The CAC registration portal is open for everyone to be able to access and register their business themselves after creating an account on their official website, but sometime a lot of people find the process stressful and would prefer CAC Agent to just do the whole CAC Business registration for them.
In this post, you will find some important information you need to know about CAC before you register and how to find legit CAC Accredited Agent in Nigeria + CAC Registration Fees 2023.
But there are some secret these CAC Agent will not tell you before you pay for CAC Registration, this is because they do not want to discourage you and avoid loosing their customer. Yeah!
However, I will tell you everything you need to know pre registration and post registration process you need to know.
For those who stumble on the article by event, you will get to know also the meaning of C.A.C and reason you should register your business in 2023 with CAC.
What does C.A.C stand for
Co-operate Affairs Commission.
Corporate Affairs Commission; is a body of the Nigerian Government responsible for the regulation and management of companies in Nigeria, The Corporate Affairs Commission (CAC) is the statutory body charged with the administration of the Companies and Allied Matters Act (the Act) which includes the regulation and supervision of the formation, incorporation, registration, management, and winding up of companies in Nigeria. Section 7 of the Act sets out the functions of the commission.
REGISTRATION
Business Name registration is one of the important steps to take when you’re taking your business to the next level. If you’re thinking about getting your business registered with the Corporate Affairs Commission, you’re in the right place.
Are you thinking of owning a company or starting a business in Nigeria? Or perhaps you already have one? Obviously, it must have a name or you may be thinking of giving it one unique name. However, is the name recognized?
Benefits of Business Name Registration:
This is a question many business owners ask. In fact, a lot of entrepreneurs in Nigeria are yet to register their businesses with Corporate Affairs Commission.
Normally, the first thing to do when you want to start a business in Nigeria is to register your business name with the Corporate Affairs Commission (CAC). This will help you discover if the name you have in mind is still available and not registered by someone else.
Sometimes, most business owners build brands only to find out that someone else has the legal right to their ‘business name’.
I believe this is not a pleasant experience when you consider the pain of building a brand.
Some people fail to register their business due to ignorance while some see it as a way to evade tax. You should know that the benefits of registering your business far outweigh any perceived disadvantage.
The first way to get your company or business name recognized is by getting it registered.
Registering a company simply means telling the government that you exist, that your business name is yours and in so doing, you can then be regarded as a legal entity, this gives credibility to your company, enhance its visibility, and helps to boost its profile.
benefits of registering your business with the Corporate Affairs Commission (CAC) in Nigeria.
You can open a corporate account with any of the banks in Nigeria with your registered business certificate and business name.
Potential customers feel more comfortable paying into a corporate account because they know their money can be traced.
You get on records by registering your business name. no other person can register with that name again as it is yours already.
You can apply for loans and grants when your business is registered. A registered business gets easy access to loans and boundless opportunities.
When you register your business, customers trust you because they see you as legit and reliable. They know they are dealing with a reputable organization.
A registered business can employ full-time employees and pay them salaries and other benefits
Registering your business is the first step to getting your business structured. Without registering your business, you are running a glorified hobby.
A registered business can get interns from NYSC when corps members complete their orientation programs from various NYSC Camps.
When your business is registered, even if you are dead or become incapacitated, your business continues especially when you have the right structure in place.
You have better access to investors with a registered business as investors look at the business structure first before investing.
With a registered business, you can easily obtain a visa and travel to any country for business purposes and conferences.
Registering your company enhances the reputation and perception of your business to prospective clients.
ADVANTAGES OF CAC Registration For Business in Nigeria
- you can easily obtain a visa and travel to any country for business purposes,
- it helps your business remain relevant on the record of the corporate affairs commission,
- it gives your potential customers confidence that they are dealing with a reputable business,
- It gives the business owner an edge over other businesses that have not been registered and many others.
DISADVANTAGES OF CAC Registration For Business in Nigeria
It doesn’t end on registration only,you need to file a tax report
so long you’re registered under CAC,There’s a monthly charge
An additional fee is required monthly
If you have registered with CAC and you have not been filling your VAT return or risk paying accumulative bill.
Also Read: How To Become CAC Accredited Agent
REQUIREMENTS OF CAC REGISTRATION FOR BUSINESS IN NIGERIA
1.PRIMARY DETAILS
i. SURNAME:
ii. FIRST NAME:
iii. OTHER NAME:
iv. DATE OF BIRTH:
v. GENDER:
vi. Phone NUMBER:
2. YOUR HOME ADDRESS
i. STATE:
ii. LGA:
iii. CITY/TOWN/VILLAGE:
iv. HOUSE NUMBER:
v. STREET NAME:
3. YOUR BUSINESS ADDRESS
i. STATE:
ii. LOCAL GOVERNMENT AREA [LGA]
iii. CITY/TOWN/VILLAGE:
iv. HOUSE NUMBER:
v. STREET NAME:
4. NATURE OF BUSINESS:
Describe the nature of your business and about.
5. BUSINESS PROPOSED NAME 1:
This is your first choice of business name you intend to use.
6. BUSINESS PROPOSED NAME 2:
The second choice of business name
7. FUNCTIONAL EMAIL ADDRESS:
Active email address
8. PASSWORD TO THE EMAIL:
password of the email
9. SUPPORTING DOCUMENTS Needed
i. ID Card (snap and send)
ii. Passport (snap and send)
iii. Signature (sign on a piece of pepper, snap and send)
LIST OF AGENTS AND CAC REGISTRATION FEES 2023
CAC Agent: Dosuggest Limited
CAC Registration Number: RC
CAC Agent Phone Number on WhatsApp: +2347055487338
Businesses Name Registration Fee
Total: N25,000 (see below what you’re getting for this fee)
(i) CAC certificate
(ii) Legal Documents
(iii) TIN
Limited Liability Registration Fee
Total: N60,000 (see below what you’re getting for this fee)
(i) CAC certificate
(ii) Legal Documents
(iii) TIN
NGO Registrations FEE
e.g Churches, Mosques, Clubs, Motherless Baby’s Homes etc *(with Newspaper Publication)*
*Total: N150,000*
Upgrade from Business Name to Limited Liability Company
*Total: N70,000*
If you want to change anything on your existing registered business, that process is called CAC Post Incorporation.
