{"id":8235,"date":"2023-02-28T14:02:28","date_gmt":"2023-02-28T14:02:28","guid":{"rendered":"https:\/\/www.aziza.com.ng\/read\/?p=8235"},"modified":"2024-10-31T08:11:06","modified_gmt":"2024-10-31T08:11:06","slug":"minimum-share-capital-for-foreign-companies-in-nigeria","status":"publish","type":"post","link":"https:\/\/www.aziza.com.ng\/read\/minimum-share-capital-for-foreign-companies-in-nigeria\/","title":{"rendered":"MINIMUM SHARE CAPITAL FOR FOREIGN COMPANIES IN NIGERIA."},"content":{"rendered":"\r\n

In this post we will be looking at the meaning of shares, minimum share capital for foreign companies in Nigeria and Industry-prescribed minimum share capital.<\/p>\r\n\r\n\r\n\r\n

INTRODUCTION<\/strong><\/p>\r\n\r\n\r\n\r\n

Certain designated businesses have an industry-prescribed minimum share capital requirement in Nigeria. The corporate affairs commission notifies the general public of these requirements. These are also typically published on the websites of the various regulatory agencies in charge of regulating these industries. The recently enacted Companies and Allied Matters Act (\u201cCAMA\u201d) 2020 has introduced several changes in the way companies are regulated in Nigeria. One of such changes is that the entire share capital of companies must be fully issued. Prior to this, in the repealed CAMA 1990 every company could have a prescribed authorised share capital out of which 25% must be issued to shareholders. The minimum authorised share capital for private and public companies was N10,000 and N500,000 respectively in CAMA 1990. The requirement to issue a minimum of 25% of authorised capital allowed companies to retain unissued shares for future allotments. In the CAMA 2020, the requirement for companies to have an \u2018authorized share capital\u2019 has been replaced with a \u2018minimum issued share capital\u2019 principle. In the CAMA 2020 companies must have a minimum issued share capital of N100,000 for private companies and N2,000,000 for public companies. Section 124 of CAMA 2020 provides that no company shall have a share capital which is less than its minimum issued share capital and requires that every company with unissued shares, must not later than six (6) months from the commencement of CAMA 2020, issue shares up to an amount not below its minimum issued share capital. The Companies Regulations 2021 has provided further clarity by requiring that all companies with unissued shares must fully issue same not later than 30th June 2021. The result of the new minimum issued share capital rule is that companies cannot have unissued shares after the June 2021 deadline. Companies (and their officers) who fail to comply by the deadline will be liable to a daily default penalty as prescribed by the Corporate Affairs Commission (\u201cCAC\u201d). Given the imminent deadline, companies with unissued shares must ensure compliance on or before the end of June 2021. Several options are available for ensuring compliance some of which include: (i) bonus issue or a rights issue to existing shareholders; (ii) issuance of the unissued shares to new shareholders; and (iii) a reduction of the share capital of the company by cancelling all unissued shares (subject to the CAMA 2020 prescribed minimum share capital). The introduction of \u2018minimum issued share capital\u2019 has ended the ability of companies to retain unissued shares for future allotments, including the possibility of free float of shares for listed public companies or retention of shares for employee share schemes amongst other purposes. The new rule has created a situation whereby companies may only increase share capital for specific issuance and allotment to new and\/or existing shareholders, with all such newly created shares allotted. The era of unissued shares has ended.<\/p>\r\n\r\n\r\n\r\n

WHAT ARE SHARES?<\/strong><\/p>\r\n\r\n\r\n\r\n

Shares are small pieces of ownership in a business. For some companies, shares are a financial asset that makes it possible for any leftover profits to be split evenly among all the owners. The shares of a company are owned by the shareholders.<\/p>\r\n\r\n\r\n\r\n

MINIMUM SHARE CAPITAL.<\/strong><\/p>\r\n\r\n\r\n\r\n

Minimum share capital is the minimum amount of assets a company must have. The purpose of this capital is to make sure that if a company goes bankrupt or has trouble with its finances, it has enough equity to pay its creditors. Therefore, various industries have specific minimum share capital requirements that a company must have before incorporating a business or going public.<\/p>\r\n\r\n\r\n\r\n

MINIMUM ISSUED SHARE CAPITAL.<\/strong><\/p>\r\n\r\n\r\n\r\n

A company\u2019s minimum issued share capital is the smallest amount of shares that a company can sell to investors. Most of the time, the minimum number of shares issued as capital is the same as the least amount a company offers to investors as shares. The major difference between the minimum share capital and the minimum issued share capital is that the former shall be issued in the company\u2019s Memorandum and Articles of Association, while the latter is issued as the least number of shares to the shareholders.<\/p>\r\n\r\n\r\n\r\n

MINIMUM SHARE CAPITAL FOR FOREIGN COMPANIES IN NIGERIA<\/strong><\/p>\r\n\r\n\r\n\r\n

Foreign companies that seek to do business in Nigeria must register with the Corporate Affairs Commission and other relevant government agencies depending on the sector the company operates in. The minimum share capital requirement of a foreign-owned company in Nigeria is ten million naira (10,000,000).<\/p>\r\n\r\n\r\n\r\n

MINIMUM SHARE CAPITAL FOR COMPANIES IN NIGERIA<\/strong><\/p>\r\n\r\n\r\n\r\n

The Corporate Affairs Commission provides for a minimum issued share capital of N100,000 for private companies limited by shares and N2,000,000 for public companies limited by shares.<\/p>\r\n\r\n\r\n\r\n

INDUSTRY-PRESCRIBED MINIMUM SHARE CAPITAL<\/strong><\/p>\r\n\r\n\r\n\r\n

Certain industries have a prescribed minimum shares capital in Nigeria. The Securities and Exchange Commission (SEC), the Central Bank of Nigeria, the Corporate Affairs Commission and other regulatory authorities have listed minimum share capitals for various market operators, some of which are:<\/p>\r\n\r\n\r\n\r\n

Sector\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Required Minimum Share Capital<\/p>\r\n\r\n\r\n\r\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Agents of Foreign Airlines\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1 million<\/p>\r\n\r\n\r\n\r\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Agricultural Seed, Productions, Processing, Marketing\u00a0\u00a0\u00a0\u00a0\u00a0 10 million<\/p>\r\n\r\n\r\n\r\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Air Ambulance\/Fumigation\/Private Jet\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20 million<\/p>\r\n\r\n\r\n\r\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Air Transport (International)\u00a0\u00a0\u00a0\u00a0\u00a0 2 billion<\/p>\r\n\r\n\r\n\r\n

5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Air Transport (Local)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 500 million<\/p>\r\n\r\n\r\n\r\n

6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Air Transport (Regional)\u00a0\u00a0 1 billion<\/p>\r\n\r\n\r\n\r\n

7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Asset Management (Intangible Assets)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 300 million<\/p>\r\n\r\n\r\n\r\n

8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Aviation (Air Transport Training Institutions) 2 million<\/p>\r\n\r\n\r\n\r\n

9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Aviation (Ground Handling Services)\u00a0\u00a0\u00a0 500 million<\/p>\r\n\r\n\r\n\r\n

10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Brokers\/Dealers\u00a0\u00a0\u00a0\u00a0 300 million<\/p>\r\n\r\n\r\n\r\n

11\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bureau De Change 35 million<\/p>\r\n\r\n\r\n\r\n

12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cabotage Trade\u00a0\u00a0\u00a0\u00a0\u00a0 25 million<\/p>\r\n\r\n\r\n\r\n

13\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capital Trade Point\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20 million<\/p>\r\n\r\n\r\n\r\n

14\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Closed Pension Fund\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 500 million<\/p>\r\n\r\n\r\n\r\n

15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Commercial Bank with International Authorization 50 billion<\/p>\r\n\r\n\r\n\r\n

16\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Commercial Bank with National Authorization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25 billion<\/p>\r\n\r\n\r\n\r\n

17\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Commercial Bank with Regional Authorization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10 billion<\/p>\r\n\r\n\r\n\r\n

18\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Commodities Broker\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 40 million<\/p>\r\n\r\n\r\n\r\n

19\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Composite Insurance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18 billion<\/p>\r\n\r\n\r\n\r\n

20\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Consultant (Partnership, Individual and Corporate) 2 million, N500,000 and 5 million respectively<\/p>\r\n\r\n\r\n\r\n

21\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Corporate Investment Adviser (Registrar)\u00a0\u00a0\u00a0\u00a0\u00a0 150 million<\/p>\r\n\r\n\r\n\r\n

22\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Corporate Investment Adviser\u00a0\u00a0 5 million<\/p>\r\n\r\n\r\n\r\n

23\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Corporate\/Sub Broker\u00a0\u00a0\u00a0\u00a0\u00a0 5 million<\/p>\r\n\r\n\r\n\r\n

24\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance Company\u00a0 20 million<\/p>\r\n\r\n\r\n\r\n

25\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Freight Forwarding\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5 million<\/p>\r\n\r\n\r\n\r\n

26\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fund\/Portfolio Manager\u00a0 150 million<\/p>\r\n\r\n\r\n\r\n

27\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General Insurance 10 billion<\/p>\r\n\r\n\r\n\r\n

28\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General Micro-Insurance 200 million<\/p>\r\n\r\n\r\n\r\n

29\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Individual Investment Adviser\u00a0\u00a0\u00a0 2 million<\/p>\r\n\r\n\r\n\r\n

30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance Broker\u00a0\u00a0\u00a0 5 million<\/p>\r\n\r\n\r\n\r\n

31\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Issuing House\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 200 million<\/p>\r\n\r\n\r\n\r\n

32\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Life Insurance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8 billion<\/p>\r\n\r\n\r\n\r\n

33\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Life Micro-Insurance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 150 million<\/p>\r\n\r\n\r\n\r\n

34\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lottery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5 million<\/p>\r\n\r\n\r\n\r\n

35\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market Maker\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2 billion<\/p>\r\n\r\n\r\n\r\n

36\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Merchant Bank\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15 billion<\/p>\r\n\r\n\r\n\r\n

37\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Microfinance Bank (National)\u00a0\u00a0\u00a0\u00a0 5 billion<\/p>\r\n\r\n\r\n\r\n

38\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Microfinance Bank (State & FCT)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1 billion<\/p>\r\n\r\n\r\n\r\n

39\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Microfinance Bank Unit (Tier 1) 200 million<\/p>\r\n\r\n\r\n\r\n

40\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Microfinance Bank Unit (Tier 2) 50 million<\/p>\r\n\r\n\r\n\r\n

41\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 National Micro insurer\u00a0\u00a0\u00a0\u00a0 600 million<\/p>\r\n\r\n\r\n\r\n

42\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Non-Interest Bank (National)\u00a0\u00a0\u00a0\u00a0 10 billion<\/p>\r\n\r\n\r\n\r\n

43\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Non- Interest Bank (Regional)\u00a0\u00a0\u00a0 5 Billon<\/p>\r\n\r\n\r\n\r\n

44\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Payment Service Bank\u00a0\u00a0\u00a0\u00a0\u00a0 5 billion<\/p>\r\n\r\n\r\n\r\n

45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pension Fund Administrator\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1 billion<\/p>\r\n\r\n\r\n\r\n

46\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pension Fund\/ Asset Custodian 2 billion<\/p>\r\n\r\n\r\n\r\n

47\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Primary Mortgage Institution\u00a0\u00a0\u00a0\u00a0 2 billion<\/p>\r\n\r\n\r\n\r\n

48\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Private Security Company\/ Consultant\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10 million<\/p>\r\n\r\n\r\n\r\n

49\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rating Agency\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 150 million<\/p>\r\n\r\n\r\n\r\n

50\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Re- Insurance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20 billion<\/p>\r\n\r\n\r\n\r\n

51\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Shipping Company\/ Agent\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25 million<\/p>\r\n\r\n\r\n\r\n

52\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sports Lottery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30 million<\/p>\r\n\r\n\r\n\r\n

53\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 State Micro insurer\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 100 million<\/p>\r\n\r\n\r\n\r\n

54\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Stock Broker\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 200 million<\/p>\r\n\r\n\r\n\r\n

55\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Stock Dealer 100 million<\/p>\r\n\r\n\r\n\r\n

56\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Takaful Insurance (General and Family Takaful)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 200 million<\/p>\r\n\r\n\r\n\r\n

57\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Travels\/Tours\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30 million<\/p>\r\n\r\n\r\n\r\n

58\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trustee\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 300 million<\/p>\r\n\r\n\r\n\r\n

59\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Underwriter 200 million<\/p>\r\n\r\n\r\n\r\n

60\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unit Micro insurer 40 million<\/p>\r\n\r\n\r\n\r\n

61\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Venture Capital Manager 20 million<\/p>\r\n","protected":false},"excerpt":{"rendered":"

In this post we will be looking at the meaning of shares, minimum share capital for foreign companies in Nigeria and Industry-prescribed minimum share capital. INTRODUCTION Certain designated businesses have an industry-prescribed minimum share capital requirement in Nigeria. The corporate affairs commission notifies the general public of these requirements. These are also typically published on […]<\/p>\n","protected":false},"author":1,"featured_media":10612,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"\nMINIMUM SHARE CAPITAL FOR FOREIGN COMPANIES IN NIGERIA.<\/title>\n<meta name=\"description\" content=\"the meaning of shares, minimum share capital for foreign companies in Nigeria and Industry-prescribed minimum share capital.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aziza.com.ng\/read\/minimum-share-capital-for-foreign-companies-in-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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