Here comes all you need to know about CAC registration for business name, how much it cost to get the form, are applicants required to pay or get it for free of charge, details and guide about the New CAC e-Registration portal, how to get the consent code, the official and working cac online registration websites for login and many other relevant information needed for the success of getting your business name certificate.
It is really felicitating to know that, individuals and Business can now easily attain completion in entire registration of companies online through the use of the recent e-Registration portal which was launched by the Corporate Affairs Commission (CAC).
The electronic registration known as the e-Registration platform made for Nigerian companies has been improved in compliance with the implementation of the companies and Allied Matters Act, CAMA2020 which was endorsed into law by President Muhammadu Bihari in August 2020.
Currently, talking about the companies registration portal (CRP) at the press meeting which was held in Abuja, CAC Registrar- General, Garba Abubakar communicated that the minister industry, Trade and investment, Otunba Adebayo has approved the Regulation of companies 2021 in December, while the law took effect from January 1, 2021.
“The implementation has already commenced and we have also upgraded a software that enables you get your company registered electronically.
Garba Abubakar CAC Registrar-General.”
The Constitution came with lots of transformations and changes compared to the previous provisions off CAMA 1990, so a decision to make some changes were made to get them updated, Consistent with the new law. In addition, he said.
The upgraded Portal combines a post-incorporation sections just for all registered companies to enhance necessary changes. All registered companies are asked to get their information updated by March 31, according to the committee.
— Corporate Affairs Commission (@cacnigeria1) January 12, 2021
Corporate Affairs Commission (CAC)
CAC is a government agency that enables the registration and maintenance of business names and companies in Nigeria and it was established in the year 1990. Their offices are Incorporated across the 36 states and capitals in Nigeria and in addition to Abuja, the Federal capital Territory (FCT).
CORPORATE HEADQUARTERS is located at Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja Nigeria.
The relevance of business registration can not be taken for granted because, it’s important to make sure your business becomes a legal entity and this will enable you enjoy maximum operational business benefits and as well as, gaining protection to some extent and even get funding.
In this article, you will find the importance of getting your business Registered and the required steps to get your Company Business Registered in Nigeria.
Why You Should get your Business Registered With CAC
Even though there is a possibility to do an informal business with your personal name but, you can never reach your maximum potential in business without making it formal because, it would be difficult for some serious business minded persons to give your business attention especially if you are trading with your personal name.
But, you can create an account with any Bank of your choice, make an application for some serious contracts only when your business has been given a proper identity.
Well, this is completely dependent on the kind of business or company you intend registering, you can easily sperate your personal and business liability. For instance, any limited liability company is known as a separate legal entity from yourself. Simple Business names registration may not render such protection.
You are giving access to apply for government grants, startup investments, business loans etc but only if your business is Registered. There is no serious investor, government department or financial institution would offer to fund your business if it’s not Registered as an entity.
Types of Business Registrations in Nigeria
This is of Couse the commonest form of getting any business Registered in Nigeria. An individual or a business owner can either get their firm Registered without passing through the law firm, lawyers, accountant or any professional service for their approval, before getting their business Registered.
Limited Liability Company (LTD)
In Nigeria, this happens to be the most reliable type of company and its taken more seriously. Though this legal structure is more recommended for any business with the Vision of expanding and growing bigger, this requires more legal expertise to register. You would be needing the services of a highly qualified legal practitioner or a chartered accountant to assist you register an LTD Company.
Nevertheless, there are other kinds of Business Registrations in Nigeria that are beyond the aforementioned Business in this article.
- Limited by shares
- Public Companies (PLC)
- Limited Guarantee
How to Register Your Company Name Via the New CAC e-Registration Portal Online
For Businesses and Individual company identity/name registration, here are easy guide with steps on how to register your own company online through the new CAC e-registration portal created by Nigerian Government.
1. Creating an account via the New e-registration portal
First of all, you must create an account with Corporate Affairs Commission (CAC) before you can get your business Registered. Create an account and move to login page. To get your company registration process started, you are required to go to any CAC official website and log in via the e-registration portal.
2. Search for an available Business/Company name
A name serves a major means of identification so before you make up your mind to get a company registered, you must first have a unique name that can serve as a means of identifying your brand and make sure it has not been allocated to any other enterprise. Below the public search section, click on search now to find out names available for your Business or company.
But just in case, your proposed company name has been taken by another company, you would have to find another name suitable. But if the name you selected previously is not taken, then you can proceed to the next stage.
3. Reserve a company/Business name by Application
You can keep your choice of company name from this CAC page here. Fill in the required information which includes your company type, public company, private company limited by shares and so many others, proposed company name and objectives. After you must have completed all required information under each column provide then you are to make a complete payment of N500 naira.
You are to receive a response from Corporate Affairs Commission (CAC) through the status of your application within 24 hours. If the name provided is successful you will certainly get an approval note which would contain a name availability code.
4. Register your company Identity
At this stage, all you need to do is to input your company name availability code in the space provided and continue with the company registration process.
Immediately the code provided is accepted and verified, proceed to the Registration form CAC 1.1 and complete the necessary details. And for your company particulars, you are to include the details below.
The nature of the principal business your company is likely to be engaged in, your company’s email address and Registered office address.
For more information about company, Directors and shareholders, type in personal information like: Name, gender, date of birth, mobile phone number, means of identification ID and shareholder’s percentage.
Same way, complete this details for the company secretary either as an individual or as a corporate body. You would be needing the services of legal practitioner to get the section E of the form completed, CAMA, statutory declaration of compliance is highly required. A legal assistance will be needed to draft out an article of Association.
How much does cac registration cost?
CAC registration comes with divers list of fees depending on the option of the Business name registration. The fees are categorized differently, depending on the service option that are as follows:
- Application Form fee
- Penalties for Incorporated Trustees
- Penalties for Business Names
- Penalties for Companies
- Services for Incorporated Trustees
- Services for Business Names
- Services for Companies
- check list of fees from cac website here
Once you have completed the form, you are to pay a certain stipulated CAC registration fee which varies depending on the kind of company in addition to the stamp duty. Then you can scan and get the documents mentioned below uploaded in the PDF format: Registration form CAC 1.1, approval note printout, CAC payment receipt, identification of directors and shareholders, memorandum of understanding, articles of Association, stamp duty certificate and certificate of incorporation of the company secretary (if required).
Once all process has been completed and has been approved by the CAC, The certificate of your company will be uploaded to your account dashboard for easy download and print out using your devices.
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