Best answer: How much does it cost to register a cooperative in Nigeria?

It costs Ten Thousand Naira (N10,000) to register a cooperative in Nigeria. After payment, you get a letter of recognition as a license for three years before you get a certificate of registration as a legal entity.

How do I register a cooperative in Nigeria?

Documents for Registration

  1. A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO).
  2. Feasibility study report on how the Society operates.
  3. Four copies of proposed by-laws of the Society.
  4. Letter of intent (to join the society) from prospective members.

4.04.2017

How much does it cost to register a cooperative?

Co-operative registration fees are as follows: R175. 00 registration fee, that is: R50.

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 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.

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What are the 3 types of cooperatives?

Types of Cooperatives

  • 1) Retail Cooperatives. Retail Cooperatives are a type of “consumer cooperative” which help create retail stores to benefit the consumers making the retail “our store”. …
  • 2) Worker Cooperatives. …
  • 3) Producer Cooperatives. …
  • 4) Service Cooperatives. …
  • 5) Housing Cooperatives.

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 are the advantages and disadvantages of a cooperative?

Advantages and Disadvantages of Cooperative Society (with notes)

  • Easy to Form: Forming a cooperative society is a no-brainer. …
  • No Restriction on Membership: …
  • Limited Liability: …
  • Service Motive: …
  • Democratic Management: …
  • Low Cost of Operations: …
  • Internal Financing: …
  • Income Tax Exemption:

How many members are in a cooperative?

A co-operative is a member-owned business structure with at least five members, all of whom have equal voting rights regardless of their level of involvement or investment. All members are expected to help run the cooperative.

How do I start a cooperative business?

Starting a Cooperative

  1. Establish a steering committee. You need to have a group of people who represent the cooperative’s potential members. …
  2. Carry out a feasibility study. …
  3. Draft Articles of Incorporation and Bylaws. …
  4. Create a business plan and recruit more members. …
  5. Secure financing. …
  6. Launch.

9.10.2017

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.

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How many cooperative societies are in Nigeria?

A study that was conducted on the Nigeria Cooperative Movement in the early 90s by the African Confederation of Co-operative Savings and Credit Association (ACCOSCA) indicated that there are over 15,000 cooperatives operating in the country.

How do I register a cooperative in the Philippines?

Prospective cooperatives must submit their application to the CDA Extension Office where the principal office of the cooperative is located. All applications for registration shall processed within 60 days from filing. The application is deemed approved in case the CDA fails to act within the 60-day period.

How do cooperatives make money?

Traditionally, cooperatives make the investment rather easy for members. When members join an existing cooperative, they may be required to invest a nominal amount and then agree to invest over time by allowing the cooperative to keep or retain a portion of each year’s cooperative earnings as equity capital.

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.

What is CDA registration?

The Cooperative Development Authority (CDA) is the sole government agency mandated to register all types of cooperatives. … Prospective cooperatives must submit their application to the CDA Extension Office where the principal office of the cooperative is located.

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