THE CORPORATE AFFAIRS COMMISSION STARTS THE YEAR 2020 WITH A MASSIVE DECLINE IN SERVICES BY FAILING TO ISSUE BUSINESS NAME CERTIFICATES TO CUSTOMERS

The year 2020 has for a long period of time been earmarked as a period of massive development cutting across all spheres of human lives. But the year 2020 for the Corporate Affairs Commission has been the opposite, as there has been a massive decline in their services.

The Corporate Affairs Commission, the regulatory body of the Nigerian Government responsible for the regulation and management of companies in Nigeria has in recent years adopted new procedure and methods in the regulation and management of companies in Nigeria in order to ease the growing business environment in Nigeria. One of such inventions was the introduction of the online filing system of business/enterprise registration, Limited Liability registration and NGO which was applauded by customers nationwide.

Prior to this online filing system, as at 2015, customers or accredited agents who were desirous of registering their businesses in Nigeria were required to undergo the stress of filing their respective documents manually by purchasing the forms, filling the information and then proceeding to the Banks to make payments. This manual method of registration was not only stressful for customers but a serious delay to the registration process in Nigeria.

To register an enterprise during this manual period, customers needed to pick-up the availability forms for name search and availability, provide the Business/Company or NGO name for registration and then proceed to make payment. Upon payment, customers were expected to submit the duly completed availability forms together with evidence of payment and then wait for a period of 2 weeks or more in order to determine whether the name was available or not.

In the event that the proposed names were available, customers were further expected to continue the rigorous process again by purchasing the forms and then proceeding to the bank for payment. To cut the story short, the previous filing system was very rigorous and discouraging for Small and Medium-sized Enterprises to kick start their businesses.

Fast forward to the year 2016 to 2019, the Corporate Affairs Commission after taking a cue from other systems in other countries adopted the online filing system to aid the process of registering companies in Nigeria. This online filing system made the process of registration fast and convenient; registration process of companies and NGO then took a period of 2 to 3 days compared to the lengthy period of 1 month formerly witnessed by customers.

Furthermore, in a bid to expedite the process of registration in Nigeria, the Corporate Affairs Commission in the year 2019 informed customers that their new system would enable customers register their businesses and print the certificates in the comfort of their homes. This news was welcomed by customers across the nation. It gave everyone the notion that the Corporate Affairs Commission meant business, and its agenda was to create a working environment where the hassles, challenges and delays in registration would be totally eradicated.

Notwithstanding the stride the Corporate Affairs Commission has achieved over the past few years, the beginning of 2020 has presented a nosedive in the services of the Corporate Affairs Commission which questions the ambition of the Commission in creating a hitch free business environment. Presently, there has been a massive decline in the registration of Businesses, Limited Liability Companies and NGO. The Commission is steadily taking massive steps backwards as it relates to their services. The website is always lagging, delays in approval of names, system glitches.

The Commission’s topmost failure in the year 2020 is the refusal of the Commission to print and issue certificate of businesses which spans over a period of two months now. The last time the Commission printed business name certificates in Lagos State was 12th of December, 2019 and the same problem has been witnessed across almost all the branches of the Commission in Nigeria.

What is very strange and worrisome is that a Commission that generates billions of funds for the Federal Government of Nigeria cannot print and issue certificates due to the unavailability of materials for certificates. The Commission’s head office in Abuja for reasons best known to the Registrar General of the Commission has refused to distribute materials (Certificates) to all the branches in Nigeria to enable the issuance of Certificates to customers.

Presently, customers, clients and the entire populace are beginning to realize that the initial efforts of the Commission to meet foreign standard in registration process was a big hoax and it is apparent that there will always be set backs in making the Nigerian corporate environment great.


Bar. A O Adeusi

micton:
You didn't mention the total cost of regishtration. Can I use same process for NGO registration

No sir, you can't.. But the online process applies to everything.. For the NGO you need to carry put publication of thr names and each Trustees must depose to a declaration form.. For further details l, whatsapp me on my number. 08037032004

Hello members, I did not mention the cost because the cost varies. What determines the cost for each registration is the number of certified true copies you are applying for and the number of share capital of the company. But for a business name, the minimum cost for registration is N10, 000 while for company with 1 million share capital is N 23,000 for cac registration and Stamp duties.

HOW TO REGISTER YOUR COMPANY OR BUSINESS NAME ONLINE WITH THE CORPORATE AFFAIRS COMMISSION

For some time now, there have been agitations from the general public in Nigeria that the process of registering businesses with the Nigerian Corporate Affairs Commission is tedious, complex and not user friendly, and that the process of registration takes too long compared to other African Countries such as South Africa where you can register your company within 2 days.

In view of the above agitations, the Nigerian Government in a bid to create a viable and thriving economy environment mandated the Commission to make the process of registration faster and effective without delay.

To achieve the above mandate, the Corporate Affairs Commission launched its first ever “two days” online registration where users can open an account with the Corporate Affairs Commission Portal to do all is required for the registration.

To register your business or company with the Corporate Affairs Commission, all you need to do is visit www.service.cac.gov.ng and create an account.

HOW TO CREATE AN ACCOUNT

To create an account, click the create account button at the top right corner of the page, where you would be required to provide your full details and subsequently, your password for the account would be sent to your email address provided.

Note: If you are not an accredited agent, you must be a member of the proposed company to be registered. This means you cannot register for someone with your account if you are not a registered agent. Every company you register with your account, you must be a shareholder or a director.

NAME SEARCH/PUBLIC SEARCH
Upon opening your account, before you proceed with the first key step of registration, which is reservation of your proposed name, it is advisable you do a name search with the Corporate Affairs Commission data base.

Due to the fact that businesses are registered everyday with the Commission, in fact, nothing less than 500 registrations are carried out per day with Corporate Affairs Commission, the chances that your proposed business name would be available, i.e. nobody would have adopted it, is very slim. So, to avoid delay and wasting funds, Click Step One, do a search on the Corporate Affairs Commission public search platform to confirm that your proposed name has not been utilized by someone else.

Furthermore, the key factor you also need to consider in your name search is that the Corporate Affairs Commission would not approve a name that is similar to another name or likely to confuse people that the businesses are one and the same. This means that the Commission places emphasis on whether the names are similar to confuse the public to take one for the other. For instance, the Corporate Affairs Commission would not grant you this following names; World enterprises if there is a registered business with Word enterprises or Word Ventures and Peak Hill Limited if there is a registered business with Hill Peak Limited.

APPROVAL/RESERVATION OF NAME

The next key step to register your business or company with the Corporate Affairs Commission is reservation and approval of your proposed name. To reserve your name, Click Step Two, www.service.cac.gov.ng put your desired names in the columns, but note that the first column is your first choice while the second column is your second choice in case the first choice is not available.

In reserving your business name you would be required to fill some details, fill the details accordingly and proceed to make payment. In making payment, you can pay online with your ATM cards or pay via Bank Branches. I would suggest you endeavor to pay with your ATM card to avoid further stress, otherwise paying via bank branches entails going to the Bank to pay the sum of N500 (Five Hundred Naira) then opening your CAC account to reconcile payment. Please avoid the stress and pay online.

After successful payment, you would get your result within 24hours. If your proposed name is approved, congrats!!! As you can now proceed to the next stage of the registration, but if not, you would be required to submit another name and do the whole process again.

Note that in your registration, you may be required to submit certificate of proficiency if needed and necessary, because if your registration relate to professional services, such as; legal services, accounting services and engineering services etc., in order to complete this registration, you will need to submit - Call to bar Certificate, ICAN Certificate and COREN Certificate in addition with the relevant university Certificate to complete registration.

In this view, if you do not possess the necessary certificate, avoid using a name that contains professional services. For example, Peak Hill Engineering services Limited.

REGISTRATION

Now that your proposed Business Name or Company Name has been approved, download the availability document and payment receipt from your account and copy the serial number of the Approved name.

Click Step Three in the Corporate Affairs Commission website, - Pre-Incorporation registration in the Corporate Affairs Commission website, then click the one that applies, business name, Company or Incorporated Trustee. Insert the serial number of the Approved Name, fill the necessary details in the form and proceed to make payment.

STAMP DUTIES

To further expedite the registration process, stamp duties can now be paid online. Payment of Stamp duties only applies to Company registration. After making payment for the CAC registration, go back to your pending registration and click pay stamp duties.
After paying for business registration or Company registration with stamp duties, download the forms, print out and sign same.

UPLOADING OF FORMS

To complete the registration process, you are required to sign the printed forms, affix passport photographs (Business Name), Commissioner for oath (Company) and upload same on the CAC portal – www.new.cac.gov.ng along with the following documents;

i. Evidence of Availability of Name
ii. Means of Identification
iii. Receipt for the name reservation and Registration
iv. And any other relevant document.

Upon uploading the above documents, click the submit button and wait for the approval of the registration. Note: all the documents to be uploaded must be in PDF format.

Within 3 to 4 days, your company or business name would have been registered, and you will get a notification from CAC to come to your selected branch to pick up your certificate.




Bar. Adeusi Olusola - 08037032004

Lastruct:
Kindly assist in advicing me pls. I registered a company since 2012, and the company has not been used for any job since then, no tax or any other thing done, it has just been kept. Now I have resigned and wish to open an office. Can I still pick up this company for use or I should just register another. If I can still use it, can u pls put me thru on what to do to make this company fit for use based on the neccessary filings I have to do.Thank you.

Just pay your Annual return with the Corporate Affairs Commission. Visit the nearest FIRS office and inform them that you just want to commence business.Apply for your Tax Identification Number, open an account and start your business.

Lastruct:
Kindly assist in advicing me pls. I registered a company since 2012, and the company has not been used for any job since then, no tax or any other thing done, it has just been kept. Now I have resigned and wish to open an office. Can I still pick up this company for use or I should just register another. If I can still use it, can u pls put me thru on what to do to make this company fit for use based on the neccessary filings I have to do.Thank you.

If you have registered the company, please go to www.new.cac.gov.ng. click the public search. type the company name in the column. This will determine if the company is still registered with the Corporate Affairs commission. I am very certain it will still be.

If the company is still there as registered, you can continue with the company as your business. But please always ensure you pay your annual return as at when due so as to avoid penalties.

[quote author=dazojay post=47462622]
Please can u give me your phone number? I need to make some enquiries regarding CAC from you. Thanks


08037032004

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.

[img][/img]

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.
[img][/img]


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.
[img][/img]

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.

Wte Power Fix Nigeria Ltd

Adeusi Adetunji Olusola

IamRespected:
Sorry I actually did not sweet talked my babe
Did not read all though

am happy you did not...with this ur <sweet talked> she would have said no..

I got the message too, and I can't remember applying anywhere....these people might be scam cos it likely they sent the message to my mumsy phone...but am not sure if the message was for my no. Or my mum cos I inserted my sim in my mums phone and I then removed it...I am 78% sure its a scam........

I thought this site was meant for matured minds and not snail brains......please, let's act matured....

[quote author=youdontknowme] Using a Tab is no excuse for bad english. Stick to corrections. Have never and would never exchange words with anyone here. Run along now


I can see y some people are still jobless.....