Afrigather The Central Bank of Nigeria (CBN) has informed all companies utilizing Level of Sale (PoS) techniques to register with the Company Affairs Fee (CAC) by July 7, 2024.
This new rule helps be certain all companies utilizing these techniques are formally recognised and comply with the legislation.
This step is a part of an effort to make the monetary sector extra clear and safe, particularly to forestall fraud in PoS transactions. Companies have to get registered to maintain working with out points.
1. Create Your Account
Begin 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 utilizing your cell phone quantity or your Nationwide Identification Quantity (NIN). This course of is fast, taking lower than 10 seconds.
2. Choose Your Enterprise Title
Take into consideration a singular title that displays your corporation values, and trade, and appeals to clients. You possibly can test if the title is already taken by visiting [cac.gov.ng](https://cac.gov.ng), clicking on “Public Search,” and coming into the title you’re contemplating. If the title is accessible, you’ll see no current information.
3. Reserve Your Enterprise Title
If your required title is accessible, submit it for reservation on the CAC web site. There’s a charge concerned—₦500 for the standard reservation, ₦5,000 for names containing restricted phrases, and ₦10,000 for the Certification of Registration Paperwork. You’ll obtain an Availability Code after fee.
4. Full the Pre-Incorporation Kind
Use your Availability Code to fill out the pre-incorporation kind in your dashboard. Present particulars just like the enterprise title, tackle, and proposed actions. You’ll additionally have to add digital copies of needed paperwork akin to:
– Kind CACC 1 (reservation and availability of title)
– Identification and photographs for administrators
– Statutory declaration of compliance
– Different related paperwork for your corporation kind
5. Pay Charges and Submit Paperwork
As soon as your paperwork are uploaded, you’ll proceed to pay the submitting and stamp responsibility charges. After fee, the CAC processes your software, which may take between three to 5 days. You’ll obtain an digital certificates of registration upon completion.
Value to Register
The fee varies:
– Enterprise title registration: ₦20,000 to ₦40,000
– Restricted legal responsibility firm: ₦70,000 to ₦100,000, based mostly on share capital
Penalties for Non-Compliance
Relying on your corporation kind, penalties vary from ₦5,000 for small firms to ₦25,000 for public firms.
Advantages of Registering
Authorized Safety: Safeguards your corporation title throughout Nigeria.
Enhances Credibility: Boosts buyer and investor confidence.
Facilitates Loans: Will increase eligibility for monetary assist.
