Where Can I Register A Cooperative Society In Abuja? - Fixanswer

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.

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. 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 you set up a cooperative society?

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.

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.

How much does it cost to register a cooperative?

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

How many persons can form a cooperative society?

Any seven (7) persons or more can form a co-operative society. In a Co-operative Society, no member can have more than one vote regardless of how much money he/she puts into the society. Only the Registrar of Co-operatives can register a Co-operative Society.

What are the 3 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.

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.

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.

What are the types of cooperative?

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

What makes a cooperative successful?

They create employment, circulate money within the community, and offer a wide range of goods and services. Because cooperative enterprises are owned by the members themselves, profits stay in the local area. ... In essence, successful cooperative enterprises transform a community by establishing economic democracy .

What are the rules of cooperative society?

(1) Every registered society shall, from time to time, fix at a general meeting the maximum liability it may incur in loans or deposits whether from members or non-members. (2) The maximum so fixed shall be subject to the sanction of the Registrar , who may at any time reduce it.

Do cooperative societies pay tax?

Section 80 P of the Income Tax Act, allows certain deductions to cooperative societies, including cooperative housing societies. While computing the total income of a housing society, any income derived by it by way of interest or dividends from any other cooperative society, is fully treated as exempt.

Do cooperatives pay income tax?

Also, no cooperative is exempt from Federal income taxation and filing Federal income tax forms. ... Taxes are a factor in the planning of every individual and business. Like other businesses, cooperatives pay taxes.

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.