The Corporate Affairs Commission (CAC) has set the minimum paid-up capital for Nigerian companies with foreign interest to N100 million.
In a statement seen on the commission’s website and commenting on the implementation of its Revised Handbook on Expatriate Quota Administration (2022).
The commission stated that processing any application for the incorporation of a company with foreign participation would be contingent upon its adherence to the specified requirement.
It further warned that any application for incorporation that fails to meet the requirement will not be approved.
The commission further mandated that companies currently in operation with foreign involvement and a paid-up capital of less than N100 million must align with the mentioned requirement within six months from the issuance date of this notice.
The present review represents a 900% rise compared to the previous figures. According to the CAC, this increase aligns with the guidelines outlined in the Revised Handbook on Expatriate Quota Administration (2022).
The prior fee before the review was 10 million.