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HOW TO REGISTER YOUR COMPANY WITH THE CORPORATE AFFAIRS COMMISSION UNDER THE TREASURY SINGLE ACCOUNT SYSTEM

In Nigeria, the Corporate Affairs Commission (C.A.C) is the governmental body responsible for registering business names, companies and Incorporated Trustees. It is important to note that registering a company is not as difficult as many will believe if you understand the procedure.

Presently, the procedure for registering any business, Company or Incorporated Trustees has changed due to the introduction of the Treasury Single Account, but the changes only affect majorly the mode of payment and some important documentation needed in the registration process.

PROCEDURE FOR COMPANY REGISTRATION

Registering a business in Nigeria can be achieved by incorporation of a company or registering a Business name.

The first step to registering a company is to choose two unique names for your company. An example is Life Style Consulting Ltd or Unique Goal Nigeria Ltd.

Following the introduction of the Treasury Single Account, you cannot purchase any CAC form from the office of the Corporate Affairs Commission or make direct payment in the Corporate Affairs Commission. Due to this, the first step you are required to take is to generate your Remita Code from www.remita.net

HOW TO GENERATE YOUR CODE

To generate your remita Code which is mostly referred to as RRR Code, you need to log on to www.remita.net. then Click Pay a Remita Customer/Biller. After clicking the Pay a Remita Customer/Biller.

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After clicking the remita Customer/Biller, just insert the Government body you wish to make payment to, (in this case, we are making payment to the Corporate Affairs Commission), type in the column box, Corporate Affairs Commission, and the Corporate Affairs commission suggestion will come up for you to click. simply click.
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Upon clicking the right payer, the necessary column will come up for payment such as name of service/purpose you wish to pay for.

you are required to select what you are paying for.
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Since the first thing you need to do towards registering your business name or company is to reserve a name for approval, what you need to do next is click NAME RESERVATION.

A name reservation costs N500 (Five Hundred Naira). Fill the necessary column, i.e. payers full name, payers email address, and phone Number. PLEASE NOTE THAT THE PAYERS NAME SHOULD BE IN THE NAME OF THE COMPANY YOU WISH TO REGISTER AND NOT YOUR PERSONAL NAME. For example, If the Company proposed name is Excite International Limited, this is the name you will put in the payer's column and not your personal name. if you fail to do this, your documents would be queried.

After filling all the necessary columns, click proceed to make payment. By doing this, you have generated your Remita Code (RRR CODE). To complete payment, you can either pay online using your internet banking facility or your ATM cards to conclude payment.

If you cannot conclude payment online, simply write out the Remita Code or print out the Payment Slip, take this to the nearest bank, pick up a teller and make payment. NOTE: The beneficiary name you will put on the Teller is "Corporate Affairs Commission" and also ensure that the amount being paid for is inserted on the Teller including the Remita Code.

NOTE: if you are making payment online or through any bank other than United Bank of Africa, you will have to verify payment with the account section of the Corporate Affairs Commission. To do this, just ask for the account section in any CAC office and verify payment.

Once you have completed payment, you can now visit the office of the Corporate Affairs Commission to verify payment if required and collect a Copy of the 'Availability and Name Reservation Form'. Fill the necessary information on the Name Reservation Form, make a copy of the CAC Form and the Teller from the Bank or Online payment slip, then Submit the CAC Reservation Form and the photocopy of the Teller or Online payment slip.

At this point , a waiting period of 7 working days is required before you can go back to the office of CAC for the result. It is the photocopy of the CAC Reservation of Name form you will use to collect the result so make sure you do not lose it.

If one of your chosen names is found suitable and unregistered, it will be assigned to you and reserved for 60 days. (Note. You must endeavor to choose a unique name that is unlikely to be similar with any other registered business name)

The next step is to complete registration by purchasing and filing the certain necessary CAC forms. These forms are reffered to as "set of Incorporation Forms" which comprises of the following forms labelled ; CAC 2, CAC 3, CAC 2.1 , CAC 4, and CAC 7.

Like i earlier mentioned, there is no direct payment to the Corporate Affairs Commission. To get this Form, you will need to adopt the same method described above in purchasing your 'Availability and Reservation of Name' form. In this case however, under the 'purpose/service' section, just click "SALE OF FORMS" and thereafter, all the types of forms will be displayed. Just Click Sale of LLC Forms: Set of forms.

Fill the necessary columns carefully.

PLEASE NOTE THAT THE DESCRIPTION COLUMN SHOULD BE IN THE NAME OF THE PROPOSED COMPANY NAME OR BUSINESS NAME TO BE REGISTERED.

Complete payment by adopting the above mentioned method for Reservation of Name form and visit the office of the Corporate Affairs commission to get a copy of the Forms.

Once you have got a copy of the Set of Forms, fill the forms appropriately and prepare your Memorandum and Articles of Association. The Memorandum and Articles of Association are the constitution of your Company which must be well drafted.

FILLING THE CAC FORMS

The proposed name of the Company must be written in the Column for Company Name.
The full names, ages and residential addresses of all the directors must be supplied
The address of the proposed company which must be within Nigeria
The Share capital of the Company must be stated on the form CAC 2 (the Authorized share capital of the Company)
The name of the Company Secretary must also be stated in the form as all companies must have a company secretary.
DOCUMENTS TO BE SUPPLIED

Means of identification for all the members of the Company must be provided for filing.
Certificate of proficiency

STAMP DUTIES AT FEDERAL INLAND REVENUE SERVICES

After filling all the CAC forms, you will need to submit Form CAC 2 (2 copies) and 3 copies of your Memorandum and Articles of Association with the Federal Inland Revenue Service for stamping. Stamping for a 1Million share capital is N 8,500. if you are incorporating a company with more share capital, please make the necessary consultation. To pay for Stamp duties, simply go to any Skye Bank nearest to you and pick up the FIRS Teller, fill the Teller and make payment. Take the stamped Teller to the FIRS office and submit 3 copies of your Memorandum and Articles of Association and 2 copies of your form CAC 2. The Stamped memorandum and Articles of Association and CAC 2 should be ready in a week.

PAYMENT OF INCORPORATION FEES

After Stamp duties, pay the necessary filing fees- To make payment, you need to adopt the Remita method mentioned above.

Select service/purpose option, then click Company Registration and follow the above mentioned steps in completing payment. Also note that the name of the proposed company must be in the description column.

FINAL STAGE OF INCORPORATION

After submitting your Memorandum and Articles of Association with the Federal Inland Revenue Service for stamp duties and making payment for incorporation either online or through the bank you are required to do the following;

1. Make copies of the Means of Identification of all the Directors and members of the Company. e.g Drivers license, International Passport or voters card.

2. Make copies of the Certificate of proficiency in the event your company is offering any particular professional services such as Taxation, Accounting or Legal etc.

3. Take the Form CAC 4 to the Commissioner for Oaths of the High Court, Magistrate Court or Ministry of Justice for oaths.

4. Make 3 copies of your payment slip i.e. either online payment slip or bank teller

5. Make copies of your Form CAC 7, CAC 2, CAC 3 and CAC 2.1 and attach with the following documents; Original copies of your Form CAC 7, CAC 2, CAC 3, CAC 2.1, CAC 4.

6. Submit all the documents and wait for your certificates of Incorporation to be ready for collection.

These are all the steps you are required to take to register your company.

Note: A minor (someone below the age of 18) can only be a director in a company provided that there are two other adults listed as directors.

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