CAC Document Upload | Check Eligibility and Registration Documents

CAC Document Upload | Check Eligibility and Registration Documents.

CAC Document Upload: Do you have a company? Are you aware of this organization known as the Corporate Affairs Commission (CAC)? The Corporate Affairs Commission is a regulatory body established to regulate the incorporation.

Also, running, and winding up of companies, business names, and incorporated trustees.

Do you know of it rules and eligibility conditions? Read through this article for more information.

If you have a company or want to open one, it is advisable to register it with the corporate affairs commission of Nigeria, CAC.

The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors.

You do not need a lawyer to register a business name; however, if you want to register a company, you need the services of a lawyer or other accredited agent.

Registering a company has been made very easy and can be done online. Due to the competitive nature of companies in Nigeria, registering your company has lots of benefits which include:

Providing legal protection for your company and its name.
It also brings more trust and confidence as it will be easier for new clients to find it.

What is CAC?

The Corporate Affairs Commission is a regulatory body, established to regulate the incorporation, running and winding up of companies, business names, and incorporated trustees, by CAMA.

Criteria for Eligibility for Company Registration

To register your company in Nigeria, you need to the criteria which are as follows:

• Members of a company need to be between 2 and 50.
• Members of the company need to be 18 and above.
• The minimum share capital of the business must be 10,000 naira and above.
• Members need to be of sound mind i. e mentally stable.
• Documents required for the registration process

Some documents need to be filled for the registration of your company includes:

• A notice to show the registered address of the company
• Article of Association and Memorandum
• Receipt to show payment of stamp duties
• Statement of compliance by a lawyer

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To register your company, it is good to seek the help and counsel of a lawyer in the filing of the documents and the registration process.

Procedure for Company Registration with CAC

After meeting all the requirements above, the next thing is to register the company and you can follow the steps below;

Carry out Name Search

Before registering your company with CAC, a name availability search is done that is; you submit like two names to CAC and they will search on their database to see if the name is available or not.

Any name that already exists or contains any of the following words will be rejected. These words include National, Government, Federal, Holdings, etc. Getting a unique name for your company may take up to one week.

Note that the process of registering your company may take up to 3-6 weeks, depending on the schedule and workload of the CAC so patience is required.

The Preparation of Memorandum and Articles of Association

A lawyer is needed in this process to help prepare this document. The names of the shareholders and first directors are to be submitted to the lawyer.

The directors and shareholders must have a means of identification and be more than 18 with no criminal records and meets the requirements above and they will be inspected by the CAC

Filling the Incorporation Forms

The next thing is to fill the incorporation forms from the CAC. A secretary, lawyer, or accountant can help you to fill this document and other necessary ones. The different forms to be filled include;

• The pre-registration form – the CAC 1.1, you can fill and submit it online or download and submit to CAC.5
• The Statement of Share Capital and Return of Allotment form (Form CAC 2). This form is filled by one director;
• The Notice of Situation/Change of Registered Address form (Form CAC 3) – signed by the secretary and director;
• The Particulars of Director form (Form CAC 7) – filled by all the directors;
• The Declaration of Compliance with the requirements of CAC. (Form CAC 4) – filled by the firm accredited by CAC;
• Two directors of the company have to sign a form appointing the new company secretary to be responsible for the documents after registration).

Take the documents to the stamp duty office to get the documents stamped after payments have been made. Then they are submitted to CAC together with the Memorandum and Articles of Association.

After six weeks of the date of your submission, your company’s Certificate of Incorporation/Registration will be ready for collection.

Make the Needed Payments/Fees

You have to pay the filing fees to the CAC. You are also required to pay the stamp duty fee to the FIRS (the Federal Inland Revenue Services). Or a designated bank into the account of the FIRS.

After the payment, the documents will proceed to the stamp duty office, where they are stamped. The system will automatically affix the electronic stamp duties on the documents (Form CAC1.1, and Memorandum and Article of Association) Then they are submitted to the CAC.

Note: It is advisable to check the CAC fees before registering to avoid unnecessary expenses.

Arrange the signed copy of your pre-registration documents for upload as follows:

• Form CAC1.1
• Memorandum and Article of Association (MEMART).
• Recognized form of identification for Director(s)/Subscriber(s) and Secretary.
• Evidence of payment to CAC.
• CAC and upload the signed documents for processing.

What Happens After Submission of Applicable Forms?

The CAC will use the uploaded documents to treat your application, the certificate will be generated and all the relevant documents will be certified.

To check the status of your application,

• Click on the status on your profile page. This will show you the status of your application if it’s not submitted or submitted, pending approval, or approved. No need to go to the CAC office to do this.
• If the application is accepted and the registration complete, the company’s registration number will be displayed in the registration number column.
• When you see your registration number and the status shows approved, you can then proceed to the CAC office which you chose as your pick up office during registration with the original copies of the documents you uploaded to collect your certificate.

Immediately a certificate of incorporation is generated, an automatic tax identification number, TIN will be issued and sent to the company’s email address from the FIRS through the Integrated Stamp Duty System (ISDS) Portal.

This has made things easy as it eliminates the need for the application of TIN separately to the Joint Tax Board.

Some conditions need to be met to avoid fines from the CAC which includes:

• Holding an Annual General Meeting (AGM) yearly.
• Fill an annual return 42 days after AGM;
• Register for the Company’s Income Tax and Value Added Tax with FIRS

Uploading all the Incorporation Documents

An applicant is expected to now login back to the CAC portal to upload all the incorporation documents. Below are the documents to be scanned and uploaded on the CAC portal:

• Availability Printout, (It is the same as the Approval Note).
• Registration Form CAC 1.1
• Identification of Directors and Shareholders
• Payment Receipt of CAC
• Stamp Duty Certificate (This is to be printed, once the stamp duty fee is paid).
• Memorandum and Article of Association
• Certificate of Incorporation of the Company Secretary (required only where the Secretary is a corporate body).
• All the above documents must be in PDF format.

FAQs about CAC

1. What is the Function of CAC?

The Corporate Affairs Commission is a regulatory body, established to regulate the incorporation, running, and winding up of companies, business names, and incorporated trustees, by CAMA.

2. What is CAC Document?

Corporate Affairs Commission in conjunction with the academy for entrepreneurial studies, Nigeria (AES) CAC registration portal to ensure electronic stamping of companies documents.

3.How Long Does it Take CAC to approve Business Name?

Ans: 1-2 weeks

The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors.

You do not need a lawyer to register a business name; however, if you want to register a company, you need the services of a lawyer or other accredited agent.

Completing the above procedure shows you have successfully registered your company with the Corporate Affairs Commission of Nigeria, CAC. To verify this, you can log in to the CAC website and type the name of your company.

This will show you whether your company is registered or not. If it is registered, the name and registration number will show but if it is not yet registered, it will come back empty.

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