Before an organization becomes a legal entity, it must first register with the Corporate Affairs Commission (CAC). After successfully acquiring a CAC registration code, business number, and certificate, a CAC status report becomes crucial. This report helps businesses unlock various benefits as a corporate body.

Business owners and NGOs can access the CAC status report after a successful registration process. This document serves as a reference and authenticates a business. This blog post covers everything you need to know about the CAC status report, including its importance for your business and personal life.

Key Points to Note

• A CAC status report is a document showing company’s information, and personal information about the owner of the business.
• A CAC status report may be unavailable if your business is inactive on the CAC website.
• The cost of obtaining a CAC status report is not constant, but your budget should not be less than NGN15,000.
• A CAC status report serves for verification purposes and enhances your credibility.

CAC Status Report Meaning

The CAC status report is an official document that contains relevant information about a business and its trustees. Historically, the CAC/BN1 copies served as the digitalized status report. It summarizes data entered on the CAC website. Business owners can retrieve all data regarding their business from the CAC website through the CAC portal or with the help of an accredited CAC agent.

The CAC status report differs from reports obtained from the CAC public search portal. While both can provide relevant information about an organization, a CAC status report offers more detailed information. It includes every relevant record about a business, such as the company registration number (RC), business name number (BN), registration date, and the organization’s status on the CAC website.

Features of a CAC Status Report

A CAC status report contains two main sections: information about the business owner and information about the business itself. The two major features of a CAC status report include:

1. Personal Information:

During the business registration process, the owner must document verifiable personal information. This information includes:

• Names of the business owner or trustee name
• Business owner’s contact information (e.g., active email address and phone number)
• Government-issued means of identification (e.g., NIN, proof of tax payment, driver’s license, etc.)

• Business Information:

Registering a business is incomplete without documenting relevant business information. This information comprises the business name, scope, address, and more.

The CAC status report includes the following relevant business information:

• Business Name: The official name tied to a business entity.
• Business Name Number (BN): A unique business name number is usually assigned to every registered business. The BN also serves as a reference during legal processes.
• Business Address: Every business must have a verifiable address and proof of address to support its claim. Virtual business operators should register their personal address as their business address.
• Scope of Business: The scope of the business describes its activities. It explains what the business offers or the services it renders.

Importance of a CAC Status Report

The CAC status report serves several purposes, such as verifying ownership, identifying the business, and ensuring compliance with legal and regulatory bodies.

The following are key benefits of a CAC status report:

1. Proof of Ownership: 

A CAC status report details relevant information about a business. The document is only available to legitimate business owners and serves verification purposes in disputes, financial aid applications, partnerships, and more.

Business Identification: The CAC status report identifies the business’s nature, its business name number, and other relevant information. This information can defend the business in disputes and serves as a means of verification for legal and financial activities.

• Modification: 

The status report also includes previous and current data about a business. Businesses frequently adjust existing data on the CAC website. These adjustments may involve personal information of the business owner or the organizational structure.

• Establishes Credibility: 

Obtaining a CAC status report establishes credibility in the public eye. It also demonstrates that your business or organization is professional and trustworthy.

• Bank Account: 

A CAC status report allows you to open a business bank account. It serves as one of the prerequisites for creating a corporate bank account with your registered business name.

• Legalization:

A CAC status report provides evidence that a business has completed the Corporate Affairs Commission’s verification processes. The status report also shows that your company or organization has fulfilled the legal requirements for creating a business in Nigeria.

How to Obtain a CAC Status Report?

A CAC status report is issued after a business fulfills all registration requirements set by the Corporate Affairs Commission. You can acquire a CAC status report through the following methods:

1. Online Method:

This is the most convenient method for acquiring a CAC status report. It involves visiting the official CAC website, logging in with relevant information, and requesting a status report. Business owners can download the application form via this link: https://www.cac.gov.ng/wp-content/uploads/2020/09/CAC-SR-006.pdf.

After downloading, you must fill it out and make payments. You will then forward the application form, proof of payment for the processing fee, and other relevant documents to the CAC official email for status report inquiries: statusreport@cac.gov.ng.

You can choose to have the status report sent to your designated address or email address.

• Offline Method:

You can also obtain a CAC status report offline. However, this process is more stressful as it requires you to visit any CAC branch office in the country to process your application.

How to Request a CAC Status Report Via the CAC Portal

The following guide will help you request your CAC status report on the CAC website:

1. Log in to the official CAC website: https://www.cac.gov.ng.
2. Once you successfully log in, find the menu option that indicates “status report” or “entry information retrieval.”
3. Provide relevant information about yourself and your business to verify busineass ownership.
4. Thereafter, the system will initiate a search for a match with the provided information.
5. The search results will display your status report.
6. You can then download it from the CAC online portal.

Conclusion

In conclusion, a CAC status report is a document that contains relevant information about a business. It extracts this information from the CAC database during the business registration process. The CAC status report is a verifiable document for financial and legal transactions because it also contains relevant information about the business owner.

Essentially, the status report provides evidence that a business complies with corporate laws and has fulfilled all legal requirements.