Legal Question in Business Law in Nigeria

Hello.

There is no educational requirement for registering a company in Nigeria. The Owners of a company are however generally required to be aged 18 years old and above. Where one of the shareholders is not 18 years old at the time of the registration of the company, one or two adults are required to serve as "guardian" shareholders so to speak for an under 18 years old shareholder.

Registering a company in Nigeria is relatively simple. You start by choosing a name for the company which will be investigated at the Corporate Affairs Commission to see if such a name is available for registration; i.e. another registrant has not incorporated a company with a similar name.

Once the name of the company is confirmed and reserved, usually for sixty days in the first instance, you then need to collate information on the following matters:-

a. The objects for the company; i.e. what business or businesses will this company be engaged in?

b. Who will be the first shareholders and directors of the company? Note that every company in Nigeria must have at least two shareholders and two directors at all times.

c. What will be the share capital of the company? The minimum share capital under Nigerian law is N10,000 (which under present economic circumstances will not be recommended. in stead start from N100,000 especially should you require financing in the near future.

d. How will the shares of the company be distributed among the shareholders?

e. Where will the registered office of the company be located?

Once the above preliminary information are available to you, you then need to obtain the incorporation forms, fill the necessary information and submit the forms to the Corporate Affairs Commission for registration/incorporation of your new company.

My best wishes in your new enterprise.