Registering your business with CAC is important but you can still start your business before registering your business, so I will be showing you how you can register your business with CAC.
Another good thing about registering your business with CAC is that it can be done online. You can also do the registration yourself or if you don’t feel like doing it yourself you can get someone to help you do it.
To register your business with CAC you can follow the steps below.
Reserve your business name
The first step in registering your business is reserving a business name for your business.
To do this you can use your personal name for example if your name is Smith Johnson you can name your business Smith Johnson limited or enterprises.
You can also use a unique name that is related to your business, this is the one a lot of people do. That means if you are into technology business your business name should be something related to technology and not food. Which of these two business names seem related to technology? Scan Engineering Limited or Chicken Box Limited.
I guess you know the answer already.
Reserving your business name can be done online and if you want to do that you can click here to do so.
Upon approval of your business name you are expected to complete your registration within 60 days.
Complete your business name registration form
The next step you need to take is to fill the CAC 1.1 form which can be done here.
The information you will need to fill on the CAC 1.1 form includes:
Company Name (approved business name)
Details of proprietor’s ID card
Details of proprietor; name, address nationality, phone number, email, gender and date of birth.
Commissioner of Oaths/Notary public section on the form CAC 1.1 should also be stamped and this can be done at any local government court.
A valid means of Identity card should also be attached.
The memorandum and articles of association (MEMART) should also be attached to your form CAC 1.1
For non-Nigerians only data page of international passport is accepted as means of identity and also copies of their residence permit if they are using a Nigerian address.
Signature of proprietors will also be needed on the form then after all these have been done, the form can be scanned for submission.
Payment of CAC filing fee
The payment for filing and stamp duty should be the next thing to be done and that can be done online. You can click here to make your payment.
Upload of documents
The next step you need to take is to upload your scanned documents and these includes the CAC 1.1 form, MEMART, means of identification of proprietors and evidence of payment to CAC.
These documents can be uploaded here.
Submission of original documents
Original copies of scanned documents that were uploaded On the CAC website should be submitted at the CAC office which you’ve selected during registration and this is done because your original documents needs to be sighted and certified by officials of CAC. After the original documents have been certified, you can then receive your certificate of incorporation and other necessary documents.
The whole process of registering your business and getting your certificate of incorporation should be with 7 to 12 working days.
Benefits of Registering Your Business with CAC
You might think that you don’t need to register your business with CAC but I will be showing you some benefits of registering your business with CAC.
You should consider registering your business with CAC because of the reasons.
Customers want to deal with credible companies and they will definitely make research. Some customers might go to the extent of doing a CAC check on your business.
Most customers feel comfortable transacting business with you if your business is registered with CAC but if your business is not registered they might not be comfortable transacting business with you.
Some business owners still find it hard to register their business because they don’t want to spend money doing it but that would be jeopardizing the credibility of their business.
Bank account opening
It is advisable that every business has a bank account in its business name because customers feel comfortable to make payment into an account that is same name as your business.
For you to open an account in your business name you will need your certificate of incorporation from CAC and other necessary documents.
Signatories of the account will also be the same as what is on the CAC form, so this goes to show you why the registering your company has an important role to play when opening a bank account for your business.
Access to business loan
There are loan packages that are only applicable to businesses and can’t be accessed by individuals because some business transactions are not meant to be carried out by individuals.
The amount you can access when you apply for loan as a business is higher than that which an individual can access. There is usually a limit to the amount individuals can access.
There are some bank transactions that can only be done if you have a business account with the bank and examples of such transactions include payment of salary online, Letter of credit, bill of collection etc.
CAC registration gives your company a structure as you are able to know the directors and the signatories of the business. It also allows you to allot shares to the different directors which gives your business a structure.
The registration makes your company a legal entity. That means if you don’t register your business with CAC it won’t be recognized as a company.
Being a legal entity will be important for your business when you want to do contract with other companies so that it can make that contract binding and legal.
Registering your business with CAC is important but it is still possible you run your business without registering it but like I’ve said earlier registering your business has its benefits.
As a business owner there are some reasons why you might not be able to register your business which might be because you don’t have the time to go and register.
Another reason could be that you don’t want to bother yourself writing the MEMART or filling the CAC form or maybe you don’t even have the time to go and pick your certificate up.
Any of these should not be an excuse as you can get someone to help you with the registration and even deliver it to you.
We can also help you register your business with CAC if you do not have the time to do it yourself, all you need to do is contact us on +2349051355183 to make a request.