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Post Incorporation | Change of CAC registration

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Change of Business property

Willing To change your
Business Property ?

Change is constant and its a part of any business’s journey. Whether due to new developments, initial errors, or regulatory updates, modifications to your registration may become necessary.

This is where our team at Vobels BusinessHub shines. As experienced legal experts and accredited CAC consultants, we specialize in assisting with post-incorporation adjustments. Whether it’s for your Business Name, Limited Liability Company, or Non-Profit organization like churches and NGOs, we’re here to ensure that your entity reflects your current needs efficiently and accurately.

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Filing of Annual Returns
Change of Director
Change of Shareholder
Change of Address
Upgrade of Business Name to Limited
Change of Proprietor
Change of Name
Increase of Shareholding, etc.

This is a mandatory requirement submitted to the Corporate Affairs Commission yearly to demonstrate that the business is a going concern.

Before any other post-incorporation filing can be made, evidence of filing annual returns must be attached.

Companies are expected to pay Annual Returns every year. Newly registered companies are exempt from paying Annual Returns within the first 18 months, while Business Names are expected to start filing Annual Returns after the first year of registration.

What are the consequences of not paying Annual Returns? Company status would show inactive where there is a failure to pay Annual Returns at the right time. The company may also be delisted from the CAC database.

Requirements for filing annual returns include the following:

Duly completed form for annual return
Audited financial statement signed by 2 directors and duly certified by a Chartered Accountant, where applicable.
Payment of fees

A change in directors of a company can occur voluntarily or as a matter of necessity. This could be due to death, resignation, removal, or other situations leading to the appointment of a new director.

Requirements for filing a notice of change in Directors include the following:

Resolution removing or appointing director(s) duly signed by a director and secretary or 2 directors
Duly completed form for notice of change in directorship
Photocopy of the information page of the international passport or national identity card for each new director
Letter of consent where applicable
Residence permit where applicable
Resignation letters where applicable
Death certificate of the deceased director where applicable
Updated annual returns filing
Payment of fees

This refers to a change in the shareholding of a company either by a new shareholder coming on board or as a result of a transfer of shares by an existing shareholder.

Requirements for filing a return of allotment of shares include the following:

Special resolution signed by 2 directors of the company
Duly completed form for return of allotment
Photocopy of the information page of the international passport or national identity card for allottee
Resolution of the company for forfeiture of shares where applicable
Updated annual returns filing
Payment of fees

An existing company may voluntarily decide to change its name. This could be to enhance its goodwill or as a result of a change of ownership or a merger/acquisition. It could also be compulsory.

Requirements for a change of name include the following:

Evidence of approval of the new name.
Special resolution for change of name signed by a director and secretary or 2 directors
Duly stamped Memorandum and Articles of Association reflecting the new name
Application signed by a director and secretary or 2 directors stating reasons for the change of name
Original certificate of incorporation for cancellation
In the case of Banks, Microfinance Institutions, and Bureau De Change Companies, Approval in Principle from the CBN is required.
Evidence of appointment of secretary
Updated annual returns filing
Payment of filing fees.

A company may choose to venture or to diversify into new businesses which were not originally in the Memorandum and Article of Association of the company. This will ultimately lead to filing a notice to change or alter its Memorandum and Articles of Association.

Requirements for a change of objectives include the following:

Special resolution for the alteration of Memorandum and Articles of Association signed by a director and secretary or 2 directors and stating the altered clauses and or articles.
Duly stamped Memorandum and Articles of Association marked “as Altered” and reflecting the altered clauses and or articles
Updated annual returns filing
Payment of fees.

An increase in the share capital of a company could come up as a result of certain situations. A company previously registered with a certain share capital will need to increase the share capital if it decides to venture into a business that requires a higher minimum share capital. Also, some regulatory bodies may decide to review the minimum share capital guidelines for companies and as such the affected companies will need to increase their share capital in order to comply with the guideline.

Requirements for filing a notice of increase in authorized share capital include the following:

Resolution for increase in share capital signed by a director and secretary or 2 directors
Duly stamped form for the notice of increase in authorized share capital
Updated annual returns filing
Payment of fees

Where there has been a removal of an existing proprietor or appointment of a new one, a notice of such appointment or removal is to be made to the Corporate Affairs

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Incorporated Trustee

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Set up your Non- Profit
Organization

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They are usually set up for a social cause that is common to the members. This structure is tax-exempt and derives funding from donations, contributions, or community outreach which is channeled back to their objectives to make a greater impact in terms of their public purpose.

The process of registering an incorporated trustee includes:

Apply for consent with the following details: Name of the Incorporated Trustee, Email Address, and registered address of the Association. Also, the names of the trustees (designated chairman and secretary), aims, and objectives are needed to file for consent.
Upon approval, a newspaper publication is done in 2 national newspapers, and there is a wait period of 28 days before filing.
Filing is concluded by uploading minutes of the meeting, means of identification of trustees, and signature of the chairman and secretary.

The documents you will get are the certificate, status report, and constitution of the incorporated trustees.

No, anyone below the age of 18 years cannot be a trustee.

Yes, but a foreigner can only be a trustee if he has been issued a Nigerian Resident Permit.

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Company Limited By Guarantee

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Company limited liability Guaranteed

Register Your Limited
Liability Partnership

A Company Limited by Guarantee in Nigeria is a type of corporate structure typically utilized by non-profit organizations, where the liability of its members is limited. The members’ commitment is to contribute a predetermined amount to the company’s assets if it’s wound up. This structure is common for clubs, charities, and similar organizations. Unlike companies limited by shares, it doesn’t have share capital or shareholders, but rather members who guarantee a fixed amount for company liabilities. This format suits entities focused on non-commercial activities with no profit distribution among members.

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A Company Limited by Guarantee differs from a Company with Shares primarily in structure and purpose. The former is usually adopted by non-profit organizations, with members guaranteeing a fixed amount to cover liabilities, rather than shareholders. In contrast, a Company with Shares is profit-oriented, with ownership divided into shares held by shareholders. Profits are often distributed as dividends among shareholders, which is not the case in Companies Limited by Guarantee.

Company Limited by Guarantee and Incorporated Trustees differ mainly in structure and purpose. A Company Limited by Guarantee is used by non-profit organizations, where members guarantee a contribution towards the company’s liabilities. Incorporated Trustees, however, are formed by a group of people (trustees) who come together for a common non-profit goal, often for religious, educational, literary, scientific, social development, or sporting purposes. The key difference lies in their legal and operational structures, with Incorporated Trustees typically being more suitable for groups aiming to exist perpetually, managing property and funds dedicated to their specific non-profit goals.

There is no maximum limit set by CAMA, but it states that each member shall guarantee to pay a sum not less than 10,000 naira.

To complete the registration process for a Company Limited by Guarantee in Nigeria, follow these steps:

Name Reservation & Registration Application: Apply to the Corporate Affairs Commission for consent to reserve a name and begin registration. Submit two proposed company names, details of directors and secretary, company objectives, and the guarantee amount by members for winding up.
Application to the Attorney General: Within 30 days, apply to the Attorney General of the Federation for authorization to register the company. If there are no objections, or no reasonable cause to refuse the application, and if no decision is made within 30 days:
Public Advertisement: Place an advertisement in 3 national newspapers for 28 days, inviting public objections, if any.
Complete Registration on CAC Portal: Conclude the registration process on the CAC Company Registration Portal, including document uploads.
Final Approval: Await final approval from the Commission.

Yes, a director of the company can be a guarantor as well, but it is not mandatory for a guarantor to be a director.

No, this is impossible as CAMA states that upon winding up of the company, the remaining assets shall be transferred to a company with similar objects.

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Limited Liability Partnership

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Limited partnership REGISTRATION

Register Your Limited
Liability Partnership

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An LLP is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited, while the liabilities of a limited partner are limited, unless they partake in the management of the partnership. An LP should consist of not more than 20 persons, and the name of an LP should end with the word “Limited Partnership” or the abbreviation “LP”.

The LLP is a partnership arrangement with a legal personality, separate from the partners. The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or outstanding in the event of winding up. An LLP shall have at least two “designated partners” who would be responsible for compliance with the requirements of the Act by the LLP. The designated partners should be individuals, at least one of whom must be resident in Nigeria.

Partners’ personal assets are shielded from business liabilities.
The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
Designate and non-designate members. You can operate the LLP with different levels of membership.
Protecting the partnership name. By registering the LLP you prevent another partnership or company from registering the same name.
The operation of the partnership and distribution of profits is determined by a written agreement between the members. This agreement is one of the documents issued after completion of registration.

No, a minor cannot be a partner.

No, it is not possible.

The information required are as follows:

The name of the limited liability partnership
The proposed business of the limited liability partnership
The address of the registered office of the limited liability partnership
The name and address of each of the persons who are partners of the limited liability partnership on incorporation
The name and address of the persons who are to be designated partners of the limited liability partnership on incorporation

The documents that will be issued are the certificate, partnership agreement, and status report after the payment of necessary filing fees.

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Limited Liability Company

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LLC Registration

Register Your Limited
Liability Company

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FAQ

Find Out Answers to your questions

A Limited Liability Company (LLC) in Nigeria is a corporate structure that legally separates the personal assets of its owners from the company’s debts and financial liabilities. Key characteristics of an LLC include the appointment of directors and shareholders. This business format is particularly advantageous for medium to large-scale enterprises, offering both credibility and a framework for growth. This structure is ideal for those looking to establish a robust and scalable business presence.

- Check for availability of proposed company name
- After the name has been approved, use the availability code to start the process of registration and fill all necessary forms on the Company Registration Portal
- Complete the pre-registration form and upload relevant documents and information online using the Company Registration Portal.
- Pay filing and Stamp duty fees
- Upon completion of the registration of any entity on the portal, your registration is approved by the Commission, and an E-Certificate and Certified Extract of Registration information is automatically generated to your dashboard where you can download at your convenience.

Shares can be defined as units of ownership interest in a Limited Liability Company. While owning shares in a business does not mean that the shareholder has direct control over the business’s day-to-day operations, being a shareholder does entitle the possessor to participation in the profit (dividends) or losses (liabilities).

CAMA 2020 makes provision for an individual to own 100% shares in a Company. You can, however, decide to allocate shares to partners, family members, partners, friends, or investors. Allocation of shares is usually dependent on what the person is bringing on board. However, you must be careful in choosing your shareholders as they are entitled to vote in the proceedings of company meetings, receive dividends, attend meetings, and contribute to the affairs of the company, inspect the company’s statutory books, protect proprietary interest in the management of the company.

No, anyone below the age of 18 years cannot be a proprietor.

Ownership: A Business Name is owned by an individual, while a Limited Company is owned by shareholders.
Liability: Personal liability for debts in a Business Name; Limited Company has limited liability.
Taxation: Business Names are taxed on personal income; Limited Companies on corporate profits.
Compliance: Less formal compliance for Business Names; Limited Companies have more regulatory requirements.
Capital Raising: Limited Companies can raise capital through shares; Business Names rely on personal funds or loans.

The commission has also introduced a document format called E-status report to replace the CAC forms issued upon new registration/incorporation of all entities. The E-status report will now replace the Form CAC 1.1 for company registration, BN 1 for Business name registration, IT form 1 for Incorporated Trustees.

While the minimum share capital can be as low as 100,000 shares, it’s often advisable to have at least 1 million share capital. This recommendation is due to the cost of filing fees and stamp duties being the same regardless of the amount of share capital. Additionally, it’s important to note that the required share capital can be higher for specific types of businesses, such as banks and foreign-owned companies, as dictated by law.

For certain industries, the law has stipulated a minimum share capital threshold before such a company can be registered and deemed eligible to carry on business in those industries. The essence of this requirement is to determine the viability of the company as these industries are usually capital-intensive ventures and highly regulated. Some examples of such industries include Maritime Operators, Travel & Tour, Airline, Banks, and Insurance Companies, Fund/Portfolio Managers, etc.

Unlike business name registration, a foreigner can fully participate in the operation of any enterprise in Nigeria except enterprises in the negative list (which largely relates to the manufacturing of firearms and other military materials). The foreigner may operate alone or in Joint venture with Nigerians by means of a company, which has to be formed and registered with the Corporate Affairs Commission (CAC) and with the Nigerian Investment Promotion Commission (NIPC).

Yes, the following companies will be exempted after application for exemption:

Foreign companies invited to Nigeria by or with the approval of the Federal Government to execute any specified individual project.
Foreign companies which are in Nigeria for the execution of specific individual loan projects on behalf of a donor country or international organization.
Foreign government-owned companies engaged solely in export promotion activities.
Engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.

In addition to registering your business with the Corporate Affairs Commission, a foreigner that intends to do business in Nigeria must also register with the Nigerian Investment Promotion Commission (NIPC) and where he/she wants to live in Nigeria would require a business permit from the Ministry of Interior. Vobels Business Hub has a full registration package for foreigners package that includes all the necessary permits, registered address, bank account opening, etc. To get started, call or chat with us

Yes, CAMA 2020 allows for a sole person to set up a company as the director and shareholder.

Check for availability of proposed company name
After the name has been approved, use the availability code to start the process of registration and fill all necessary forms on the Company Registration Portal
Complete the pre-registration form and upload relevant documents and information online using the Company Registration Portal.
Pay filing and Stamp duty fees
Upon completion of the registration of any entity on the portal, your registration is approved by the Commission, and an E-Certificate and Certified Extract of Registration information is automatically generated to your dashboard where you can download at your convenience.

Ability to open Corporate Accounts
Customers/Clients take you more seriously if your Company is registered
Banks only grant business loans to registered businesses
Your Company becomes your brand
Investors are more comfortable with a registered business.

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