Foreign Company Exemption Procedures

Flashcards covering the requirements, post-exemption obligations, revocation grounds, and legal status of foreign companies applying for exemption under Section $$80$$ through $$83$$ of the Act.

To whom must an application for exemption under Section $80(1)$ be addressed?

The Minister.

What specific business details are required in the application for exemption regarding the company's location?

The name and place of business of the foreign company outside Nigeria, and the proposed name and place of business in Nigeria.

What document must accompany the charter or Memorandum and Articles of Association if they are not written in English?

A certified translation thereof.

Whose names and addresses must be provided in the application for service of processes?

One or more persons resident in Nigeria authorized to accept service of processes and notices on behalf of the foreign company.

What role does the Minister play under Section $80(3)$ after receiving an application?

The Minister may exempt the foreign company from obligations under the Act if they find it expedient, subject to prescribed conditions.

What is the deadline for an exempted company to serve notice to the Corporate Affairs Commission (CAC)?

Within $30$ days of the exemption being granted.

According to the lecture, what specific form must be used to serve notice of exemption to the CAC?

Form CAC $23$.

Where must the Minister publish the notice of the company's exemption according to Section $80(6)$?

In any gazette of the federal government.

What annual filing is required of an exempted company under Section $81$?

An annual report (not annual returns) in Form CAC $24$ for every calendar year.

What are the consequences for providing false information in an exemption application under Section $83$?

The company or person commits an offence and is liable on conviction to imprisonment or a fine.

Under Section $80(5)$, what are the three grounds for the revocation of an exemption?

Contravention of the Act, failure to fulfill any condition of the exemption order, or any good or sufficient reason.

What is the legal status of an exempted company according to Section $82$?

The status of an unregistered company.