Question: How To Register A Cooperative Society In Nigeria?

How much does it cost to register a cooperative society in Nigeria?

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

Where can a cooperative society be registered?

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.

Do cooperative societies pay tax in Nigeria?

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 requirements for registration of a cooperative?

There are six steps suggested in setting up a cooperative.

  • Get organized.
  • Prepare a general statement called an economic survey.
  • Draft the cooperative’s by-laws.
  • Draft the articles of cooperation.
  • Secure bond for accountable officer(s).
  • Register your cooperative with the Cooperative Development Authority (CDA).
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How much does it cost to register a cooperative?

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

How does a cooperative make money?

Like commercial concerns, cooperatives are financed in a variety of ways. They may get their operating funds from membership fees, common or preferred stocks, bonds, by borrowing from banks, or from other sources.

Where can I register a cooperative society in Lagos?

In Nigeria, every co-operative society is expected to be registered. In Lagos State, the Ministry for Commerce and Industry is responsible for this. Under the Ministry there is a department vested with the duty to register co-operatives.

How do you create a cooperative society?

Easy Formation: The process of setting up a cooperative society is simple. A voluntary consent of at least ten adult persons is required to form a cooperative society. The capital of a society is raised from its members through the issue of shares. The society acquires a distinct legal identity after its registration.

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.

Is a cooperative tax exempt?

He said that currently, cooperatives enjoy exemption from income tax, value-added tax, percentage tax and documentary tax, among others. The sector is governed by Republic Act (RA) 9520 or the Philippine Cooperative Code of 2008. Mr. 84 billion in taxes from co-ops last year, down 5.4%.

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Does cooperative pay tax?

Cooperatives are usually subject to all other taxes on the same basis of other businesses. Cooperatives pay sales tax, payroll taxes, license, property and excise tax. In some states cooperatives are exempt from corporate franchise taxes which are taxes on the net worth of corporations.

How many cooperative societies are in Nigeria?

Their twenty thousand members are grouped in nearly 300 primary societies, these latter being federated into 12 Unions. Nine of these Unions are mem- bers of the Association of Nigerian Co-operative Exporters (ANCE for short), which is their apex finanrial and export agency.

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. Its main office is located at 827 Aurora Blvd., Immaculate Conception, Quezon City. For registration of primary cooperatives, this power has been delegated to the Regional or Extension Offices.

What are the kinds of cooperatives?

Types of Cooperatives

  • Producer Cooperatives.
  • Worker Cooperatives.
  • Consumer Cooperatives.
  • Retail or Purchasing Cooperatives.
  • Social Cooperatives.

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