Overview of Company Incorporation Service
SplashDict is dedicated to helping businesses register and legalize their companies in Nigeria. Our service is designed to make the process of company registration as seamless and stress-free as possible while ensuring that all legal requirements are met.
Our experienced team of professionals is well-versed in the legal and regulatory landscape of Nigeria. We will register your new company electronically, and provide an after-care service once your business is up and running. In other words, we provide a complete and professional company formation package.
Benefits of Registering a Nigerian Company
Company registertaion have several advantages, including:
Registering a Company with the Corporate Affairs Commission (CAC) provides the organization with legal status, making it easier to enter into contracts, own property, and carry out other legal activities.
Separate Legal Entity
A company enjoys the benefit of being a separate legal entity from its owners. A company cannot be held liable for the actions of its owners and similarly, a shareholder cannot be held liable for the acts of the company.
A company is created by law and only the law can liquidate it. The death, insolvent, inability, or lunacy of members does not affect the life of a company. Members may come and members may go, but the company goes on forever.
The liability of every owner of a company is limited to the extent of the face value of the shares purchased.
Even if, the assets of the company are not sufficient to pay the claims of the creditors, no owners are bound to pay anything more than the face or nominal value of the shares held by them.
Become an Employer
A registered company can employ full-time employees and pay them salaries and other benefits. You have the opportunity to seek interns, especially from the National Youth Service Commission or Sure-p.
Obtain Business Visa
Another great benefit of company formation is that you can easily obtain a visa and travel to any country for business purposes.
Protection of Company Name
When you register a company, the name is protected and cannot be used by any other company, nor can another company register a name that is similar to your company name.
Access to funding
It is easier to secure loans from banks with a registered company, compared to a personal loan application.
Open a Business Bank account
You will need to provide proof that your company is a properly registered business with the CAC to open a business bank account.
An artificial person
A company is an artificial person created by the law and has a separate existence of its own. Like a real person, it can buy or sell the property in its name. It can sue and can be sued by others. It can conduct lawful business and enter into a contract with others.
Greater market opportunities
Registered companies in Nigeria have greater market opportunities, as they are able to bid for government contracts and participate in tenders.
Registering a company in Nigeria enhances its credibility and legitimacy, making it easier to attract customers, suppliers, and investors.
Choosing a Type of Company to Incorporate
When choosing a type of company to incorporate, it is important to consider the specific needs of the business.
A Nigerian Private Limited Company – or private company limited by shares – is the most commonly used company type for small to medium-sized businesses or trading companies in Nigeria.
The main advantage of a private company limited by shares is the limited liability of its shareholders. If a private limited company is in financial trouble and had to wind up, shareholders would not risk losing their personal assets.
A Nigerian Private Limited Company must, by its constitution, restrict the right to transfer its shares, limit the number of shareholders to 50 (not including employees and former employees), and prohibits any invitation to the public to subscribe for any shares or debentures. Shareholders can be individuals or corporations of any nationality, domicile, or residence.
Private limited companies can be established in approximately three to ten working days.
Section 21(1)(c) of CAMA defines an unlimited company as a company that does not have any limit on the liability of its members. A Private unlimited company is very much like a regular private company limited by shares, the main difference arises when insolvency occurs - You could lose everything.
They enjoy the privilege of not having to deliver annual accounts to the Corporate Affairs Commission. This allows them to maintain a level of secrecy unavailable to limited companies, which must file annual accounts.
An unlimited company has the responsibility of a sole trader. Upon its registration, it assumes a separate legal personality from those of its members, enjoys perpetual succession, and becomes endowed with the capacity to sue and be sued separately from its members.
This type of company is a non-profit organization, similar to an incorporated trustee, but it is registered as a company with the CAC.
Guarantee company entity is often used by charities, but not all companies limited by guarantee are charitable in nature. Other common uses for this type of company are membership organizations and clubs, including sports associations.
It has members instead of shareholders, and its activities are restricted to those that are set out in its memorandum and articles of association. The members of a company limited by guarantee are not liable for the company's debts, but they may be required to contribute to the company's assets if it is wound up.
Why choose SplashDict?
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Add the product to the cart, then proceed to checkout and complete the secured online payment.
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Receive your documents
Company Incorporation Packages
Upon completing the order, you’ll be redirected to submit your information to process your registration.
A private company Limited by Guarantee is an alternative type of limited company used mainly for non-profit organizations such as Societies, associations, community projects, charities, etc.
Here are some of the features to expect from our Partnership Firm Registration packages.
Frequently Asked Questions (FAQs)
You can find some of our most frequently asked questions below;
- They are not an undischarged bankrupt
- They have not been restrained by court order
- They are not subject to Nigeria government restrictions
- Proposed Name of the Company (2 Names).
- The objectives and nature of business of the company.
- Address of the company.
- The share capital and shareholding formula among shareholders.
- Details of Shareholder and Director(s). Details such as; names, occupation, residential address, email address, mobile phone number and means of identification (National Identification Card, Data Page of International Passport,
- Driver’s Licence or Voter’s Card).
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