In Nigeria, it is a necessity to have your business go through CAC Registration. The statutory body in charge of company registration and regulation is the Corporate Affairs Commission (CAC).
By providing a legal framework within which businesses can operate, the CAC contributes significantly to economic development and growth.
We will give an overview of the CAC registration procedure, including the requirements, documents, and fees, in this blog post.
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Requirements for CAC Registration
The company or business seeking registration must provide certain documents and information during the CAC registration process. The requirements for CAC registration are as follows:
Check for Name Availability
The availability of the proposed business name is checked as the first step in the CAC registration process. This can be accomplished by either going to the CAC office closest to you or performing a name search on the CAC portal.
Type of Company
The requirements for CAC registration are determined by the type of business that will be registered. Private limited companies, public limited companies, unlimited companies, and business names are among the various kinds of businesses that can be registered with the CAC.
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Shareholders and Directors
During the registration process, the company’s directors and shareholders must be identified. A minimum of two shareholders and a maximum of fifty are required for a private limited company, while a minimum of seven shareholders is required for a public limited company.
Memorandum and Organizational Bylaws
The Notice of Affiliation frames the goals, powers, and extent of the organization’s exercises, while the Articles of Affiliation contain the guidelines and guidelines that oversee the inward administration of the organization.
Registrar of Companies
Legal documents must be served at the company’s registered office address.
Secretary of the Firm
A company secretary is required to ensure compliance with the Companies and Allied Matters Act (CAMA) and to maintain the company’s statutory records.
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Documents Required for CAC Registration
Certain documents must be submitted in order for a company to be registered with the CAC. The following are the required documents for CAC registration:
- An application for a company’s registration
- Memorandum and Articles of Affiliation
- Directors’ and shareholders’ identification documents (such as an international passport, national identification card, driver’s license, or permanent voter’s card)
- Documentation of filing fee payment
- A well-known method of identifying the company secretary
- a picture from a passport of each shareholder and director
CAC Registration Fees
The fees for CAC registration vary depending on the kind of business. The following are the registration fees for CAC:
- Business Name Registration: ₦10,000
- Private Limited Company: ₦10,000
- Public Limited Company: ₦20,000
- Unlimited Company: ₦20,000
Wrapping Up
Every Nigerian business must complete CAC registration in order to operate legally and take advantage of the benefits of being registered. The Corporate Affairs Commission requires payment of the required fees and the necessary information about the company, its owners, and its goals as part of the registration process.
Businesses can access government grants and contracts as well as protect their intellectual property by registering with the CAC.
Additionally, it confers on businesses a level of credibility that can entice investors and customers. Businesses must register in order to establish themselves as legal entities in Nigeria, despite the daunting nature of the process.
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