Cost of Registering a Company in Nigeria (2024)

Starting a business in Nigeria is an exciting venture, but it comes with its fair share of administrative tasks, with one of the most crucial being the registration of your company with the Corporate Affairs Commission (CAC). Understanding the costs involved in this process is vital for any aspiring entrepreneur. In this guide, we break down the expenses associated with registering different types of businesses in Nigeria today, providing clarity for those navigating the entrepreneurial landscape.

Cost Breakdown for Registering a Business Name

If you’re opting to register a business name, here’s what you need to know about the costs involved:

1. Reservation of Name: N500
2. Registration of Business Name: N10,000
3. Filing of Notice of Change of Business Name: N5,000
4. Filing of Notice of Change of Business Address: N1,000
5. Filing of Change in Proprietorship: N1,000
6. Filing of Annual Returns: N1,000
7. Filing of Notice of Cessation of Business: N1,000
8. Filing of Other Related Documents: N1,000
9. Search on Business Name File: N1,000 per search
10. Certified Copy of Certification of Business Name Registration: N5,000

Cost Breakdown for Registering a Private Limited Company (PLC)

For those looking to register a Private Limited Company, the costs vary based on share capital:

1. Registration of Name: N500
2. Private Company (with Share Capital of Less than N1 Million): N10,000
3. Private Company (with Share Capital between N1 Million – N500 Million): N5,000 for each N1 million share
4. Private Company (with Share Capital over N500 Million): N7,500 for each N1 million share
5. Public Company (First N1 Million Share Capital): N20,000
6. Public Company (Share Capital between N1 Million – N500 Million): N10,000 for each N1 million share
7. Public Company (Share Capital over N500 Million): N15,000 for each N1 million share
8. Company without Capital Share: N20,000
9. Filing Exemptions of Foreign Companies from Registration: N30,000
10. Re-Installation of Company Name: N25,000
11. Registration of Charges for Private Company: N10,000 for every N1 million
12. Registration of Charges for Public Company: N20,000 for every N1 million
13. Filing for Annual Return for a Small Company: N2,000

It’s important to note that these costs are fixed and do not vary across different states or cities in Nigeria. However, legal practitioners may charge additional fees for their services.

Conclusion

Understanding the costs involved in registering a company in Nigeria is essential for any entrepreneur embarking on their business journey. By familiarizing yourself with these expenses, you can better plan your budget and ensure compliance with regulatory requirements. Whether you’re registering a business name or a private limited company, knowing the associated costs empowers you to make informed decisions and set realistic expectations for your entrepreneurial endeavors.

FAQs

1.Are these prices subject to change?

No, the prices mentioned for company registration in Nigeria are fixed and do not fluctuate based on location or other factors.

2.Do I need a legal practitioner to register my company?

While it’s not mandatory to hire a legal practitioner, many entrepreneurs choose to enlist their services to navigate the registration process smoothly and ensure compliance with all legal requirements.

3.Can I register my company online?

Yes, the Corporate Affairs Commission (CAC) of Nigeria offers an online platform for company registration, making the process more accessible and convenient for aspiring entrepreneurs.