There are businesses involved in almost anything in Nigeria, including the registration of companies ;). Most CAC registration companies charge between 40 and 70 thousand Naira (₦40,000 – ₦70,000) to help you register your business. This charge excludes whatever the government body (CAC) charges you for registering your company.
This article highlights a list of what the government charges Nigerians for registering their business under the CAC. If you intend to do it yourself, all you need is a simple calculation to find your cost after reading this article.
How much does it cost to register a company in Nigeria?
Company registration cost in Nigeria depends on the type of company. For instance, the cost of registering a private company is different from that of a public company. Also, when shared capital is involved, the cost of registration varies with the worth of the share capital of the business.
List of Corporate Affairs Commission registration fees
- The fee of reserving the name of your company – ₦500.
- Fee for registering a private company that has a share capital of less than or equal to 1 million Naira – ₦10,000.
- Fee for registering a private company that has a share capital of more than 1 million Naira and up to 500 million Naira – ₦5,000 for every 1 million Naira share capital or part of it.
- Fee for registering a private company that has a share capital above 500 million Naira – ₦7,500 for each 1 million Naira share capital or part of a million.
- Fee for registering a public company that has a share capital worth 1 Million Naira or less – ₦20,000.
- Fee for registering a public company that has a share capital worth more than 1 million Naira and up to 500 million Naira – ₦10,000 for each 1 million Naira share capital or part of a million.
- Fee for registering a Public Company that has a share capital of more than 500 million Naira – ₦15,000 for each 1 million Naira share capital or part of a million.
- Fee for registering a company that does not have a share capital – ₦20,000 Naira.
- Fee for filing of a notice of exemption of a foreign company from registration – ₦30,000.
- Fee for reinstatement or relisting a company’s name – ₦25,000.
- Fee for registering charges for a private company – ₦10,000 for each 1 million Naira or part of a million.
- Fee for registering charges for a public company – ₦20,000 for each 1 Million Naira or part of 1 million.
- To file the annual return for a small company – ₦2,000.
- To file the annual return for a Private company that is not a small company – ₦3,000.
- To file the annual return for a public company – ₦5,000.
- To file the annual return for a Company Limited by Guarantee – ₦5,000
- To file the annual report of a foreign company – ₦5,000.
- Letter of Good Standing – ₦10,000.
- Other filings (miscellaneous) – ₦2,000.
- Certified true copy of the certificate of Registering – ₦10,000
- Certified true copies of memorandum and articles of association – ₦3,000.
- Electronic Search – ₦1,000 per company.
- Manual Search by customers – ₦2,000 per company file.
- Manual Search Report prepared by officers of the Commission – ₦5,000.
- Certified true copies of other documents – ₦2,000 per document.
Now that you know the cost of registering your business in Nigeria, you also need to know the process. Read up on how to register your company in Nigeria.
Frequently Asked Questions
How long does it take to register your company with CAC?
To register your business in Nigeria, it takes between seven to twenty-one working days (7 – 21 days). The number of days or weeks it takes to register your business in Nigeria depends on how fast the CAC is working and if you are working with an agent (business consultant or a lawyer) or doing it yourself.
What is required to register a business in Nigeria?
To register your business in Nigeria, here are the three basic requirements;
- 2 to 50 founding members, each person of legal age (at least 18 years old)
- Members must be of sound mind, qualified by CAMA and not bankrupt
- The minimum limit of share capital required to register your company in Nigeria is ₦10,000
What are the steps in getting your businesses registered with CAC?
Step 1 – Select and Register a Name for Your Company
After choosing a relevant name for your business, you need to check on the CAC portal to verify its availability. You can then proceed to finish with your business name registration. Note that business name registration and CAC registration are two different things.
Step 2 – Prepare the Memorandum Of Association (MOA)
Hire the services of a qualified lawyer to help you draft the MOA containing details about the company you wish to register.
Step 3 – Complete the Pre-Registration Form
The pre-registration form is provided by the CAC and it mentions all the details in the MOA for you to fill and submit again.
The pre-registration documentation includes the following procedure:
- All directors must fill the Particulars of Director form [Form CAC 7]
- The Secretary (one of the directors) must fill the Notice of Situation/Change of Registered Address form [Form CAC 3]
- Another director fills the Statement of Share Capital and Return of Allotment form [Form CAC 2]
- A person or company accredited by the CAC can fill the Declaration of Compliance with the requirements of the Company and Allied Matters Act (CAMA) form [Form CAC 4]
- Two or more directors have to fill the form appointing a Company Secretary for the company
Step 4 – Pay Stamp Duty and Filling Fee
This payment is made at a bank that collects for the Federal Inland Revenue Services (FIRS). Once payment is confirmed, you can proceed to get your Memorandum and Articles of Association (MAA) and other forms signed at the Stamp Duty Commission.
Step 5 – Scan Your Documents and Upload Online
Scan the signed copy of your pre-registration documents mentioned in step 3 and upload them online in this order:
- Form CAC1.1
- Memorandum and Articles of Association
- Recognized form of identification for Director(s)/Subscriber(s) and Secretary
- Evidence of payment to CAC
What are the documents required to register your company with the CAC?
Here is a list of five required documents to register your company in Nigeria;
- Memorandum and Articles of Association (MAA)
- A notice of the registered address of your business
- Statement of compliance by a legal practitioner
- Receipt of payment of your stamp duties
- Particulars, list, and consent of the first directors of your company