Corporate Affairs Commission (CAC) says it has commenced the implementation of the requirement of N100 million minimum paid-up capital for companies with foreign participation.
The commission made the announcement in a notice on Tuesday.
According to CAC, if an application does not meet the aforementioned criteria, the incorporation of a company with foreign participation will not be processed.
“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,” CAC said.
“Accordingly, any application for incorporation of a Company having foreign participation shall not be processed unless it complies with the above requirement.”
The commission said existing companies with foreign participation that have less than N100 million paid-up capital must ensure compliance with the above requirement not later than six months from the date of the notice.
CAC said it will commence proceedings for the compulsory winding-up of any organisation that fails to comply with the directive, in line with section 571 (e) of the Companies and Allied Matters Act (CAMA) 2020.