On 2nd February 2015, the Corporate Affairs Commission (CAC) launched a 24-hour online business registration portal to be able to track its business services from its customers. With the online enrollment platform, CAC Nigeria customers have the ability to register its business online and also have access to other services offered by the CAC Nigeria.
The movement was an agreement with the CAC’s officials for Nigerian entrepreneurs to register their businesses online. It was a follow-up call to Corporate Affairs Commission’s strategy for new companies in Nigeria online enrollment portal.
As reported by Dr. Olusegun Aganga, the Minister of Industry, Trade and Investment, “Nigerians will no longer incur additional expenses and won’t go to the CAC’s office to register their business names”. He also said that it was a unified movement with the Federal Ministry of Communications Technology under the Government Service Portal program.
Aganga made it clear that the capacity of the online portal has sufficient space to house, the payment platforms such as inter- switch, e-transaction, and visa card. Others include Verve card, American express and other different types of electronic payments available in Nigeria. He explains that anyone that needs to register its business would now make such easily on a piece of the mind without going to CAC Office.
The Minister provided to the public the easy access to the payment of the commission’s services; decrease in the cost for the accredited agents and regular people as the same number of benefits of the new online gateway.
Aganga said that the Federal Government was more dedicated to deploying more positive measures towards a cordial business environment setting in Nigeria.
Before, Dr. Omobola Johnson, the Minister of Communications Technology, said that online registration would allow customers to make payment services online from any location with internet access like their homes.
Johnson said that the portal would assist with revenue generation for the commissions also prevent any other way of financing flare-up
CAC – Registration of Business Names
To begin with your business registration with the CAC,
- Verify you have your National ID Number (NIN) provided to you by NIMC.
- At that point, go and create your business registration entry record/access on the CAC website.
- At the same time, ensure that you download the customer’s user guide and read the FAQs so you could have all the required facts you need to effectively register your business with the CAC.
- After creating an account, you will be asked to fill in your choice of business name.
- You will be provided with two business name choices to key into the corporate affairs commission name search area.
- In addition, for the basic business information, you will be asked for the business classification, types of company (sole proprietors, Ltd, partners etc), the purpose of registering the business, reasons for availability search and the objective of the business.
- Next, you will be required to provide your date of birth, nationality, country of residence, home address, and a government ID card with the issue date.
- Once you have completed the online registration, you are required to make an online payment of ₦ 500.00 for the name check. CAC will inform you with more details after the name check has been completed.
Types of CAC Companies Allowed in Nigeria
These are four types of companies that are accepted for business enterprise in Nigeria,
- Private Limited Company (LTD)
- Public Limited Company (PLC)
- Companies limited by guarantee and
- Unlimited Companies.
The minimum membership for each of these companies is two and the maximum for privately owned companies is fifty members while there is no limit for public companies. A minimum share capital of Ten Thousand Naira is set for privately owned businesses and Five Hundred Thousand Naira for public companies with a minimum subscription of 25% of the shares.
CAC – Forms:
The different types of forms for the CAC can easily be obtained – such as the CAC 1 (Availability of check and reservation of names), CAC 1A (Change of names availability check and reservation of name) etc.
To see the full list of forms available for those that needs to register a business name. Click here to visit the official website of CAC
Summary of Fees and Forms:
For you to register your business with CAC, you have to pay some fees for the services you’re requesting, such as registration of private company with share capital of N1million or less for N10,000 , reservation of names for N500 etc.
To access the full list of fees, click on this link to visit the company’s website.
Remember that the prices can change at any time without your consent. So, you need to visit the fees’ section of the official website often for the most current update.
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