Basically, any individual or organization can be a part of forming or incorporating a company. However, the CAMA in section 20 provides that an individual
shall not be eligible to incorporate a company if:
· he
is less than 18 years old, unless there are two other persons of full age and
capacity who have already subscribed to the Memorandum of Association of the
company
· he
is a person of unsound mind and has been so found by a court in Nigeria or
elsewhere
· he
is an undischarged bankrupt
· he
is a person disqualified under section
254 of the Act from being a Director of a company
Section 20(3) goes on to provide that a corporate body in liquidation shall
not join in the formation of a company under the Act. Section 20(4) also provides that an alien (a foreigner) may join in the
formation of a company, provided he complies with the provisions of any
enactment regulating the rights of aliens to engage in business in Nigeria. An
example of such enactment is The Nigerian Investments Promotion Council Act which by Sections 19 and 20 provides that before an alien can join in the formation of a company in Nigeria, he is required to
register with the Council, among other requirements, failing which such an
alien will lack capacity as provided under Section
20(4) of CAMA.
To learn the steps involved in incorporating a foreign company in Nigeria, kindly click here while you may click here for the post on foreign companies carrying on business in Nigeria.
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