CAC is the acronym for Corporate Affairs Commission, a federal government agency in Nigeria, exercising the functions of regulations of Registration of Business names, Companies and Organizations in Nigeria, CAC is tasked with the powers to license and regulate registration of small, medium and large-scale business operations in Nigeria.
As a way of driving the Nigerian economy forward, it has mandate of simplifying business operations in Nigeria, both for Nigerian citizens and foreigners.
There are steps to registering business names in Nigeria online with cac . in the course of this blog post, we shall list the requirements to satisfy to enable your business name or company registration in Nigeria. but before the requirements, you need to understand that the procedure starts and ends online.
we recommend you to contact us, to aid you in the process of registration procedure.
Steps to Take to Register Your Business or Company in Nigeria
I. In order to start your business registration, you need to do business name availability search, this name search is conducted on cac portal. the result of this search determines your next step.
It is worthy to note that there are prohibited names you cannot register with Cac , and there are also restricted names, which requires consent of the registrar general of the commission before it can be used for business purpose.
REQUIREMENTS TO REGISTER A BUSINESS NAME IN NIGERIA.
In order to register a business name in Nigeria the following are requirements:
i. Do a name reservation and obtain a reservation code, ii. Use the code to commence your registration by filling the required form online
iii. Scan copies of your passport photograph(s) of proprietor(s) and partners if any.
iv. Scan copies of federal government identity card(Drivers license, international passport, voters card,national identity card,affidavit of age declaration)
iii. Fill in your Residential address of the proprietor
iv. Fill your Commercial address of the business
vi. Fill in your Business objectives
vii. Fill in your date of birth as the proprietor
viii. Fill in your Email address and phone number of the proprietor
OR Alternatively Use a cac accredited agent for fast Business name Registration- most of the cac consultants have massive input in helping you avoiding some costly mistakes while doing registration, registration with an accredited cac agent is stress free.
Cost of Registration of business name- Accredited cac agents charges for business name registration ranges from N20,000 to N25,000.
CAC REGISTRATION FEES AND SCHEDULE OF FEES
Cac Official filing fee for a business name registration is N10,700, this is the official filing fee including the remita fees during payments.
We shall update you with the table of fees on cac services below.
CAC PRICE LIST FOR BUSINESS NAME ,COMPANIES AND FEES FOR CAC SERVICES
| S/N | SUBJECT | FEES in Naira (₦) |
|---|---|---|
| 1 | Reservation of Name | 600 |
| 2 | Registration of business name | 10,000.00 |
| 3 | Filing of notice of change of business name | 5,000.00 |
| 4 | Filing of notice of change in business address | 5,000.00 |
| 5 | Filing of notice of change in proprietorship | 1,000.00 |
| 6 | Filing of annual return for business name | 3,000.00 |
| 7 | Filing of notice of cessation of business | 1,000.00 |
| 8 | Filing of other documents (miscellaneous) | 1,000.00 |
| 9 | Search on business name file | 1,000.00 per business name file |
| 10 | Certified true copy of business name certificate of registration | 5,000.00 |
| 11 | Certified true copies of other documents | 2,000.00 per document |
Registration of a company or incorporated trustee attracts fees, but they are not the same amount compared to business names.
A company ,limited by shares or unlimited or limited by guarantee has its own price list.
A break down of the cac price list for companies are shown below.
Cac Price Checklist for a Company in Nigeria
| S/N | SUBJECT | FEES in Naira (₦) |
|---|---|---|
| 1 | Reservation of Name | N500.00 |
| 2 | Registration of private company with share capital of N1million or less | N10,000.00 |
| 3 | Registration of private company/Increase in Share Capital above N1million and up to N500million | N5,000.00 for every N1million share capital or part thereof |
| 4 | Registration of private company/Increase in share capital above N500million | N7,500.00 for every N1million share capital or part thereof |
| 5 | Registration of Public company/Increase in share capital | N20,000.00 for the first N1million share capital or part thereof |
| 6 | Registration of Public Company/Increase in share capital above N1million and up to N500million | N10,000.00 for every N1million share capital or part thereof |
| 7 | Registration of Public Company/increase in share capital above N500million | N15,000.00 for every N1million share capital or part thereof |
| 8 | Registration of Company not having a share capital | N20,000.00 |
| 9 | Filing of notice of exemption of foreign Companies from Registration | N30,000.00 |
| 10 | Re-instatement/Relisting of company name | N25,000.00 |
| 11 | Registration of charges for private company | N10,000.00 for every N1million or part thereof |
| 12 | Registration of charges for public company | N20,000.00 for every 1Million or part thereof |
| 13 | Filing of annual return for a small Company | N5,000.00 |
| 14 | Filing of annual return for Private company other than a small company | N5,000.00 |
| 15 | Filing of annual return for public company | N5,000.00 |
| 16 | Filing of annual return for company Limited by Guarantee | N5,000.00 |
| 17 | Filing of annual report by foreign companies | N5,000.00 |
| 18 | Filing of statement in form of schedule 14 under section 553 | N10,000.00 |
| 19 | Filing of notice of merger/acquisition | N50,000.00 |
| 20 | Filing of special resolution for merger | N20,000.00 |
| 21 | Filing of other documents relating to merger | N10,000.00 |
| 22 | Filing of statutory declaration of solvency | N5,000.00 |
| 23 | Registration of appointment of liquidator | N10,000.00 |
| 24 | Registration of resolution for winding up | N10,000.00 |
| 25 | Filing of return of final meeting and account of liquidation | N5,000.00 |
| 26 | Filing of notice of change of company name | N10,000.00 |
| 27 | Filing of notice of alteration of memorandum and articles of association | N5,000.00 |
| 28 | Filing of notice of changes in particulars of directors | N5,000.00 |
| 29 | Filing of return of allotment and or notice of change in shareholding | N2,000.00 |
| 30 | Filing of notice of change in registered address | N5,000.00 |
| 31 | Filing of notice of appointment of receiver | N10,000.00 |
| 32 | Filing of notice of discharge of receiver | N5,000.00 |
| 33 | Filing of notice of change of signature | N5,000.00 |
| 34 | Filing of notice of reduction in share capital by public company | N20,000.00 |
| 35 | Filing of notice of reduction in share capital by private company | N10,000.00 |
| 36 | Filing of deed of release by public company | N10,000.00 |
| 37 | Fiiling of deed of release by private company | N5,000.00 |
| 38 | Application for extension of time for holding of annual general meeting by public company | N10,000.00 |
| 39 | Application for extension of time for holding of annual general meeting by private company | N5,000.00 |
| 40 | Letter of Good Standing | N10,000.00 |
| 41 | Other filings (miscellaneous) | N2,000.00 |
| 42 | Certified true copy of certificate of registration | N10,000.00 |
| 43 | Certified true copies of memorandum and articles of association | N3,000.00 |
| 44 | Electronic Search | N1,000.00per company |
| 45 | Manual Search by customers | N2,000.00 per company file |
| 46 | Manual Search Report prepared by officers of the Commission | N5,000.00 |
| 47 | Certified true copies of other documents | N5,000.00 per document |
| 48 | Consent for Restricted Names | N5,000.00 |
WHY YOU NEED SCUML CERTIFICATE AFTER REGISTERING WITH CAC.
SCUML CERTIFICATE-Under the special control unit on money laundering Act, the economic and financial crimes commission is tasked with the duty of making sure that companies are not set up with the purpose of engaging in money laundering, the vital provisions of money laundering ACT and EFCC ACT prohibits money laundering in Nigeria. In setting up a business in Nigeria as a company, and with an object of investment and finance and commerce, the directors of the company are expected to obtain from EFCC, A CERTIFICATE OF UNDERTAKING OF NOT ENGAGING IN MONEY LAUNDERING called SCUML CERTIFICATE.
REQUIREMENTS FOR SCUML CERTIFICATE
Most businesses doing investment are mandated to obtain scuml certifcate before opening a bank account with the registered name.
i. To get a Scuml certificate ,which is a requirement for opening a corporate account, the Managing director of the company must submit his or her Bank verification number(bvn) , the national identification number, recent utility bill, two recent passports photograph and national identification card or any federal government issued identity card.
GENERAL TIPS WHEN DOING BUSINESS NAME REGISTRATION IN NIGERIA
In order to successfully register a business name, make sure you don’t choose a name similar or conflicting with a registered business name.
Also, it is essential to avoid using a name resembling federal or state government affiliation, the name must not create a representation that you are government body, neither should the objects confer to you the role and function of government agencies. For example, receiving and collecting tax is purely a government agency job and not your duty as a private company.
In order to fastrack the registration of your business name ,your means of identity must be handy, you need a federal identity card,and one person alone can register a business name, as well as a company.
Note you will need not need a witness to complete your registration in business name unlike in a company registration.
If you wish to register your company and business registration on cac online portal . we can assist you further.
[…] What documents are required for sole proprietorship? […]
As a business owner ,you can register your business solely without needing any onne else to partner with you.You can register your business name or you can go above it and register it as a limited liability company as a sole owner.
The cost of each varies from one another.
the documents to register your business name are your means of identification such as national id card,voters card,drivers license ,international passport and affidavit of age declaration.to register your business name you will send the proposed name to me.
residential address,email address,date off birth and signature,alongside the business address.
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