The Central Bank of Nigeria (CBN) has told all businesses using Point of Sale (PoS) systems to register with the Corporate Affairs Commission (CAC) by July 7, 2024.
This new rule helps make sure all businesses using these systems are officially recognised and follow the law.
This step is part of an effort to make the financial sector more transparent and secure, especially to prevent fraud in PoS transactions. Businesses need to get registered to keep operating without issues.
1. Create Your Account
Start by creating your account on the CAC portal. Go to [https://pre.cac.gov.ng/register/new](https://pre.cac.gov.ng/register/new) and register using your mobile phone number or your National Identification Number (NIN). This process is quick, taking less than 10 seconds.
2. Select Your Business Name
Think about a unique name that reflects your business values, and industry, and appeals to customers. You can check if the name is already taken by visiting [cac.gov.ng](https://cac.gov.ng), clicking on “Public Search,” and entering the name you’re considering. If the name is available, you’ll see no existing records.
3. Reserve Your Business Name
If your desired name is available, submit it for reservation on the CAC website. There’s a fee involved—₦500 for a standard reservation, ₦5,000 for names containing restricted words, and ₦10,000 for the Certification of Registration Documents. You’ll receive an Availability Code after payment.
4. Complete the Pre-Incorporation Form
Use your Availability Code to fill out the pre-incorporation form on your dashboard. Provide details like the business name, address, and proposed activities. You’ll also need to upload digital copies of necessary documents such as:
– Form CACC 1 (reservation and availability of name)
– Identification and photos for directors
– Statutory declaration of compliance
– Other relevant documents for your business type
5. Pay Fees and Submit Documents
Once your documents are uploaded, you’ll proceed to pay the filing and stamp duty fees. After payment, the CAC processes your application, which can take between three to five days. You’ll receive an electronic certificate of registration upon completion.
Cost to Register
The cost varies:
– Business name registration: ₦20,000 to ₦40,000
– Limited liability company: ₦70,000 to ₦100,000, based on share capital
Penalties for Non-Compliance
Depending on your business type, penalties range from ₦5,000 for small companies to ₦25,000 for public companies.
Benefits of Registering
Legal Protection: Safeguards your business name across Nigeria.
Enhances Credibility: Boosts customer and investor confidence.
Facilitates Loans: Increases eligibility for financial support.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/5-easy-steps-to-register-your-business-online-with-cac/
