Editing Nigeria - Registration of venture capital fund manager

==Procedure==
'''Apply In-Person'''<br>
#To apply for Registration of venture capital fund manager in person, the applicant needs to visit the office of the Securities And Exchange Commission (SEC). The address and contact details of the Corporation can be found in the following link: [https://sec.gov.ng/contact-us-2/ contact link]
#Visit the office and obtain an application for Registration of venture capital fund manager from the relevant department. Or download from here:[https://sec.gov.ng/files/SEC%20Application%20Forms/SEC%203B_APPLICATION%20FOR%20VENTURE%20CAPITAL%20FUND%20MANAGER_RevOct2013.pdf    Form]
#Complete the application form with appropriate information under relevant sections. Attest it with your signature once completed.
#Once completed filling the application form, make sure that you attached all the documents listed in the “Required Documents” section of this page.
#Then, submit it in person to the relevant authority at the office. Make the stipulated payment as directed by the officials.
#After submission, the application and other documents will be forwarded for examination and verification processes.
#Once the verification and validation processes are over, the application will be approved and the officials will proceed to take required steps.
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==Required Documents==
Each application file must be accompanied by:
*Audited financial statement for the latest one year
*Detailed profit and loss for the same period
*Copy of Certificate of Incorporation
*Copy of Memorandum and Article of Association/Partnership Deed certified by the Corporate Affairs Commission
*Sworn undertaking to keep proper records and render returns
*Fidelity Bond representing 20% of paid up capital
*Copy of form CO7 certified by the CAC

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==Office Locations & Contacts==
'''Securities and Exchange Commission (SEC) -  Head Office'''<br>
SEC Towers,<br>
Plot 272, Samuel Adesujo Ademulegun Street, <br>
Central Business District ,<br
Abuja, FCT Nijeria<br>
Tel: +234 (0) 94621100; +234 (0) 94621168<br>
Email: sec@sec.gov.ng<br>
Website: [https://sec.gov.ng/ Link]<br>
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SEC NIGERIA e-Portal :[https://eportal.sec.gov.ng/login Link]<br>
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==Eligibility==
*The individuals must be fit and proper persons to operate in the market.
*Satisfactory police reports
*Satisfactory referees’ reports (banker and immediate previous employer’s reports)

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==Fees==
Payment<br>
*Filing/Application Fee – N50,000 (Fifty Thousand Naira)
*Processing Fee – N200,000 (Two Hundred Thousand Naira)
*Registration Fee – N300,000 (Three Hundred Thousand Naira)
*Sponsored Individual Fee – N50,000 (Fifty Thousand Naira) for each sponsored individual

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==Validity==
*Usually, the renewal of registration is every two years.<br>

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==Documents to Use==
*Venture capital fund manager application form [https://sec.gov.ng/files/SEC%20Application%20Forms/SEC%203B_APPLICATION%20FOR%20VENTURE%20CAPITAL%20FUND%20MANAGER_RevOct2013.pdf    Form]<br>

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==Sample Documents==
 Please attach sample completed documents that would help other people.

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==Processing Time==
 Please explain processing time taken in obtaining the document/certificate.

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==Related Videos==
 Videos explaining the procedure or to fill the applications.
 Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
 Please remove the '&' inside the tags during implementation.
 Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
 sevenload, viddler, vimeo, youku, youtube
 width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
 e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

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==Instructions==
*The Commission may require such other documents as it considers necessary for registration.
*An application for registration will only be considered as having been filed when all document (s)/information have been completed.
*Every applicant Company/Firm will be inspected in the course of processing an application for registration.

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==Required Information==
*Full postal addresses of immediate previous employers, bankers (with Current Account number) and nominated referees of sponsored individuals.
*Detailed curriculum vitae of sponsored individuals and Directors which should include details of activities arranged from Secondary School to date with dates (all gap in employment and educational history should be explained)
*Copies of credentials of sponsored individuals including secondary school and NYSC discharge certificates originals will be required for sighting by the SEC
*Evidence from the Sponsored Individuals of having the minimum of four years’ post-graduation experience to perform the Function as stipulated by the Commission`s Rules and Regulations.
*Police clearance report for each Sponsored Individual. Each sponsored individual is to report at the SEC head office in Abuja or the Lagos zonal office with two recent passports. photographs to commence the process.
*Copy of means Identification of the Directors and the Sponsored Individuals of the Company (International Passport, tax or utility payment documents)
*Profile of the Company should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities.
*The name(s) and address (es) of the company’s subsidiaries/associated companies, type of business and percentage holding.
*A Specimen Agreement between the Venture Capital Management and the venture Capitalist.
*Evidence of Payment of shares allotted to the shareholders
*To provide the company’s intended venture capital funding sources
*Operational manual or organizational chart of the company
*Business plan
*Bank statement of accounts operated by the Company for the last 6 months
*A copy each of the following, duly certified by the CAC
*Certificate of Incorporation
*Memorandum and Articles of Association – this should include the power to perform the specified function
*CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors
*Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC
*Latest audited accounts or audited statement of affairs of the company. Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets
*Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time signed by a director or the company secretary (to be notarized)
*Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 by a director or the company secretary (to be notarized)
*Sworn undertaking to strictly engage in venture capital business only (notarized)

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==Need for the Document==
 Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate?

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==Information which might help==
*A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration.Link: [https://sec.gov.ng/wp-content/uploads/2016/02/THE-INVESTMENTS-AND-SECURITIES-ACT-2007_NIGERIA.pdf   Act]<br>

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==Other uses of the Document/Certificate==
 Please explain what are other uses of obtaining this document/certificate.
 e.g. Birth Certificate can be used as proof of identity.

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==External Links==
*Check list for Registration:[https://sec.gov.ng/check-lists/requirements-for-registration-as-venture-capital-managers/   checklist]<br>

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==Others==
 More information which might help people.

[[Category:Nigeria]]

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