Now that we know the kinds of companies that can exist in the CAMA, let’s make this CAC money and tension people be of help to our wonderful clients who are counting on us to give them our best services. When they ask you, mention the STEPS to take in registering a company, you have to use your imagination and visualise it. Like if you were really confronted with the client in the scenario, what will you do; one after the other. So it only makes sense the following drama happens. Before we go on, please get your textbooks and Company Regulations*, so you can not only cross check if I say something off, but you can also have a better understanding of what I’m yapping about.
- Taking Instructions: Your client will come to you like an uninitiated that she is saying she wants to become legit. She doesn’t know PART A, B, C. She only knows how much she has and what kind of business she wants to do. So get all the info you need. Ask the right kind of questions.** Instead of asking Ma do you want PART A, B or C? Ask: what kind of business will your company be interested in? Instead of asking do you want to be private or public? Ask: what is your vision for this company; do you want to keep it within the family or other acquaintances?
- Availability Check and reservation of name: Before you people go too far, ask for the name they have in mind. Get your CAC 1 and hook the name down on time. Section 32 CAMA tells us you have a 60 day hold on whatever name you get, so don’t forget
- Prepare Documents:
The documents differ depending on the type of company. Once again to list it all out here will be redundant so permit me to refer you to the Companies’ Regulation* (please let me know if you need a copy of this) Regulation 23
- Stamp the documents that need stamping: This is usually for your CAC 2 and your MEMART since it has share capital value. The stamping stage is not included when you are incorporating an Ltd/Gte.
- Submit to the CAC: Now that you have stamped (if necessary) and prepared everything properly, march off to CAC and get the company registered. At CAC you will submit all the documents in NO 3 and in turn they will give you Certificate of Incorporation
- Then you go back to your client for your balance *get that money baby* and give him the Certificate of Incorporation
- Go and ball with your friends the following Friday. LOL!
Note that if they ask what are the DOCUMENTS needed for incorporation, just mention number 3 documents, don’t stress on procedure. Read your questions carefully, MAJOR KEY!!!!!!!!!
If it were a part B Company you are creating, after availability check, you won’t be drafting any MEMART, just a copy of the partnership agreement if any, proficiency certificate of the proprietors, etc. and the Part B forms. See Regulation 54
If we are registering a part C Company, there will be need to put up an advert in 2 newspapers showing the name of the organisation and its trustees. Also no MEMART here, rather a Constitution is what is drafted. Seee Regulation 65
Wasn’t that easy. This is what Corporate Law Practice is all about – PROCEDURE don’t let anyone scare you. Yeah you might have to cram the items but you also need understanding so you don’t answer questions off point. For instance if the entity to be registered was a non-profit, you might register an Incorporated Trustee. So, the documents in number 3 will be different and the stamping bit will be redundant. Also if you were registering an Ltd/Gte, you would need to get the Attorney General’s consent. Just adjust the steps to accommodate the type of company you are registering.
Next up we gon’ be filling them incorporation forms.
*If you haven’t got it, download or let me know if you want me to send it to your email.
**I kid you not, this is a Nigerian Law School bar part 2 question. List the particulars of information you will get from your client with regards to x and why each is relevant.