CAC of Nigeria 2021 Requirements, Fees and Process of Registration

CAC of Nigeria is The Corporate Affairs Commission of Nigeria that was launched in line with the Companies and Allied Matters Act (CAMA), promulgated in 1990 and amended in 2020. They are responsibility for regulations on how companies are formulated and managed in Nigeria. As part of the effort of the federal government to create a sustainable economy for micro, small and medium enterprises (MSMEs) in Nigeria, the CAMA was amended in 2020. 

Also there are alot of benefits you get when you registeryour business name with CAC of Nigeria;

1. Government contracts

2. Continuity of business

3. Access to government loans

4. Online payment integration

5. Opening a corporate bank account

6. Customer trust

7. Social media account verification

8. Protecting your brand name

9. Protecting your legal liability

10. Preventing police harassment

While registering for CAC using a third party could be expensive, I would tell you that the process is not difficult and you can go through the process by yourself. 

As stated on the CAC official website ;

Individual/Proprietors can register business names without the services of the legal practitioner, Chartered Accountant or Chartered Secretary.

— Corporate Affairs Commission

Before you embark on the jorney, here are the things you need to know;

The Requirement for CAC Registration

• Name of business or company
• The goal of business
• Business memorandum and articles of association
• Document of authorized share capital
• Form CAC 1 and the reservation and availability of proposed name
• Names and addresses of directors incorporating the company
• Two passport photographs (must be recent), and valid IDs
• Name and address of company secretary
• Declaration of compliance by a legal practitioner
• Address of the company
• Filings with the Federal Inland Revenue Service (FIRS) and
• Any and all documents required by the commission

This post explore 4 steges involved in registering your business or company’s name, and the payable fees up to completion.

The first step to take is to first search for availabiliy of your business name and you can go further from there.

STAGE 1

Search Business Name Avaialbility

• To check your business name avaiality, visit website of the CAC to check if the name you want to register has not been incorporated by another person. 
• Once you confirm that the name is available 
• then you can proceed to the next step below

Steps to Register your Business with the CAC

• Once you confirm the name availability 
• You can reserve your intended business name for a period of 60 days through the CAC’s name reservation practice.

STAGE 2

Name Reservation

• Visit the CAC website HERE 
• Sign up, if it’s your first time going through the process or you could sign in if you have an account already. 
• Proceed and reserve the business name you want by clicking on ‘Name Reservation’ 
• Fill the form accordingly and pay the required fees. 
• After payment, the conformation might take 24 hours 
• You should get successful confirmation message after, and you then print your ‘approval note’ from your mail.

Name Reservation Payment Process

• Reservation of the name cost N500, but check the list of fees here. 
• you need to pay via Remita, by clicking the Remita button. 
• You’ll be automatically redirected to the Remita payment platform to complete the payment. 
• Click SUBMIT and follow as prompted. 
• Once the payment is successfully done, your application for company or business name reservation would be submitted for approval.

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STAGE 3

Steps Before Incorporation

Access the Registration area and Complete the pre-registration form; – CAC-BNo1 and upload relevant registration documents via the – Company Registration Portal.

Here are the documents you need:

• Company’s details: type of business, registered office address, and email address of your company. 
• Details of the first directors, at least 2 people above the age of 18 years: date of birth, name, phone number, gender, email address, identification documents (National ID, permanent voters card, driver’s license, or international passport). 
• You’ll also need to disclose the percentage of shares to be held if the director is a shareholder in the company. 
• Shareholders’ document and details should include the following: date of birth, name, phone number, gender, email address, identification documents (National ID, permanent voters card, driver’s license, or international passport) and the shares to be held. 
• Documents and details of the company’s secretary (they must be either a corporate body or an individual). Details should include: date of birth, name, phone number, gender, email address, identification documents (National ID, permanent voters card, driver’s license, or international passport). 
• A legal declaration of compliance supplied by a legal person or body, as provided by CAMA (should be signed by a legal practitioner and attested to by a notary public or a commissioner for oaths). 
• Documents of the Articles of Memorandum of Association. To help, there is a ready-made template of the Articles of Memorandum of Association. 
• After filling the form successfully, you will be prompted to make payments to facilitate the process. You will be asked to pay for CAC registration fees and stamp duty to the Federal Inland Revenue Service Fees (FIRS). 
• After that is finished, you will need to take a print out a completely filled and electronically-stamped form CAC 1.1 and the Articles of Memorandum of Association. 
• Notarize the attestation pages and scanned copies of the signed documents.

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STAGE 4

Uploading Documents for Incorporation

At this stage, you will need to print some required documents and sign then, then scan them

Below are the list of required documents you would  needto upload:

• Approval note/Availability printout 
• Registration form CAC 1.1 
• Identification documents of shareholders and directors 
• Receipt of payment of your CAC 
• Stamp duty certificate (print this out after the required fee has been paid) 
• Memorandum and Article of Association 
• Certificate of incorporation of the company’s secretary (this is needed only when the secretary is a corporate organization)

Note: all documents need to be generated/converted to PDF format.

Your company will be registered incorporation within 48 hours, and you will need to go back and pick your registeration ciertificate.

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CAC Registration Fees

I hope you find this guide useful.

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