TA legal


💡You should be thinking about the following requirements if you’re looking to start up a limited liability company:

🔹A total share capital of not less than N10,000.00; subject to mandatory industry specific share capital requirements
🔹Appointment of 2 directors who are adults, not bankrupt and of sound mind
🔹Subscription by a minimum of 2 shareholders subscribing to at least 25% of the share capital of the company
🔹Memorandum and Articles of Association of the Company which essentially contains the type of business you wish to operate and the rules and regulations which the company will operate by
🔹Appointment of a company secretary


🔹Since a Tax Identification Number will be issued on your Certificate of Incorporation, you need not worry about registering for tax purposes
🔹You will be required to file your returns at the Corporate Affairs Commission annually, with the first annual returns being filed no later than 18 months after incorporation
🔹The board of directors should have board meetings regularly
🔹You should keep a minute book and other statutory books of the company
🔹You are required to hold an Annual General Meeting, the first AGM being no later than 15 months after incorporation
🔹You will be required to charge and remit Value Added Tax monthly on vatable goods and services
🔹You will be required to deduct and remit withholding tax (WHT) from expenditures subject to WHT

Some of the above requirements may no longer be applicable once the Companies and Allied Matters Act 2004 (Repeal and Re-enactment) Bill, 2018 is signed into law by the President.

📧For more information or questions on company registration, please send an email to contactus@tundeadisa.com

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