The intriguing part is that you may register your company with the 1CAC online without physically going to a CAC location. You may complete the full procedure online and avoid hiring a lawyer, chartered accountant, or chartered secretary in the process.
We're going to talk a lot about how to make your business successful in this post, so we've put together a quick tutorial on how to register your company with the CAC on your own.
Part B of the Company and Allied Matters Act in Nigeria allows for the registration of business names. By registering your company name, you can prove that your operation is legitimate.
It also gives your company a sense of professionalism. You are known by the name of your company. Typically, it's a distinctive moniker by which people remember your company. Whatever name you choose for your company, you can only really claim ownership until it has been registered.
A business account keeps personal transactions apart from business transactions. This demonstrates to distant clients your company's ownership and validity. Thus, you cannot create a business bank account if your company name is not registered.
Initiating a company is not difficult. According to PWC research, I mean, that's probably the reason we have over 40 million enterprises in Nigeria.
The fact that starting a company is straightforward and that Nigeria has over 40 million businesses attests to this.
Less than 50% of those who establish a company do so legally that is, by giving it a name and registering it with the Corporate Affairs Commission of Nigeria.
What Are the Main Advantages of Business Registration With The CAC?
Making your company legally recognised by the Corporate Affairs Commission of Nigeria can increase client trust in your company and establish you as a legitimate business organisation in the eyes of the law.
When you register your company name with the CAC, it prevents anybody else from using it for another firm elsewhere in the nation. It implies that if something ever occurs, you may file a lawsuit against anyone.
In a bank:
If your company is registered with the CAC, you may create a corporate bank account for it. Instead of appearing unprofessional but having consumers pay into Halima Abudu's personal bank account, helps you seem professional.
Grants, Investment, and Loans
A registered company has an absolute advantage when applying for and receiving loans, grants, and even investors. In reality, unless you are legally registered, you cannot apply for the majority of grants or loans.
Obtaining travel authorization for professional reasons, such as visa applications, is simpler if your firm is registered. Among many other advantages, your company qualifies to acquire NYSC employees.
These are just a few of the numerous advantages that come with registering your company with the CAC.
The intriguing part is that you may register your company with the CAC online without physically going to a CAC location. You may complete the full procedure online and avoid hiring a lawyer, chartered accountant, or chartered secretary in the process.
We are committed to assisting your business in growing, thus we have provided you with a straightforward manual on how to register your company with the CAC on your own.
How to Register Your Business with the CAC in Simple Steps
The Corporate Affairs Commission (CAC) recently revamped its online registration platform, making it easier and more convenient for the typical Nigerian company owner to register.
Nowadays, company owners may begin and finish the full registration procedure online.
1. Pick and save a company name.
The first step is to choose a company name. The first thing customers will notice about your company is its name.
It will appear on all of your brand designs, promotional items like business cards and tote bags, official papers, and even your company website Must have the same design.
Once you've decided on a name for your company, submit the name to the CAC website to see whether it's already taken.
The CAC will accept and reserve the name you've picked and submitted for you for 60 days if no one else has already registered a company using that name.
Typically, reserving a company name costs N500 (Five Hundred Naira Only). in Nigeria.
- I should now point you that a company name could be turned down for a variety of reasons.
- It will be refused if the CAC already has a registered company using the name you provided.
- The name you suggested will be rejected by the CAC if it is unclear or objectionable.
2. Finish completing the pre-registration form.
Filling out the pre-registration form is the next step. The name of this form is CAC/BN/1.
You must complete the form completely and return it to the CAC together with any necessary supporting documentation.
The details you must provide are as follows:
- approved business name
- Basic characteristics of the company
- Location of the company
Address of any branches of the company, if any, Date of the company's founding Name, place of employment, and other vital information about the company's owner
Affiliation of the business's owner
3. Cover the CAC filing costs.
Once the CAC/BN/1 form has been completed, you must pay the required CAC filing costs.
N10,000 is the formal filing fee that must be paid in order to register a company name (Ten Thousand Naira Only). You must make this payment online.
4. Submit the completed form.
You may then submit the form online when the CAC has approved your payment. The pre-registration form must be sent or uploaded together with two coloured passport-sized photos.
Other papers that need to be uploaded are:
- Printout of availability (same as the Approval Note)
- Form statutory (CAC/BN/1)
- A proficiency certificate, if necessary
- Any acceptable form of identification International Passport, National ID Card, Driver's License, or Voter's Card Payment Receipt
5. Obtain the CAC's original Certificate of Registration.
The CAC will evaluate all of your information after you have supplied the necessary papers.
Your company name registration would be accepted if all of your documentation were accurate.
Following this, you may pick up the original Certified True Copy (CTC) of the Application for the Registration of the Business Name as well as the Certificate of Registration for your Business Name.
When will you be able to register your company name with the CAC?
The CAC has said that they are dedicated to finishing the procedure within 48 hours or no later than a week. Normally, the registration of company names takes 1-2 weeks.
Are images, signatures, or documents challenging to post to the CAC portal?
Though it is simple, sometimes users may have difficulties when posting items to the site. If you're having trouble uploading any files or documents to the CAC portal, it's possible that the problem is that your files or images aren't in the right format.
JPEG/PNG is the format for images and signatures, whereas PDF is the standard for papers. Additionally, files larger than 5MB cannot be uploaded.
Can you change a reserved company name if you make a mistake?
If you choose the wrong reserved name, you have two options: wait for the name permission to expire after 60 days, or go ahead and register under that name and then ask for a name change.
Typically, changing a registered company name would set you back N10,000 (Ten Thousand Naira Only). So you have to be careful passing through this process.
What should you do if your filing fee payment has been received but has not yet shown on the portal?
You must first confirm that the payment is not shown on the site.
Upon logging in, choose 2"Check Payment Status" from the menu. Please get in touch with [email protected] or your bank if the payment is still not showing up on the site.
As I've already shown in this essay, setting up a company is not difficult. You may find that registering your company with the CAC is both straightforward and simple.
Just follow the instructions we've given and you'll be glad you did if you've been putting off taking this crucial step in your business path.