Table of Contents
What are the process of registering cooperative society?
The following steps have to be followed while forming a Co-operative society, they are
- Step 1: Ten Individuals together who are desirous of forming a Society.
- Step 2: Provisional Committee to select Chief Promoter.
- Step 3: A Name for the Society has to be selected.
How much does it take to register a cooperative society in Nigeria?
How much does it cost to register a cooperative? It costs Ten Thousand Naira (N10,000) to register a cooperative in Nigeria. After payment, you get a letter of recognition as a license for three years before you get a certificate of registration as a legal entity.
What is the minimum number of members required to form a cooperative society?
ten members
A minimum of ten members are required to form a cooperative society. The Co operative societies Act do not specify the maximum number of members for any co-operative society.
Do cooperative societies pay tax in Nigeria?
Taxes. Cooperative Societies are exempt from payment of company income tax on the profit or income generated from its activities including shares or interest held in other entities.
How many members can a cooperative have?
– A cooperative may be organized and registered by at least fifteen (15) persons for any or all of the following purposes: aisa dc (1) To encourage thrift and savings mobilization among the members: (2) To generate funds and extend credit to the members for productive and provident purposes; (3) To encourage among …
Where can I register a cooperative society in Nigeria?
The registration of Cooperative Societies is effected at the Office of National Civil Registration.
Who regulate cooperative society in Nigeria?
In Nigeria Cooperative Societies are regulated by Nigerian Co-Operative Societies Act which is a Federal Law that grants powers to the Governor of each state to establish a Directorate for Cooperatives which will be in charge of registering and regulating cooperatives.
What is the legal status of cooperative society?
LEGAL STATUS: A co-operative Society is a body corporate registered under the applicable state Act with perpetual succession having a common seal. It can acquire, hold and dispose of properties, enter into contracts and it can sue and it can be sued.
Can an unregistered society be sued?
07 unregistered society or an association of persons is not conferred with the status of legal entity under any statute. As such, an unregistered society cannot sue in its own name. The Counsel for petitioners further submitted that in a lis, by or against an unregistered society, all the members are necessary parties.
How long does it take to register a cooperative?
On average it takes 2 to 4 weeks for the registration process to be completed, if all forms and the constitution is completed correctly. When the co-operative is registered, the Secretary will receive the certificate of registration and the registered constitution, through the post.
Who approves the registration of cooperatives?
the Cooperative Development Authority
– (1) All cooperative applying for registration shall file with the Cooperative Development Authority the articles of cooperation which shall be signed by each of the organizers and acknowledged by them if natural persons, and by the presidents or secretaries, if juridical persons, before a notary public.
Why should you register a cooperative society in Nigeria?
The benefit of registering a cooperative society is to be recognised as an entity under the law in Nigeria, so that your dealings will be seen as authentic as no one would love to deal directly with an unregistered company let alone a cooperative society that is unregistered.
Is it easy to register a company in Nigeria?
COMPANY REGISTRATION IN NIGERIA The Corporate Affairs Commission (CAC) through its online platform has now made the incorporation of a company easier. An individual can now register a company online with CAC, as long such an individual understands the requirements for the incorporation process.
What is a co-operative Society?
Cooperative Society is a jointly owned commercial enterprise duly registered and managed by individuals of the same purpose and for the benefit of members. Cooperative Societies in Nigeria are governed by the Nigerian Cooperative Societies Act which provides for the registration of Cooperative Societies.
Who is in charge of co-operatives in Nigeria?
The Office of the Federal Directorate of Cooperatives formerly under the Ministry of Agriculture but was moved to the Ministry of Labour and Productivity in 2015 is in charge of Cooperatives in Nigeria. Registration of Cooperative Societies is carried out by different offices under different Ministries depending on the state of registration.