Best answer: How do I become a member of a company in Nigeria?

In a company registered with a share capital, whether limited or unlimited, membership can be acquired by subscribing the memorandum (section 79), by allotment and registration (section 125) and by transfer (section 151) or transmission (section 155) followed by registration of the transferee in the register of members …

How do you become a member of a company?

A person may become a member of the company in any following ways:

  1. By subscribing to the memorandum of association. ADVERTISEMENTS:
  2. By agreeing to take qualification shares.
  3. By application and allotment.
  4. By transfer of shares.
  5. By transmission of shares. ADVERTISEMENTS:
  6. By holding out as a member.

How do I register a company in Nigeria?

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.
IT IS INTERESTING:  Which local government has the highest land mass in Nigeria?

25.06.2018

Who can be a member?

Shareholders are also known as the members of a company. Under the Companies Act, 2013, any person can become a member and a person could mean an individual, body corporate or an association. The company law does not prescribe any disqualification, which would debar a person from becoming a shareholder of a company.

What is the law setting up the CAC in Nigeria?

The cradle of a company is on its incorporation and this entails registration with the Corporate Affairs Commission (CAC). The law governing how to register a company in Nigeria is the Companies and Allied Matters Act (CAMA) LFN 2004. … Any of these types of companies may either be a private or public company.

Who Cannot be a member of a company?

1972, a firm not being a person cannot be registered as a member of the Company. Such firm can be a member of section 8 company. In the case of partners, a firm as such cannot be registered as a member, but the partners in their individual names may be registered as joint holders of the shares.

Who can become a director?

Only an Individual (living person) can be appointed as a Director of a Company. A body corporate or a business entity cannot be appointed as a Director of a Company. A company can, however, have a maximum of fifteen Directors and it can be increased further by passing a special resolution.

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

How Much Does it Cost to Register a Business Name in Nigeria? Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company. Private company registration above N500m authorized share capital costs N7,500 for every 1m shares of the company.

IT IS INTERESTING:  What is the importance of Lake Chad?

How much does it cost to register a company in Nigeria?

Fees

Different Nigeria entity types Cost Draft invoice
Tax resident LLC US$20,000 View invoice PDF
PLC US$21,403 View invoice PDF
LLC (oil & gas services) US$44,950 View invoice PDF
Representative office US$20,400 View invoice PDF

What are the 3 types of companies?

There are three common types of businesses—sole proprietorship, partnership, and corporation—and each comes with its own set of advantages and disadvantages.

What are the duties of a member?

These general principles are:

  • Duty. Members have a duty to uphold the law and act in accordance with the law and the public trust placed in them. …
  • Selflessness. Members have a duty to take decisions solely in terms of public interest. …
  • Integrity. …
  • Objectivity. …
  • Accountability and Stewardship. …
  • Openness. …
  • Honesty. …
  • Leadership.

What are the liabilities of a member?

Liabilities of Members

To make shares if he/she is allotted as per the Act. To pay call money or pay the due amount of shares. To abide by the decision of majority when they act ‘bonafide’. To contribute to the Asset of the company in case of winding up and when the shares are partly paid up.

Is a member a shareholder?

A member of a company is often called a shareholder. Members of a company have certain rights and responsibilities.

Can a foreigner be a director in a Nigerian company?

Yes a foreigner can be a director in a Nigerian Company. Although there is no express provision for this in the Companies and Allied Matters Act 2004, the law also doesnot preclude a foreigner from being a director in a Nigerian company.

IT IS INTERESTING:  Quick Answer: Do you need yellow fever vaccination for Mauritius?

What is the Cama law in Nigeria?

The Companies and Allied Matters Act (Chapter C20) Laws of the Federation of Nigeria 2004 (“CAMA 1990”) was initially made law in Nigeria in 1990 as a decree of the military government. It was modelled on the English Companies Act 1985.

Can a foreigner own a company in Nigeria?

1) Foreign nationals and entities can fully own a company in Nigeria: save for few exceptions, which include companies seeking to bid for contracts in oil and gas industry that requires 51% of shares of such companies be owned by Nigerians, foreign nationals may register and fully own shares of a limited liability …

Across the Sahara