The Corporate Affairs Commission (CAC) has made it mandatory for all business owners to register their businesses by September 5, 2024, following the Central Bank of Nigeria’s policy. To simplify the process, the CAC has introduced a special registration portal that allows business names to be registered within 24 hours.
Here’s a step-by-step guide on how to register your business online:
1. Create an Account: Visit [this link](https://pre.cac.gov.ng/register/new) and create an account using your mobile phone number or National Identification Number (NIN). This process takes less than 10 seconds.
2. Choose a Business Name: Select a unique and relevant name for your business. You can check if your chosen name is available by visiting the CAC’s website ([cac.gov.ng](https://cac.gov.ng)), scrolling down to “Public Search,” entering the name in the search box, and clicking “Search.”
3. Reserve Your Business Name: If your chosen name is available, you can reserve it on the CAC website. Complete the form and pay the ₦500 fee for name reservation (₦5,000 for restricted words and ₦10,000 for Certified True Copies of Registration Documents). You will receive an Availability Code upon payment.
4. Complete Pre-Incorporation: Use the Availability Code to proceed with your registration. Provide details like your business name, address, and proposed activities. You will need digital copies of documents such as identification, proof of address, and, optionally, a business plan.
5. Upload Documents and Pay Fees: Upload relevant documents, including Form CAC1, passport photographs, statutory declaration of compliance by a legal practitioner, and other necessary documents. After uploading, you will be directed to make payment for file and stamp duty fees.
The entire registration process is done online through the Company Registration Portal (CRP), and an electronic certificate of registration will be issued within three to five days.
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Costs of Registration
– Business Registration: ₦20,000 to ₦40,000
– Limited Liability Company: ₦70,000 to ₦100,000 (depending on share capital)
Penalties for Non-Compliance
– Small Company: ₦5,000
– Private Company (non-small): ₦10,000
– Company Limited by Guarantee: ₦10,000
– Public Company: ₦25,000
– Limited Liability Partnership (LLP): ₦10,000
– Limited Partnership (LP): ₦10,000
– Business Names: ₦5,000
– Incorporated Trustees: ₦10,000
Advantages of Registering Your Business
– Avoid Complications and Penalties: Registering your business name prevents legal issues and sanctions.
– Official Recognition: The CAC issues an e-certificate that is recognized globally.
– Increase Customer Confidence: Registration boosts customer trust and promotes sales.
– Legal Protection: Your business name is legally protected from being used by others.
– Access to Loans: Registered businesses have better chances of securing loans and investments.
To ensure compliance and take advantage of these benefits, register your business with the CAC before the deadline.