As a Nigerian business owner, having your business registered with the Corporate Affairs Commission is an important step if you want to establish your business as a legal entity in Nigeria.
However, most business owners don’t know how to get their business registered with CAC or they find the process confusing and overwhelming for first time business owners who are new to the entrepreneurship journey.
If you want to register your business name, and don’t know how to go about it, then read on as we will cover a comprehensive step-by-step guide to help you navigate the CAC registration process easily.
What is CAC?
CAC stands for Corporate Affairs Commission. It is the regulatory body responsible for the registration and regulation of companies in Nigeria.
The body is tasked with ensuring that businesses operate in accordance with the laws and regulations governing corporate entities in the country.
Why do you need your business registered?
CAC business registration is important for several reasons:
- Legal recognition: Registering your business with the CAC gives it legal recognition as a separate entity from its owners. This means that the business can enter into contracts, own property, and sue or be sued in its own name.
- Limited liability protection: One of the key benefits of registering a business entity such as a limited liability company (LLC) with the CAC is that it provides limited liability protection to the owners. This means that the personal assets of the owners are protected in case the business incurs debts or legal liabilities.
- Access to finance: Many financial institutions and investors require businesses to be registered with the CAC before they can provide financing or investment. Registration with the CAC adds credibility to your business and makes it more attractive to potential investors and lenders. Here’s how to get investors for your business
- Business name protection: Registering your business with the CAC also provides protection for your business name, preventing others from using the same or similar name for their own businesses in the same industry or sector.
- Compliance with regulations: Registering your business with the CAC ensures that you comply with the legal and regulatory requirements for operating a business in Nigeria. This includes tax obligations, reporting requirements, and other regulatory obligations.
Online CAC Business registration Steps
Here are three simple steps to register your business with CAC online
- Visit the CAC website homepage to check if your preferred business or company is available and reserve it if it’s available.
- Next, is to complete the pre-registration form and upload all the relevant registration documents using the registration portal.
- Lastly, is to pay the required filing fee. Attached is the link to all the necessary schedule of fees.
So there you have it, registering your business with CAC online can be done in just three simple steps.
