How much does it cost to register a business name in Nigeria 2021?

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How much does it cost to register a business name in Nigeria 2021?

As a new business, all you have to pay for is the registration of your business name which is ₦10,000.00. Other fees can be paid for as the need arises.

How long does it take to register a limited company in Nigeria?

CAC to register companies within 48 hours, approve business name same day. The Corporate Affairs Commission (CAC) has announced the commitment of the commission to register companies within 48 hours, approve names same day and ensure 5-day completion for other post-incorporation services not available electronically.

How do I register a Ltd company in Nigeria?

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Step-By-Step Process on How to Register Your Company in CAC Nigeria

  1. Get a company name.
  2. Prepare the MOA.
  3. Fill the Pre-Registration Form.
  4. Pay the Stamp Duty and Filling Fee.
  5. Prepare the Scanned Copy of Your Documents.
  6. Submit the Original Documents.
  7. Cost of Setting a Company in Nigeria.

Is CAC registration free now?

CAC Free Business Name Registration has begun through the www.cac.gov.ng registration portal. Under the MSME Survival Fund, there is SUPPORT FOR ESTABLISHMENT – The Federal Government will provide free CAC business name registration to 250,000 businesses.

Can one person own a limited company?

A limited company can be set up by a single individual who will be the sole shareholder and company director, or by multiple shareholders. Advantages of forming a limited company include: Liabilities such as debts or legal action are limited to the company.

What documents do I need to register a limited company?

To Form a Limited Company; What Legal Documentation Do I Need?

  1. Memorandum of Association.
  2. Articles of Association.
  3. Statement of Capital Holdings (Form IN01) – This sets out the name and addresses of the directors, where the registered office is and how much share capital there will be.
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How long does CAC registration take?

Payment of the applicable fees The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors. You do not need a lawyer to register a business name.

What do I need to register with CAC?

Documents Required for Company Registration

  1. A notice of the registered address of your business.
  2. Memorandum and Articles of Association (MAA)
  3. Receipt of payment of your stamp duties.
  4. Particulars, list, and consent of the first directors of your company.
  5. Statement of compliance by a legal practitioner.

How do I pay myself from a Ltd company?

Paying yourself in dividends You can either reinvest your profit into the company or take it out and pay shareholders by issuing a dividend. The term “shareholder” simply refers to the owner(s) of the company. So, if you own and manage your limited company, you can pay yourself a dividend.

Can I register a Ltd company and not use it?

There is no way that you can reserve a company name without forming a limited company under that name. Let’s take a look at a few steps to take during your planning stages that may help you to put some measures in place to secure the best possible trading name for your new company.

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Can one person be a limited company?

A private limited company must have a minimum of two shareholders. Therefore, 100\% of the shares of a private limited company cannot be held by a single person.

What tax does a limited company pay?

Corporation tax is the main tax that limited companies need to pay. Unlike sole traders, limited companies do not pay any income tax or national insurance but instead they do pay corporation tax on business profits, less any allowable expenses.