The Ultimate Guide to CAC Registration: Everything You Need to Know
If you want to open a business in Nigeria, you have to register it with the Corporate Affairs Commission (CAC). Registration with the CAC is required for all businesses doing business in Nigeria. It is also needed to open a business bank account, get a government license, or bid for a government contract.
In this article, we will cover everything you need to know about CAC registration, including the requirements, the process, the fees, and how to check the availability of your company name.
Can I register CAC online by myself?
Yes, you are able to register your company with the CAC on your own using their website. The Corporate Affairs Commission (CAC) offers company owners the ability to register their corporations online via a site that can be accessed from the convenience of their own homes or workplaces. The webpage that allows access to the online portal, which is known as the Company Registration Portal (CRP), is located on the CAC website.
In order to register your business online, you will first need to create an account on the CRP and then go through each stage of the registration procedure in the order they are presented. The procedure is easy to understand, and you will have assistance at every stage of the process.
What are the requirements for CAC registration?
To register your business with the CAC, you need to provide the following information:
- The proposed name of the company
- The registered address of the company
- The nature of the business
- The authorized share capital of the company
- The names, addresses, and occupations of the directors and shareholders
- The memorandum and articles of association of the company
The company’s mission and the ground principles for how it will be run are laid forth in the articles of association and the memorandum, which are both legally binding documents. You have the option of drafting these paperwork on your own or having a legal professional do it for you.
How do I check if a name is available in CAC?
Before you register your business with the CAC, you need to make sure that the name you want is available. You can do this on the CAC website by doing a name search. This is how:
- Go to the CAC website and click on “Public Search”
- Select “Company Name” from the dropdown menu
- Enter the proposed name of your company and click “Search”
- If the name is available, it will appear in the search results. If it is not available, you will need to choose another name.
How much does it cost to register a company with CAC in Nigeria?
How much it costs to register a company with the CAC depends on how much money the company is allowed to have in shares. Here’s a list of the costs:
- Companies with authorized share capital of N1,000,000 or less: N10,000
- Companies with authorized share capital above N1,000,000 and up to N500,000,000: N5,000 + 0.15% of the share capital
- Companies with authorized share capital above N500,000,000: N7,500,000 + 0.10% of the share capital above N500,000,000
Depending on what your business needs, you may also have to pay for a lawyer, an accountant, or a company secretary in addition to the registration fees.
A company in Nigeria must first register with the CAC before conducting legal operations there. As long as you have the necessary data and paperwork on hand, you can accomplish it all by yourself online with no effort. If you follow the advice in this post, registering your company in Nigeria shouldn’t be too difficult, and you can then begin functioning lawfully.