Posted by If you are intending or operating a business in Nigeria take a bold step and register your business name. CAC Registration is an important aspect of business in Nigeria. We provide you with a step-by-step guide to help you register your business with ease.
About CAC Registration
CAC means Cooperate Affairs Commission, it was established by the Companies Allied Matters Act which was promulgated in 1990. It was formed to regulate the formation and management of companies in Nigeria.
The establishment of the Cooperate Affairs Commission as an autonomous was the result of the perceived inefficiency and ineffectiveness of past companies’ registry, a department in commerce and tourism that was then in charge of the registration and administration of the Repeal Companies Act of 1968.
Functions of CAC in Nigeria
The functions of CAC as set out in section 7 of the Companies Allied Act are as follows:
- To administer the act such as the regulation and supervision of the formation, incorporation, management, and curving up of companies in Nigeria
- To create and uphold a company registry with establishing offices in every state in Nigeria. Empower and equipped to carry out its function according to the act or law in respect to which is charged as responsibilities.
- To arrange and investigate the affairs of any companies where the interest of shareholders and the public is demand
- To undertake other activities that are important or expedient for carrying out the full effective function of the provision act
- The commission also registers business names, incorporates trustees, and provides a range of ancillary services.
CAC Registration Steps
1: Select a business name and verify its availability.
The first step is to choose a unique and relevant name for your business. To verify availability, please visit the official website of the Corporate Affairs Commission (CAC) at https://search.cac.gov.ng/home. If it’s available, you can move on to the next step.
2: Apply for a Name Reservation
Step To apply for a name reservation, you need to create an account for yourself or log in to your user account via https://pre.cac.gov.ng to access your dashboard and check the availability of your chosen name. Apply to have your proposed name for a fee of ₦700 to reserve your desired name. You must provide two proposed names, but only one will be approved for reservation. Choosing the right option from the available choices is important, whether it involves deciding on a new incorporation or opting for a sole proprietorship.
Note: If your application is disapproved, you have the chance to submit other two-name options and pay another reservation fee.
3: Complete Your Pre-Registration Form
Depending on your chosen business structure. Gather the required registration documents, including your National Identity Number (NIN) and other pertinent information. The Statutory form for registration requires certain particulars to be provided. Accompanied by some documents, including the approved name, general nature of the business, full address of the principal place of business, proposed date of commencement, passport-size photographs of the owners, and proficiency certificate (if required).
4: Pay for Filing Fees
The official filing fee for CAC registration of a business name in Nigeria is ₦10,500, plus an additional ₦1,500 for bank charges, making it a total of ₦12,000. Make the required payment via the CAC portal or directly to the bank. After completing the payment, please print the documentation, affix the necessary passport photographs, and sign the required sections.
5: Prepare Your Documents for Upload
Step Upload all necessary documents, including the ID card, passport photograph, and proprietor’s signature. Get ready to submit the pre-registration documents by signing a copy and uploading a scanned version to the website for further processing. After reviewing the documentation, the CAC will notify you of the approval status if everything is in order.
6: The Certificate of Registration Submit
Submit the original signed documents uploaded to the CAC office to receive your certificate, along with the Certified True Copies of the submitted documents.
That means you have successfully registered your business name in Nigeria! Remember, registering your small business in Nigeria has several benefits and is a legal requirement. Enrolling your small business in Nigeria increases the likelihood of attracting investors, as registered businesses are more appealing to potential investment. It also protects your assets because, in the event of a lawsuit, only your business assets will be at risk, not your assets.
When you register your small business in Nigeria, it enables you to establish a corporate bank account. Which separates your finances from your business finances. This makes it easier to track your business income and expenses, and it also makes your business look more professional.
CAC Registration Contact
- cservice@cac.gov.ng
- helpdesk@cac.gov.ng
- +234-708-062-9000
The Bottom Line
Registering your small business in Nigeria also helps you build trust with your customers and suppliers, demonstrating that your business is ready to operate legally and ethically.
Registering your small business in Nigeria offers several benefits, including legal recognition, access to business opportunities, exclusive use of your business name, tax benefits, protection of personal assets, access to funding, the ability to open a corporate bank account, and increased credibility and reputation.
Source: Businessathem.com