TA legal

REQUIREMENTS FOR A LIMITED LIABILITY COMPANY

💡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

WORTH CONSIDERING AFTER INCORPORATION –

🔹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

🔺PLEASE NOTE:
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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