How do I start a LLC in Nigeria?

How much does it cost to open an LLC 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

Can I use LLC in Nigeria?

An LLC, referred to as the “Private limited company” in Nigeria, is the most common entity used for Nigeria company setup. As always, the company is a separate legal entity or person.

How do I register my LLC in Nigeria?

To register LLC in Nigeria, visit the CAC office nearest your state of residence and request for name reservation or name availability check. You can start your business name registration process online also. If you want to check for availability of the proposed company name on the CAC website now (click here).

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How do I start a private limited company in Nigeria?

Procedure to Register a Private Limited Company in Nigeria

  1. The first step is to submit a name which has been decided for the company to the CAC. …
  2. The complete information regarding the directors of the company must be provided such as Full name, Residential Address, Age, Nationality, Valid identifications documents, etc.

How can I get my CAC number for free?

CAC Free Business Name Registration has begun through the www.cac.gov.ng registration portal. Under the MSME Survival Fund, there is SUPPORT FOR ESTABLISHMENT – The Federal Government will provide free CAC business name registration to 250,000 businesses.

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

As a new business, all you have to pay for is the registration of your business name which is ₦10,000.00. Other fees can be paid for as the need arises.

Can one person own a company in Nigeria?

On 7 August 2020, a new company legislation was signed into law. By the new Companies and Allied Matters Act 1990, a single person can now start, promote, register and own a private company, by being the sole shareholder and director of his/her private company. …

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

To start with, the official cost for registering your business/company name with CAC is N15,000.

Can a foreigner register a business name in Nigeria?

In exactly the same vein, any individual foreigner looking forward to taking part in any type of business in Nigeria should also register such a business and meet some other requirements to get a company incorporated in Nigeria as stipulated by requisite laws.

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How long does it take to register a company in Nigeria?

The Corporate Affairs Commission (CAC) has announced the commitment of the commission to register companies within 48 hours, approve names same day and ensure 5-day completion for other post-incorporation services not available electronically.

Can one person register a company?

The Companies Act, 2013 provides that an individual can form a company with one single member and one director. The director and member can be the same person.

How do I start a PLC business?

PLCs must:

  1. have at least two shareholders.
  2. have issued shares to the public to a value of at least £50,000 or the prescribed equivalent in euros before it can trade.
  3. be registered with Companies House.
  4. have at least two directors – at least one must be an individual. …
  5. have a qualified company secretary.

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

Incorporation fees are: ₦10,000 (US$67) for a company whose nominal share capital does not exceed ₦1,000,000 (US$6,711) and ₦10,000 (US$67) for every ₦1,000,000 (US$6,711) thereafter. ₦500 (US$3.3) incorporation forms. 1.5% stamp duty paid on capital.

Can one person own a limited company?

A limited company can be set up by a single individual who will be the sole shareholder and company director, or by multiple shareholders. Advantages of forming a limited company include: Liabilities such as debts or legal action are limited to the company.