The body responsible for business incorporation in nigeria is?

Question: The body responsible for business incorporation in nigeria is?

If you are interested in starting a business in Nigeria, you might be wondering which body is responsible for business incorporation in the country. Business incorporation is the process of registering a business entity as a legal entity that is separate from its owners. This gives the business certain advantages, such as limited liability, tax benefits, and perpetual succession.

According to the **Companies and Allied Matters Act (CAMA) 1990**, the statutory body legally empowered to incorporate businesses in Nigeria is the **Corporate Affairs Commission (CAC)** . The CAC is a federal government agency that regulates the formation and management of companies in Nigeria. The CAC also maintains a registry of all registered companies and provides information and services to the public.

The CAC offers different types of incorporations for different types of businesses, such as:

- Limited Liability Company (Company Limited by Shares): This is where the liability of the shareholders to the creditors is limited to the amount invested in the company. A limited liability company can be a private (minimum of 2 and a maximum of 50 members) or public company (minimum of 2 and an unlimited number of members).

- Unlimited Liability Company: This is where the liability of the members is unlimited. An unlimited company can be incorporated with or without share capital.

- Company Limited by Guarantee: This is where the members guarantee to contribute a certain amount to the assets of the company in the event of its winding up. A company limited by guarantee is usually formed for non-profit purposes, such as charitable, religious, or educational activities.

- Limited Liability Partnership: This is where two or more persons form a partnership with limited liability. A limited liability partnership combines the features of a partnership and a company, such as flexibility, tax benefits, and separate legal personality.

- Limited Partnership: This is where two or more persons form a partnership with one or more general partners who have unlimited liability and one or more limited partners who have limited liability. A limited partnership does not have a separate legal personality from its partners.

- Business Name: This is where a person or entity carries on business under a name that is not their own. A business name does not have a separate legal personality from its owner.

- Incorporated Trustee: This is where a group of persons form an association for a common purpose, such as religious, cultural, educational, or charitable activities. An incorporated trustee has a separate legal personality from its members.

To incorporate any of these types of businesses in Nigeria, you will need to follow the requirements and procedures set by the CAC, which may vary depending on the type and size of your business. Some of the general requirements include:

- Choosing and reserving an approved name for your business

- Filling and submitting the necessary forms and documents

- Paying the prescribed fees

- Obtaining a certificate of incorporation

- Registering with other relevant authorities, such as the Nigerian Investment Promotion Commission (NIPC), the Federal Inland Revenue Service (FIRS), and the Nigeria Export Promotion Council (NEPC)

Incorporating your business in Nigeria can offer you many benefits, such as:

- Protecting your personal assets from business liabilities

- Enhancing your credibility and reputation among customers, suppliers, investors, and regulators

- Accessing more funding opportunities and incentives

- Expanding your market reach and network

- Enjoying tax advantages and exemptions

If you need more information or assistance on how to incorporate your business in Nigeria, you can contact the CAC through their website (www.cac.gov.ng), email (c.services@cac.gov.ng), phone (+234 818 229 8971), or visit any of their offices nationwide.