To start a business in Nigeria one has to go through some legal formalities; among them is registration at the Corporate Affairs Commission (CAC). This blog post will explain in details all the procedures you will need to follow when registering for CAC without engaging the services of a lawyer or consultant.
Who is the Corporate Affairs Commission (CAC)?
The Corporate Affairs Commission is the Nigerian government agency that oversees the registration of companies and the company laws of Nigeria. It is responsible for the registration of business entities and there is a registry of legal entities.
Why Register with CAC?
- Legal Recognition: Registration provides legal recognition to your business.
- Access to Funding: It opens avenues for loans and investments.
- Credibility: Enhances your business’s credibility with clients and partners.
Steps to Register with CAC by Yourself
1. Choose a Business Name
- Ensure that your desired name is unique and not already taken.
- You can conduct a name search on the CAC website.
2. Prepare required documents.
- Identification: A valid ID (e.g., passport, driver’s license).
- Business Address: Physical address of the business.
- Memorandum and Articles of Association: Draft these documents to outline your business structure.
3. Create an account on the CAC Portal.
- Visit the CAC official website.
- Click on “Register” to create an account.
4. Fill out the registration f
orm.
- Log in to your CAC account.
- Complete the registration form with your business details.
5. Upload Required Documents
- Upload scanned copies of your identification, business address, and Memorandum and Articles of Association.
6. Pay the registration fee.
- The fee varies depending on the type of business entity. Ensure you have the payment ready.
- Payment can be made via bank transfer or online payment methods accepted by the CAC.
7. Submit Your Application
- After filling out the form and uploading documents, submit your application.
8. Wait for Approval
- The CAC will process your application, which may take a few days.
- You will receive an email confirming whether your application was successful.
9. Obtain Your Certificate of Incorporation
- Once approved, you can download your Certificate of Incorporation from the CAC portal.
Conclusion
To register your business, it is advised that you visit the Corporate Affairs Commission (CAC) in Nigeria and it is easy as doing it yourself. This way, you can be sure that your establishment is legally viable to run and the next process to undergo is to begin operations. Sustaining all your business records and following agencies’ guidelines should also be observed in order for your business to be legally compliant.
Final Tips
- It is very important that you must bear in mind that your business name must be distinctive.
- When going through the registration process ensure that you have your documents easily accessible.
- Also, it is recommended to check the CAC portal from time to time or for changes in the procedures.
Following all these, one can be able to carry out a Corporate Affairs Commission registration of the business in Nigeria. Good luck.
