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www.spnglegal.com_____________________________________________________________________________________ OUTLINEFORMING A COMPANY IN NIGERIA1. Forms of Business Entities recognised in Nigeria;2. Incorporation of Business Entities and the Time Frame;3. Listing on the Nigerian Stock Exchange.FORMS OF BUSINESS ENTITIES RECOGNIZED IN NIGERIAThe primary legislation that governs business activities in Nigeria is the Companies and Allied MattersAct, CAP C20, Laws of the Federation ofUnlimited Limited Liability Liability Nigeria, 2004 (CAMA). Company registrationCompany Company (private or (private or public) processes in Nigeria are national and the samepublic) registration processes apply to all parts of thecountry.Company Limited by Guarantee Incorporated Trustees Other laws may apply depending on the field ornature of the business and persons participatingin the business.Partnership/Firms Foreign Company (branch or subsidiary of a foreign company) Business activities in Nigeria may be undertakenusing any of the structures depicted in the diagram and described below:Business En33es Sole Proprietorship Representa3ve office • Limited Liability Company: This is a company where the liability of its members is limited tothe amount if any, unpaid on the shares they hold respectively. It may be either a private companyor a public company.• Unlimited Liability Company: This is a business entity in which there is no limit to the liabilityof its members. It may be either a private or public company.• Company Limited by Guarantee: This company is one in which the liability of its members islimited to the amount that members undertake to contribute in the event of its being wound up. Ithas no share capital and cannot be incorporated with the objective of making profits fordistribution to its members. It may be a private or a public company._____________________________________________________________________________________Doing Business in NigeriaAn Investor’s Guide- 2013Page 6 of 36