NIGERIA – COMPANY REGISTRATION CERTIFICATE – OGBE FRIDAY & CO.

NIGERIA – COMPANY INCORPORATION PROCESS

A company is an artificial person recognized by law with its own rights and responsibilities, and being able to operate, sue and be sued in its name.

To register a company, one needs to know the type of company one wants to register/ incorporate

Types of company

The following types of companies are

  1.  limited liability Company
  2. Unlimited liability Company
  3. Limited liability companies

These are companies whose burden/indebted/ loss of the shareholder (owners) is restricted (limited) to the amount of shares owned in the company if the company winds up (ceases to be in operation)

Types of Limited Liability Company

  • Company limited by shares and
  • Company limited by guarantee

Company limited by shares

These are profit oriented company whose membership and ownership is by subscription of shares.

The two types of company limited by shares are:

  • Public limited liability company(Plc) and
  • Private limited liability company (Ltd)

Company limited by guarantee

These are majorly non-profit oriented company whose membership and ownership is by contribution and a pledge of a guaranteed certain sum of money should the company winds up. Any excess fund (profit) realized are not to be shared, but are directed towards the aim of its establishment which could be to either promote social, cultural, moral or educational needs of citizens.

  1. Unlimited liability companies

These are companies whose liability is not restricted to the amount of shares owned or to the amount pledge, but its beyond that if the assets of the business is not enough to offset the debt

 

The body in charge of registering companies in Nigeria

All companies in Nigeria must be registered with The Corporate Affairs Commission (CAC ).

Unless a company is established, it cannot enjoy the rights and privileges of being one

BENEFITS OF COMPANY REGISTRATION IN NIGERIA

  1. Legal Entity: once a company is incorporated It has the rights operate, own properties, sue and be sued (it is illegal for an unregistered business to buy or sell land in Nigeria).

 

  1. Raising capital: the company has access to raise capital either on the Nigeria Stock Exchange or through any other financial institutions.
  2. Ability to attract patronage: people tend to patronize companies that are registered because they believe they have an address, (a known name and place of operation) and can be traced.

 

  1. Protection of intellectual properties and invention: once a co.
  2. Once a company is registered, any of its name, logo, invention, etc. cannot be used by someone else.

Others include:

  1. Ability to apply for contracts, especially government contracts
  2. Ability to apply for government grants and incentives

For more enquiry about Company registration,  kindly contact us:

Email address:                         info@ogbefirm.com

Phone numbers:                         08065207253,  091435 8528

Or visit us at our head office: Suit 18, Block A, Ire-Akari Model Market,

                                                Isolo, Lagos.

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