If you want your business to be recognized by the law, then taking the CAC business name registration steps is what you ought to do. In this article, I’ll tell you what you need to know about the Corporate Affairs Commission and how to get started.
The Corporate Affairs Commission (CAC) is an important regulatory body in Nigeria, responsible for the registration and regulation of companies. Established by the Companies and Allied Matters Act (CAMA) in 1990, the CAC plays an important role in bringing up an enabling environment for business operations in Nigeria.
It ensures that businesses comply with statutory requirements, thus promoting transparency, accountability, and a sound corporate governance culture.
Registering a business with the CAC offers numerous advantages that can significantly enhance a company’s credibility and operational efficiency.
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Benefits Of Having A CAC Registration
Below are some of the benefits of having a CAC business name registration;
- When a business is registered with the CAC, it becomes a legal entity.
- It also protects the business name legally, preventing others from using it without permission.
- A CAC registration can enhance the credibility of a business in the eyes of customers, investors, and partners.
- Registered businesses have better access to financial services, including bank loans and credit facilities.
- Government contracts, grants, and business support programs are only available to registered businesses.
- A registered company enjoys perpetual succession, meaning it continues to exist even if the owners or shareholders change.
- A registered business attracts investors.
CAC Business Name Registration: Steps To Register
Registering a business with the CAC involves a few important steps. Here is a guide on how to go about it.
- The first step in the registration process is selecting a suitable name for the business. You can check the availability of the name on the CAC’s online portal at www.cac.gov.ng.
- Once a name is selected, you must reserve it with the CAC. This can be done online through the CAC’s website. If the name is available, it will be reserved for a period (usually 60 days) to allow you time to complete the registration process.
- Next, you need to fill out the pre-registration form (CAC 1.1). This form requires details about the business, including the proposed name, type of business, address, and information about the directors and shareholders.
- You will need to prepare several documents for submission, including:
- A memorandum and articles of association.
- Form CAC 1.1 (Registration form).
- Identification documents of the directors and shareholders.
- Proof of payment of the filing fee.
- Pay the required registration fees through the designated payment channels (The fees vary depending on the type and size of the business).
- Submit the completed forms and supporting documents to the CAC. This can be done online through the CAC’s e-registration portal or physically at any CAC office.
When the form has been submitted, CAC will review your application and verify the submitted documents. If everything is in order, the CAC will approve the registration and issue a Certificate of Incorporation. This certificate serves as proof that the business is duly registered.
After receiving the Certificate of Incorporation, there are additional filings that may be required, such as obtaining a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) and registering for Value Added Tax (VAT) if applicable.
By registering with the CAC, businesses can enjoy legal recognition, enhanced credibility, better access to financial services, and numerous other benefits.
I believe with this CAC Business Name Registration article, you’ll be very much good to go with registering your business. If you have any questions about this article, feel free to use the comment box below.
