The Corporate Affairs Commission has increased the minimum paid up capital for companies with foreign participation from N10million to N100 million.
A public notice issued on the 5th of December 2023 by the Commission reads:
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.
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
