what is the lawyer fees to incorporate in nigeria

Fees Nigeria company formation costs for a Nigerian

LLC in Year 1 are US$9,690 and annual company costs in Year 2 and thereafter amount to US$0. Average Nigeria company registration engagement fees amounts to US$20,000, including company formation, opening a corporate bank account, and all government fees as detailed in the table below.

Full Answer

How much does it cost to become an Incorporated Trustee in Nigeria?

Incorporated Trustees S/N SUBJECT FEES in Naira (₦) 1 Set of incorporation forms 1,000.00 2 S/N SUBJECT FEES in Naira (₦) 26 Late filing of annual return 5,000.00

How much does it cost to register a company in Nigeria?

Company S/N SUBJECT FEES in Naira (₦) 1 Set of incorporation forms 500.00 2 Others 100.00 per each form 2. Business Name S/N SUBJECT FEES in Naira (₦) 1 Registration form 250.00 2 Others 100.00 per each form 3.

What are the fees for change of name in Nigeria?

S/N SUBJECT FEES in Naira (₦) 1 Reservation of Name 500 2 Incorporation of trustees 30,000.00 3 Filing of notice of change of name 10,000.00 4 Filing of notice of change in trustees 10,000.00 5 Filing of notice of amendment of constitution 6,000.00 6 Filing of annual return 5,000.00 7 Filing of notice of court

How much are the business name taxes in Nigeria?

Business Name S/N SUBJECT FEES in Naira (₦) 1 Registration form 250.00 2 Others 100.00 per each form 3. Incorporated Trustees S/N SUBJECT FEES in Naira (₦) 1 Set of incorporation forms 1,000.00 2 S/N SUBJECT FEES in Naira (₦) 26 Late filing of annual return 5,000.00

How much does it cost to incorporate a company in Nigeria?

Cost of registration of Private Company (with share capital between N1 Million – N500 Million) – N5, 000 for each N1 million share. This means that if the share is N10 million for example, then this would cost N50, 000.

Do you need a lawyer to incorporate a company in Nigeria?

The Corporate Affairs Commission in a bid to ease the incorporation of companies in Nigeria has adopted an online method of registration. However, the process is best commenced through the services of an accredited agent such as a corporate lawyer.

How much is certificate of incorporation in Nigeria?

CAC Registration FeesS/NSUBJECTFEES (N)59Certified true copy of business name certificate of registration5,00060Certified true copies of other documents2,000 per document Incorporated Trustee61Reservation of Name50062Incorporation of trustees30,00068 more rows•Nov 26, 2020

How much money is required to incorporate a company?

The Cost of Incorporation / Registration of Pvt Ltd Company would vary from INR 6,000/- to INR 30,000/- depending upon the No. of Directors, No. of members, authorized share capital and Professional fees. Professional fees may depend upon the complexity of the task.

Can I register a company without a lawyer?

Note that the proposed name of your business must be clearly written on the form and individuals can register a business name without the services of a lawyer. Incorporating a company or corporations is distinct from sole proprietorships and partnerships in a number of ways.

What is required before a company is incorporate in Nigeria?

Requirements to register a limited liability company The objectives and business of the company must be provided. The registered principal address of the company. The share capital and shareholding formula among shareholders will be required. The particulars of a minimum of one director will be required.

How much is CAC registration 2022?

CAC Registration Fees 2022 Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company.

Is CAC registration free?

Apply For Survival Fund CAC Business Name Registration WhatsAppPresident Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the ...

How much is stamp duty for company registration in Nigeria?

0.75%Stamp duty is imposed at the rate of 0.75% on the authorised share capital at incorporation of a company or on registration of new shares. All deposit banks and financial institutions are required to charge stamp duties of NGN50 on every eligible transaction above NGN 10,000.

What are incorporation costs?

Quebec: In Quebec, the cost to incorporate is $326 for the declaration of registration, and the name reservation fee is an additional $22. The Quebec business registration site handles the process.

What are the documents required for incorporation of company?

Documents Required For IncorporationMemorandum of Association.Articles of Association.Prospectus Statement in lieu of prospectus is not requires in case of a private company.Copy of import agreements.Statutory declaration in Form I.Copy of Letter of Register indicating approval of name.Power of Attorney.More items...

How long does it take to incorporate a company?

From the point where a new company is submitted to Companies House, it normally takes between 3 and 5 hours for the company to be officially formed. Sometimes there can be complications which mean that the company can be rejected by Companies House for a number of reasons.

What are the S/N fees?

S/N SUBJECT FEES in Naira (₦) 1 Late filing of increase in share capital of public company 10,000 2 Late filing of increase in share capital of private company 5,000.00 3 Late filing of annual return for small company 3,000.00 per year 4 Late filing of annual return for a private company other than a

What are the S/N subject fees?

S/N SUBJECT FEES in Naira (₦) 1 Reservation of Name 500 2 Incorporation of trustees 30,000.00 3 Filing of notice of change of name 10,000.00 4 Filing of notice of change in trustees 10,000.00 5 Filing of notice of amendment of constitution 6,000.00 6 Filing of annual return 5,000.00 7 Filing of notice of court

Fees

Nigeria company formation costs for a Nigerian LLC in Year 1 are US$9,690 and annual company costs in Year 2 and thereafter amount to US$0. Average Nigeria company registration engagement fees amounts to US$20,000, including company formation, opening a corporate bank account, and all government fees as detailed in the table below.

Timelines

The average engagement period for establishing a business is 15 weeks as outlined below:

Billing and Professional Fees by Lawyers under Nigerian Law

A legal practitioner under the various land instrument preparation laws and also under the Legal Practitioners Act, 1975, has exclusive right to prepare documents dealing with transfer of interest in land in Nigeria and it is a punishable offence under the laws and Act for a person other than a legal practitioner to prepare such documents.

Steps To Subscribe To the Court of Appeal Reports Nigeria

Our contact information are as follows: 234-1-3428150, 2347062320392. We can also be contacted via email at info@aucourantlegal.org. Our offices are located at Florence Place, 7B, Iweanya Ugbogoh Crescent, Lekki 1, Lagos.

What is the rule of professional conduct for lawyers?

Rule 48 (1) of the Rules of Professional Conduct for Legal Practitioners provides that a lawyer is entitled to be paid adequate remuneration for his services. The rule does not state how much remuneration is adequate for the services of a lawyer but it prohibits the charging of excessive fees by lawyers.

What is section 22(1)(d) of the Legal Practitioners Act 1975?

For instance section 22 (1) (d) of the Legal Practitioners Act, 1975 provides that; “Subject to the provisions of this section, if any person other than a legal practitioner prepares for or in expectation of reward any instrument relating to the grant ...

What is the duty of a lawyer?

Most of the times, a lawyer’s duty is to his client beyond the general duty to uphold and observe the rule of law and to promote and foster the course of justice. According to the Rule 14 of the Rules of Professional Conduct for Legal Practitioners, It is the duty of the lawyer to devote his attention, energy and expertise to the service ...

What is the difference between a lawyer and a barrister?

A solicitor does much of office work and documents preparation and are usually not involved in litigation, a barrister on the other hand is more involved in litigation, wears wig and gown and represents clients in law courts. In Nigeria a lawyer can do all of these. According to Section 24 of Nigeria’s Legal Practitioners Act, ...

What is a lawyer in Nigeria?

Generally, a lawyer is someone who practices law, they are also called advocates or legal practitioners. They can also be called barristers or solicitors, in Nigeria the legal profession is fused in that lawyers in Nigeria are both barristers and solicitors of the supreme court of Nigeria. Read Also: 10 Tips to Succeed as a Young Lawyer In Nigeria.

Is a legal practitioner general or special?

It is general when it covers the client’s work generally and special when it covers a particular matter of the client. In the case of default, a legal practitioner is empowered to recover his fees by an action in a competent court. If you need the services of a legal practitioner, be free to contact one.

Do lawyers charge fees for consultation?

Some lawyers may also charge consultation fee when necessary. The Rules of Professional Conduct for Legal Practitioners also makes provision for retainer. A reatiner occurs where a lawyer is paid to handle all or a special litigation by a particular client. It is general when it covers the client’s work generally and special when it covers ...

What is retainership arrangement?

A retainership arrangement is one in which payment is made to the legal practitioner by a client, and could be general or special. A general retainer exists where a legal practitioner is instructed to handle all problems in an area of law or on every area of law during an agreed period of time.

What is a legal practitioner in Nigeria?

A legal practitioner under the various land instrument preparation laws and also under the Legal Practitioners Act, 1975, has exclusive right to prepare documents dealing with transfer of interest in land in Nigeria and it is a punishable offence under the laws and Act for a person other than a legal practitioner to prepare such documents.

What does "not comply with the requirement of the Legal Practitioners Act" mean?

Where the bill does not contain detailed particulars and it is objected to, the court will hold that the bill does not comply with the requirement of the Legal Practitioners Act, and cannot sustain an action for recovery of professional charges. 1. The bill of charges should be headed to reflect the subject matter.

What is a special retainer?

A special retainer exists where the legal practitioner is instructed to handle a single matter, for instance where a legal practitioner is instructed to represent a client in a lease transaction to draft the lease agreement and obtain Governor’s consent. Bill of Charges.

How long does it take to get a bill of charges taxed?

As a general rule, where an application for the taxation of a bill of charges is made to the court by a client within one month from the date on which the bill of charges was delivered to him, the court shall order the bill to be taxed and that no action to recover the charges shall begin until the taxation is completed.

What is professional disbursement?

Professional disbursements include payments which are necessarily made by the legal practitioner in pursuance of his professional duty such as court fees, witness fees, etc., if paid by him. 3. Charges and fees should be particularized, for example: 4. Perusing documents and giving professional advice;

What is the legal practitioner's remuneration committee?

The Legal Practitioners Remuneration Committee is empowered by Section 15 of the Legal Practitioners Act, 1975 to make orders regulating fees of legal practitioners. In furtherance of the power, the Committee passed ...

How to register a company in Nigeria?

These are the steps to follow for company registration in Nigeria: 1 The first thing before you register your company is to check if the name you have proposed for your company is available, i.e., has not been used by another company. You can visit this link to check. 2 The next thing is to reserve the name you have chosen if it is available. 3 After reserving a name, you will need to complete a pre-registration form, the CAC1.1 form online via Corporate Affairs Commission company registration portal. 4 Next, pay the filing fee to Corporate Affairs Commission. 5 Pay the stamp duty fee to Federal Inland Revenue Service (FIRS). 6 Note you can complete steps 4 and 5 also on the CAC company registration portal. 7 Prepare a signed, scanned copy of the pre-registration documents. These documents include:

What is CAC in Nigeria?

The Corporate Affairs Commission (CA C) is the government agency in charge of registering companies and businesses in Nigeria. They also regulate the activities of the companies and businesses by their constitution. The cost of registering a company in Nigeria depends on the type of company. The cost of registering a private company is different ...

How much do you need to pay for a limited liability company?

A limited liability company with 1,000,000 share capital is usually what most people need. For that you should be prepared to pay between 75,000 naira to 120,000 depending on your lawyers’ fees.

What is CAC in Nigeria?

IThe Corporate Affairs Commission (CAC) is the government agency in charge of registering companies and businesses in Nigeria. They also regulate the activities of the companies and businesses by their constitution. The cost of registering a company in Nigeria depends on the type of company.