There are two common options to be considered when starting a business. You can either register it as a Business Name or incorporate a Limited Liability Company with the Corporate Affairs Commission. Religious Organizations, Churches, Mosque, Ministry, NGOs, Foundations, Assciations, Clubs can also register as Incorporated Trustees.

Ability to open a Corporate Accounts, Customers/Clients take you more serious 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.

A Business Name is usually used for Sole Proprietorships (One Man Business) whilst a Limited Liability Company is owned by Shareholders and as the name implies their liability/ dividends are limited to the shares they own in the company. Though the CAMA 2020 makes provision for One (1) person to register and own a Limited Liability Company but with shares allotted to the person.

Yes, you can open a Corporate Bank Account with your Business Name.

Yes, you can convert your Business Name to a Limited Liability Company. It is to be noted that the process of conversions cost more money and takes a longer time.

CAC now allows individuals to register Business Names by themselves, however LEXASENS saves you the headache and stress involved with our affordable and reliable Business Name registration package.

CAC now allows individuals to register Business Names and Company by themselves, however LEXASENS saves you the headache, stress and technicalities involved with our affordable and reliable Company registration package.

Shares can be defined as units of ownership interest in a Limited Liability Company.

You can have as low as 100,000 shares however it is advisable to have at least 1 million share capital in place because cost of filing fees and stamp duties is the same.

The amended 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, 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 dividend, attend meetings and contribute to the affairs of the company, inspect company’s statutory books, protect proprietary interest in the management of the company.

The amended CAMA 2020 allows Sole Directorship and a maximum of 50

Minors (people under 18 years) cannot be a Director but can however hold shares in the Company.

CAC reserves the right to reject names that are:

capable of misleading as to the nature and extent of its activities,
undesirable, offensive or contrary to public policy,
identical with or similar to the name of a registered company

Yes, there are some Companies that cannot be formed with 1 million share capital. They include: Banks, Private Security Company, Insurance Businesses, Lotteries, Air Transport, Aviation, Freight Forwarding, Bureau De Change, Finance Companies, Pension Fund Managers, Underwriters, Issuers, etc

The CAMA 2020 provides for the Electronic Submission/Filing of incorporation and other documents as well as the use of electronic signature.

A major and remarkable feature of the new system is the introduction of E-certificate. The commission has introduced and adopted issuance of E-certificate as against the former manual system where customers have to walk into the Commission to pick up the certificate of registrations and incorporation of all entities. Upon completion of the registration of any entity on the CAC portal, your registration is approved by the Commission seamlessly, the certificate is automatically generated to your dashboard where you can download at your convenience and print out.

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

CAC gives/Issue out E-Certificate to its Accredited Agents through their Agents portal and the Agents will send the certificate to the client via email or WhatsApp for them to print.

Everything about CAC Registration are done online as a result Location or Distance is not a barrier. We can help you register your Business from any location or State

LEXASENS is a fully remote company operating digitally and we don’t have an official office yet.
Note: everything about CAC Registration are done online and as such location or distance is not a barrier or an issue. We have registered several businesses of our clients all-over Nigeria

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).

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.

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; and
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.

LP 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 he partakes 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.

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