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CAC reverses N100m minimum capital policy for foreign interests

CAC reverses N100m minimum capital policy for foreign interests

The Corporate Affairs Commission (CAC) has reversed its directive of N100 million in minimum paid-up capital for companies with foreign participation.

This was revealed by the commission via its social media handle on Friday.

“Our dear esteemed customers and the general public are hereby advised to disregard our earlier issued notice titled “Minimum Paid-Up Capital for Companies with Foreign Participation”,” the commission said on X.

It said their 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 five.

Read also: Non-compliant firms beware: CAC to delist 100,000 companies

“We shall issue an amended notice with regards to the above in due course.”

On Tuesday, the Commission announced that it has reviewed and commenced the implementation of the requirement of N100 million in minimum paid-up capital for companies with foreign participation.

Before now, the minimum paid-up capital for such companies was N10 million.