You would be required to pay a fee of N10,000 and after a two – three months would be given a letter of recognition to use as a license for three (3) years, after which you would be given a certificate of registration which can only be cancelled if your society wants to cease to exist or if the society acts contrary to …
How much does it cost to register a cooperative society in Nigeria?
It costs Ten Thousand Naira (N10,000) to register a cooperative in Nigeria.
What are the requirements for registration of a cooperative?
Register your cooperative with the Cooperative Development Authority (CDA). Submitthe following required documents in four (4) copies:Four (4) copies each of the Economic Survey,Articles of Cooperation and By-Laws duly notarized; 1. Economic Survey; 2. Articles of Cooperation and By-Laws; 3.
How do you set up a cooperative society?
Starting a Cooperative
- Establish a steering committee. You need to have a group of people who represent the cooperative’s potential members.
- Carry out a feasibility study.
- Draft Articles of Incorporation and Bylaws.
- Create a business plan and recruit more members.
- Secure financing.
- Launch.
Where can I register a cooperative society in Lagos?
An application for registration shall be made to the Director of Cooperatives at the Ministry of Commerce, Industry and Cooperatives requesting to be registered as a cooperative society.
What are the benefit of cooperative society?
Cooperative societies help members to develop a savings culture. Nobody can escape poverty without a savings habit. Anyone that spends everything on consumption is just a step away from poverty. Saving is made relatively easy with cooperatives because every member must contribute regularly without default.
What does it take to register a cooperative in Nigeria?
Documents for Registration A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO). Feasibility study report on how the Society operates. Four copies of proposed by-laws of the Society. Letter of intent (to join the society) from prospective members.
Where do we register cooperative and how much should be paid for the registration of cooperative?
Where do we register cooperative, and how much should be paid for the registration of cooperative? The Cooperative Development Authority (CDA) is the sole government agency mandated to register all types of cooperatives. Its main office is located at 827 Aurora Blvd., Immaculate Conception, Quezon City.
What are the two kinds of membership in a cooperative?
Kinds of Membership. – A cooperative may have two (2) kinds of members, to wit: (1) regular members and (2) associate members. A regular member is one who is entitled to all the rights and privileges of membership.
Do cooperative societies pay tax in Nigeria?
Taxes. Cooperative Societies are exempt from payment of company income tax on the profit or income generated from its activities including shares or interest held in other entities.
What organizations fall under cooperative?
A cooperative business can operate in nearly any industry or sector, but you are more likely to see co-ops in the following areas:
- Agriculture.
- Insurance.
- Financial services, such as a credit union.
- Grocery.
- Education.
- Healthcare.
- Housing.
- Utilities.
What are the documents needed to register a primary cooperative?
Registration Process
- CO-OP 1.
- Constitution (A constitution must be submitted as part of the application)
- Certified id copies, (certification date not to be older than 3 months)
- Name reservation confirmation CoR9.4.
How long does it take to register a cooperative?
On average it takes 2 to 4 weeks for the registration process to be completed, if all forms and the constitution is completed correctly. When the co-operative is registered, the Secretary will receive the certificate of registration and the registered constitution, through the post.
Where do you register a cooperative society in Nigeria?
The registration of corporative societies in Nigeria is effected at the designated cooperative society ministry in various states. Agricultural cooperative society (also known as farmers’ cooperative)
How much does it cost to register a co-operative?
If the co-operative has multiple objectives, the main objective must still appear as part of the name but words like “Multi-Purpose” or “ Other Projects” could also form part of it. The fee for name reservation is R50. Note: Name reservation for primary co-operative registration must be reserved on new e-services
How to become a member of a cooperative society?
An application is made to the Director of Cooperatives requesting your intention to be duly registered as a Cooperatives Society. The application must be duly signed by the minimum required members depending on the category of cooperative. For example, 10 persons must sign if you are applying for a multi-purpose cooperative society.
How do you register a co-operative with CIPC?
To view information on how to register as a customer, click here . If you are already registered as a customer, and know your customer code and password, proceed to step 2. Deposit R 175 for co-operative registration into the CIPC bank account. For the bank account details, click here. Form CR5 is the form used to apply for a co-operative name.
