Welcome to today’s class!!
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In today’s Store Management’s class, we will be learning about Certificate of Company Registration
Certificate of Company Registration
Unlike school certificates that one receives after graduation, before the commencement or the starting of a business, the business must have what is called Certificate of Company Registration, just like the image we have below.
Certificate of Company Registration typically refers to the process of obtaining official documentation that confirms the legal existence of a business entity.
This means upon the receival of Certificate of Company Registration, a business is recognised by the law. So it is one thing to have a business or company recognised by your friends and family, it is another to have it recognised by the law.
This certificate of Company Registration is issued by the government agency responsible for registering businesses in a particular jurisdiction, such as the Secretary of State or the Department of Commerce.
In Nigeria, the Corporate Affairs Commission is given the responsibility of registering companies in Nigeria.
The body was set up by the Companies and Allied Matters Act (CAMA).
The Corporate Affairs Commission registration is an unquestionable first requirement for setting up a business in Nigeria.
Requirements for Getting A Certificate of Company Registration in Nigeria
- Only one person can register a company and act as both director and shareholder where no foreigner will be involved in the composition of the company.
- Where foreigners will be involved, a minimum of two directors will be required. And where the shareholders are individual foreigners, a minimum of two persons are required to act as shareholders for the company.
- A foreign company can register a Nigerian subsidiary and be the sole shareholder provided such company will appoint a minimum of two directors.
- A private company with only local director(s) is not mandatorily required to appoint a secretary at a point of incorporation, however, a company owned by foreigners or involving foreign participation must appoint a secretary at the point of incorporation.
- Every company must have an address in Nigeria at the point of registration (registered office address).
- Director of a Nigerian company must be above 18 years.
- Nigerian citizens can register a company with any authorized share capital amount; however, a foreign-owned company must have a minimum of Ten Million Naira authorized share capital to be incorporated.
- Where an agent or a corporate lawyer is retained for a company registration, the applicant needs not to travel to visit the agent before the incorporation can be completed as the entire value chain can now be completed online
In summary, Certificate of Company Registration dwells more on the process of obtaining official documentation that confirms the legal existence of a business entity.
Explain what you understand by Certificate of Company Registration
Write the full meaning of these acronyms:
List five functions of the Corporate Affairs Commission in Nigeria.
We hope you enjoyed today’s class. In our next class, we will be talking about Documents Used in Foreign Trade.
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