Increase In Issued Share Capital To 2M By Allotment Of New Shares
NGN 20,000.0
7 days
Corporate Returns
Description
Information about the compliance service
The Corporate Affairs Commission (CAC) has implemented a simplified process for increasing issued share capital in Nigeria. Companies can now increase their issued share capital by passing a resolution that approves the allotment of new shares to specified individuals.
Requirements
Info and documents needed for this service
- A copy of duly signed resolution authorizing the issued share capital increase.
- Payment of Stamp Duties on the amount of increase.
- Valid photo identification for individual share allottees.
- Evidence of registration for company/body corporate allottees.
- Resolution from the allottee company/body corporate approving share acquisition.
Process
Steps involved in this compliance service
- Pass board resolution.
- Prepare notice of increase signed by two directors or company secretary.
- Issue notice of increase in share capital in the prescribed form.
- Submit a statement of increase in the prescribed form.
- Pay Stamp Duty to the Federal Board of Inland Revenue.
- Pay fees.
FAQs
Frequently asked questions about this service
- What is a share capital?
A share capital is the total amount invested in a company by its members in exchange for ownership of shares in the company.
2. What is the minimum share capital requirement of a company?
Generally, the minimum issued share capital required of a private company is ₦100,000 (One Hundred Thousand Naira), while a public company requires ₦2,000,000 (Two Million Naira). Designated companies in certain sectors might require a different minimum share capital as prescribed by the CAC or other governing body.
2. What is the minimum share capital requirement of a company?
Generally, the minimum issued share capital required of a private company is ₦100,000 (One Hundred Thousand Naira), while a public company requires ₦2,000,000 (Two Million Naira). Designated companies in certain sectors might require a different minimum share capital as prescribed by the CAC or other governing body.