CAC sets a July 7, 2024 deadline for business registration in Nigeria. The new online portal promises 24-hour completion. The process includes account creation, name reservation, document submission, and fee payment. Benefits include legal protection, increased credibility, and easier access to loans. Penalties apply for non-compliance.
CAC sets a July 7, 2024 deadline for business registration in Nigeria. The new online portal promises 24-hour completion. The process includes account creation, name reservation, document submission, and fee payment. Benefits include legal protection, increased credibility, and easier access to loans. Penalties apply for non-compliance.
The Corporate Affairs Commission (CAC) in Nigeria has set a deadline of July 7, 2024, for all business owners to register their enterprises. This move aligns with the Central Bank of Nigeria's policy and aims to formalize the business sector. The CAC has introduced a special registration portal to streamline the process, promising completion within 24 hours.
The online registration process involves several key steps. First, business owners must create an account on the CAC portal using their mobile number or National Identification Number. Next, they need to select and reserve a unique business name, which can be done after checking availability on the CAC website.
The pre-incorporation stage requires submitting detailed business information and uploading necessary documents, including identification, proof of address, and a business plan. Following document submission, applicants must pay the required fees, including stamp duty.
Registration costs vary, with business name registration ranging from ₦20,000 to ₦40,000, while limited liability companies may cost between ₦70,000 and ₦100,000, depending on share capital. The CAC has outlined penalties for non-compliance, which vary based on the type of business entity.
Registering with the CAC offers several advantages. It provides legal protection for the business name, increases customer confidence, and facilitates access to loans and investment opportunities. Moreover, registered businesses receive official recognition through an e-certificate, which can be used globally.
The CAC's initiative aims to foster a more organized and credible business environment in Nigeria. By simplifying the registration process and emphasizing its benefits, the commission hopes to encourage widespread compliance and support the growth of formal businesses in the country.
