CAMA 2020: 15 business-friendly provisions in Nigeria's new Companies and Allied Matters Act

legislation in three decades and it introduces new provisions that promote ease of1. Provision of single-member/shareholder companies – S.18 of the new CAMA now2. Introduction of Statement of Compliance – S.40 of the new Act introduces the

Statement of Compliance which can be signed by an applicant or his agent, confirming therein that the requirements of the law as to registration have been complied with. This serves as an alternative to the requirement to submit a Declaration of Compliance,Compliance need not be signed by a lawyer. 3. Replacement of Authorized Share Capital with Minimum Share Capital – The concept of “authorised share capital” has now been replaced in S.27 of the Act with the concept of “minimum share capital”. With minimum share capital, promoter of a4. Procurement of a Common Seal is no longer a mandatory requirement – TheS.98 of the new CAMA: Every company is required under the previous Act to have aamendment is in line with international best practices as most jurisdictions around the5.

6. Provision for virtual Annual General Meetings – The new CAMA also provides for remote or virtual general meetings, provided that such meetings are conducted in accordance with the Articles of Association of the company. This will facilitate participation at such meetings from any location within and outside the shores of the country, at minimal costs. This is especially relevant today given the disruptions caused by the Covid-19 pandemic to company operations around the world.

Limited Partnerships . This combines the organisational flexibility and tax status of a partnership with the limited liability of members of a company.Act, the total fees payable to the CAC for filing has been reduced to 0.35% of the value of the charge. This is expected to lead to up to 65% reduction in the associated cost payable under the regime.two or more associations with similar aims and objects under such terms and12. Disclosure of persons with significant control in companies – S.

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