A company is any corporate structure that has a legal outlook. For a company to have a legal outlook, it must be registered with the Companies and Allied Matters Act (CAMA).
The requirements for registering a business includes:
1.Choosing two alternative names for the company- when this is done, an “availability check” for the name will be carried out; this entails searching the database to see that there is no existing name similar to the proposed name given.
- Some names are restricted from being used unless the consent of the Corporate Affairs Commission has been obtained, they include:
- Names that contain government, National, state, municipal and federal
- Co-operative or its equivalent
- Chambers of commerce, building society, guarantee, trustee, insurance or its equivalent
- Names that end with “LTD”
- When a name is chosen, it is reserved for sixty days , during the sixty days, an account is being created with corporate Affairs Commission and a reservation fee of #500 is paid.
2. Objectives of the company
3. Business type of the company.
4. The particulars of minimum of two Directors will be required. The particulars can be in form is Driving license, voters card or passport.
5. The particulars of the company secretary.
6. The memorandum and Articles big association of the company to be registered which is advisable to be drafted by a legal professional.
7. Signature of proprietors.
8. A filling fee paid to Corporate Affairs Commission and a stamp duty fee paid to Federal Inland Revenue Service after the memorandum and Articles has been signed.
Also, the business minimum share capital should be from 10,000 and above.
9. The number of members of the registering company can be from 2-50. And they should be aged from 18 years and above.
10. All members of the company must be mentally stable.
The process of registering a company should be from 1-2 weeks tentatively.
