The Corporate Affairs Commission (CAC) has set the minimum paid-up capital for Nigerian companies with foreign interest to N100 million.
The commission disclosed this in a statement published on its website.
The new fee represents a 900 per cent increase compared to the previous fee of N10million.
Details of the Commission’s Revised Handbook on Expatriate Quota Administration (2022), show that processing any application for the incorporation of a company with foreign participation would be contingent upon its adherence to the specified requirement.
It further warned that any application for incorporation that fails to meet the requirement will not be approved.
“The Commission wishes to notify the General Public that it has, in line with the Revised Handbook on Expatriate Quota Administration (2022), commenced the implementation of the requirement of N100,000,000 (One Hundred Million Naira) MINIMUM PAID-UP CAPITAL for Companies with foreign participation.”
“Accordingly, any application for incorporation of a Company having foreign participation shall not be processed unless it complies with the above requirement,” the commission stated.
It further mandated that companies currently in operation with foreign involvement and a paid-up capital of less than N100 million must align with the mentioned requirement within six months from the issuance date of this notice.
“Existing Companies with foreign participation that have less than N100,000,000 paid-up capital are hereby advised to ensure compliance with the above requirement not later than six (6) months from the date of this notice, failing which the Commission shall commence proceedings for the compulsory winding-up of the Companies under Section 571 (e) of the Companies and Allied Matters Act 2020. Signed: Management 5th December 2023,” it added.
