The Corporate Affairs Commission (CAC) has suspended the new minimum paid-up capital requirement for companies with foreign participation.<\/p>\n
The decision, announced on Friday via X, is coming three days after it released a directive dated December 5, 2023, where it raised the capital requirement from N10m to N100m.<\/p>\n
But in a twist, the commission reversed its decision citing a mix-up of a section of the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition.<\/p>\n
The CAC said, \u201cOur dear esteemed customers and the general public are hereby advised to disregard our earlier issued notice titled \u2018Minimum Paid-Up Capital for Companies with Foreign Participation\u2019<\/p>\n
\u201cOur initial notice with reference to paid-up capital rather than issued capital was based on the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition, as indicated on page 5.<\/p>\n
\u201cWe shall issue an amended notice with regards to the above in due course.\u201d<\/p>\n
The earlier notice released by the CAC said any application for incorporation of a company having foreign participation will not be processed unless it complies with the N100m minimum requirement.<\/p>\n
The directive also mandated existing companies with foreign participation that have less than N100m paid-up capital to ensure compliance with the new requirement not later than six months from the date of this notice.<\/p>\n
CAC added, \u201cThe Commission shall commence proceedings for the compulsory winding-up of the Companies under Section 571 (e) of the Companies and Allied Matters\u00a0Act\u00a02020.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Corporate Affairs Commission (CAC) has suspended the new minimum paid-up capital requirement for companies with foreign participation. The decision, announced on Friday via X, is coming three days after it released a directive dated December 5, 2023, where it raised the capital requirement from N10m to N100m. But in a twist, the commission reversed […]<\/p>\n","protected":false},"author":9,"featured_media":49311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3,5],"tags":[],"class_list":{"0":"post-49367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-officer","8":"category-news"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/dnllegalandstyle.com\/dnl\/wp-content\/uploads\/2023\/12\/CAC1.jpg?fit=614%2C322&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/49367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/comments?post=49367"}],"version-history":[{"count":1,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/49367\/revisions"}],"predecessor-version":[{"id":49368,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/49367\/revisions\/49368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media\/49311"}],"wp:attachment":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media?parent=49367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/categories?post=49367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/tags?post=49367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}