The Corporate Affairs Commission (CAC) has rescinded its earlier directive imposing a minimum paid-up capital of N100 million on companies with foreign participation. The commission made this announcement through its official social media handle, urging customers and the public to disregard the previous notice titled “Minimum Paid-Up Capital for Companies with Foreign Participation.”
The initial directive, which focused on paid-up capital instead of issued capital, was based on the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition. The CAC clarified that it would issue an amended notice in due course to provide further guidance on the matter.
Earlier in the week, the CAC had communicated the review and implementation of the N100 million minimum paid-up capital requirement for companies with foreign participation, replacing the previous threshold of N10 million. The reversal reflects the commission’s commitment to ensuring clarity and compliance in its regulations, aligning with relevant guidelines and industry standards.
