type of company – You need to state whether it is a private or public company, business or non-business organization.
  5. Liability of the members – whether it will be limited by shares, limited by guarantee or unlimited.
  6. Authorised minimum share capital – Share capital is the amount of money invested in the company by shareholders. The authorised minimum share capital for a private company limited by shares is N10,000.00 while for a Public company limited by shares, it is N500,000.00. However, in practice, the share capital depends on the sector of the economy or the industry where the company will operate, as the regulatory agency may prescribe a minimum share capital. For instance, a company that wants to engage in maritime/shipping business must have a minimum share capital of N25,000,000.00.
  7. Subscribers (Shareholders) – You need to provide their names, addresses, occupation, date of birth, telephone numbers, email, and nationality.
  8. First directors – You need to provide their names, addresses, occupation, date of birth, telephone numbers, email and nationality.
  9. Secretary – You need to provide his/her name, address, occupation, date of birth, Telephone numbers, email and nationality.
  10. Restriction (if any) in the powers of the company.
  11. Means of identification for subscribers and secretary of the company– It is usually National Identity Card, Drivers’ licence, Permanent Voters Card or International passport.

 

The Articles of Association contains the internal regulations for the management of the company and the conduct of its business.

 

It is advisable to get a Lawyer to prepare your company incorporation documents, incorporate your company or guide you in the incorporation of your company.

 

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