Cessation Of Person With Significant Control
NGN 17,000.0
3 days
Corporate Amendment
Description
Information about the compliance service
A Person with Significant Control (PSC) is someone who holds ultimate influence or control over a company, whether directly or indirectly. When this person steps down or gives up their authority over the company, it's known as PSC cessation. This change must be properly documented and reported to maintain accurate company records and ensure compliance with regulatory requirements.
Requirements
Info and documents needed for this service
- Notification of cessation.
- Means of identity of the Person with significant control (PSC).
- Details of Person with significant control (PSC).
- Company details.
Process
Steps involved in this compliance service
- Submit written notice to the company within 14 (fourteen) days of ceasing to be a substantial shareholder in the company.
- The company must then notify the CAC within 14 (fourteen) days of receipt of the notice from the shareholder.
- Complete and submit all required forms to finalize the process.
FAQs
Frequently asked questions about this service
- How many shares percentage does a shareholder need to have in order to be a PSC.
At least 5% of the shares or interest in a company.