In Nigeria, business registration process is now quite easy and straightforward, business owners and entrepreneurs can set up their brand and business easily with the CAC which is The Corporate Affairs Commission of Nigeria.
CAC was established by the Companies and Allied Matters Act, which was founded in the year 1990. The Federal Government created CAC to control the formulation and administration of companies and businesses in Nigeria.
CAC is a government body that registers the existence of companies and businesses in Nigeria. They regulate the existence and activities of organizations in Nigeria be it:
- Limited liability companies by shares or guarantee
- Non-profit organizations
The process of registering your organization or business under CAC falls under 3 categories namely
- Registration of Business Name
- Registration of Limited Liability Company
- Registration of Incorporated Trustees
The registration of each category differs from one another, and so is their pricing.
Why you should register your business with CAC?
There are some key importance of registering your business with CAC, for example, you need to register your business with CAC to do the following;
- Open a business account.
- Apply for business loans and grants.
- File tax returns and tax exemptions
- Gain access to some international business oriented platforms and others
How to register Business with CAC
Get a business or company name
Getting your business name is the first step in the process of registering your business with CAC. Now, after you have gotten the perfect name for your business all you have to do is submit this to the CAC website, to ensure the availability of the name you chose.
It is advisable to submit two names in case one gets rejected by chance. Business names could be rejected if:
- It is already in existence
- It is confusing
- It includes prohibited words like National, Federal, and Holdings without special permission.
You can also use this website like Namelix, a digital tool to help in the process of finding a name that fits your business.
Prepare the MAA
This process is mostly for company registration, it is best done by a lawyer. He/She is more qualified to prepare the Memorandum and Article of Association, they would also know how best to handle the objectives of the company you wish to register.
The lawyer’s work is to request the name of the director as well as the shareholders. According to law, any potential director must be above the age of 18, he or she must be in the right state of mind, and must be free of any criminal conviction. Finally, the director is to provide a means of identification for inspection by the CAC.
Fill out the Pre-Registration Form
This is the third process to register Business with CAC. After the process of documentation, you are obligated to fill out a form by CAC. In this form, all the needed details and information will be collected. Lastly, you will submit the filled form to CAC together with all the required documents.
Steps for documentation:
- All directors are to fill the particular of directors form ( Form CAC 7)
- The director must fill the statement of Share Capital and return of Allotment form (Form CAC 2)
- The director and the company secretary will fill out the notice of situation/change of registration address form (Form CAC 3)
- An individual or an organization registered under CAC will fill the Declaration of Compliance with the requirements of the Company and Allied Matter Act (CAMA) form (Form CAC 4)
- At least 2 directors will have to fill the form appointing a Company Secretary for the company.
Paying the Stamp Duty and Filling Fee
The third step in how to register business with CAC is the payment of stamp duty. This is done at any branch of the Federal Inland Revenue service FIRS.
The stamp payment is always made to the bank number of the Federal Inland Revenue Services. After payment, you will proceed to the Stamp Duty Commission, this is where the (MAA) and other information are stamped.
After submitting the filled forms and stamped document, you would be given about 6 weeks to review these documents.
Prepare the Scanned Copy of your documents
You are to prepare the signed scan of your Pre-registration documents mentioned in the third step.
It should be uploaded as:
- Form CAC1.1
- Memorandum and Article of Association
- Recognized form of identification for Director(s) and Secretary
- Evidence of payment to CAC
You can upload all these documents for processing.
Submit the Original document
This is the final step to registering your business with the CAC. In this step, you are to submit all the scanned documents.
Documents Required for Business or Company Registration
- A notice of the registered address of your business
- Memorandum and Articles of Association
- Evidence of stamp duty payment
- Particulars, list, and consent of the first directors of your company
- Statement of compliance by a legal practitioner
When your registration is approved, CAC will award you a certificate, status report, and a Memart also known as a Memorandum and Articles of Association.
Incorporated Trustee Registration.
The incorporated trustee registration is entirely different from the others. As a matter of fact, this is where the heavier bulk of work is involved.
The steps included to make the IT registration work are:
- Name search
- Name reservation
- Declaration of trustees
- Newspaper publication
- Registration proper
During the course of registration for IT, you would provide CAC with the information of the authorized representative which is the Chairman, registered office address, constitution, trustees information including their portfolio, aim and objectives, and equally the IT’s description/mission.
For support, and registration, contact us
For assistance in registering your business with CAC, you can contact us at:
- Whatsapp: +2348138420042
- Facebook: Talithacumi Edom
- Instagram: the_talithacumiedom
We are also open to offering advice and important information on how to register business with CAC.