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Register your business in Nigeria: New CAC registeration guidelines

 With the current economic trends in the country and the world at large, the need to have a business keeps rising by the day, as well as the number of newly set up businesses.

If you missed our article on online businesses you can start with little or no money, click here

In this article we will be referring to the registration of traditional business in Nigeria via the Corporate Affairs Commission (CAC). Asides the regular and offline way of doing a business registration in Nigeria, there has been a newly introduced way that makes it even easier. This is via an online portal referred to as the Company Registration Portal (CRP).

The entire process of registering a business can now be done by Individuals and organizations online through the Corporate Affairs Commission's e-registration platform (CAC). The Corporate Affairs Commission is the federal agency in charge of business registration (CAC).

This new and more simplified system for business registration in Nigeria was following the revision of the Companies and Allied Matters Act in 2020, which is the primary legislation that governs business registration in Nigeria. On January 1, 2021, the new law went into force. Starting January 1, 2021, this article will briefly explain the new method for business registration in Nigeria.

Here are 6 simple steps to do your CAC Business name registration

1. Account creation

To start the registration via the online channel, you are first required to create an account/profile so as to always return to your dashboard in case you do not complete the process in a day.

2. Business name search

The next thing you are to do is to check the availability of the name you have chosen for your business. It is advised to have up to 3 options in case the one you have is already taken or unavailable. Business names are meant to be unique and no 2 registered businesses should have the same name. This usually takes a few hours.

3. Business name reservation

Here you can reserve the name of your company. Fill in the essential information, such as your firm's type (private company limited by shares, public company, etc.), proposed company name, and goals. After you've entered all of the required information in each column, you must complete the N500 payment.

Within 24 hours, you should receive a response from the CAC regarding the status of your application. You will receive an acceptance notice with a name availability code if your business name reservation is successful.

4. Complete registration

with the name availability code given to you proceed to the proper registration. After you've verified the code, go to the CAC 1.1 Registration Form and fill out the needed information. The sort of the major business your company will be engaged in, corporate email address, and registered office address are all facts you must input for your firm's particulars.

Input personal data – name, date of birth, gender, phone number, means of identification, and percentage of shares to be held – to get information on company directors and shareholders.

5. Payment of filing fees

After filing the form, you are required to pay an amount (varies depending on the kind of business) via the online portal or at the bank. Click here for the CAC schedule of fees...

6. Upload of needed documents

After you have done the payment, you are required to scan and upload some documents in order to complete the registrations process. Here are the required documents:

  • Application form
  • Filing fee receipt
  • Means of Identification for the proprietors of the business.

Once all the above mentioned are done, the CAC will review the documentation and if everything is in place, you will be notified of the application approval and the Business name certificate will be made available for collection.

Note that the business registration can still be done offline by simply going to the Corporate Affairs Commission office closest to you.

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