“The first step in making rabbit stew is catching the rabbit.”
The first step in the voyage to actualizing your concepts, plans and visions is registering your business. In Nigeria, that starts at the Corporate Affairs Commission (CAC), which has its headquarters at:
Plot 420, Tigris Crescent,
Off Aguiyi Ironsi Street,
Registration of Businesses with the Corporate Affairs Commission (CAC)
Business activities may be undertaken in Nigeria through any of the following vehicles:
Ø Sole Proprietorship;
Ø Private or Public limited liability Company;
Ø Unlimited liability company;
Ø Foreign Company (branch or subsidiary of a foreign company);
Ø Incorporated Trustees;
Ø Representative Office.
The most popular business vehicles are:
- Sole Proprietorship:
Statutory requirement is registration of a business name under Part B of the Companies and Allied Matters Acts (CAMA).
A business in which the partners are joint owners of the partnership property and are personally liable jointly and severally for the debts and obligations of the firm.
- Private Limited Company:
The name of the company must end with Limited. It is limited by shares or by guarantee and has a minimum of 2 (two) and a maximum of 50 (fifty) shareholders.