How to do CAC company registration with N5,000 in less than one week – In a previous article we wrote about how you can register a business name with the corporate affairs commission (CAC), and we explained the difference between business name registration and company registration – you can begin your company registration by visiting https://services.cac.gov.ng/signup and start registration online.
Recall that we explained that business name is a pre-incorporation filing while company registration is an incorporation filing, this will create an incorporated business (also called a corporation) is a type of business that offers many benefits over being a sole proprietor or partnership, including liability protection and additional tax deductions.
Forming a corporation also allows you raise capital through sale of shares of your company. According to Small Business Computing, there are three common corporate structures including:
Corporation: the most common business entity. It is formed as a separate legal entity that’s wholly controlled by company shareholders.
S Corporation: offers liability protection to shareholders, and shareholders enjoy certain tax breaks not offered under other business structures.
Limited Liability Corporation: LLCs benefit from side-stepping double taxation on corporate profits (members report profit or loss on their individual tax returns).
In order sense, incorporating your business means you are separating your business entity from you as an individual, it means legal actions and liabilities cannot be taken against you because your business is a legal corporate entity.
This comes with a lot of benefits including raising capital through selling of shares as well as attracting serious business interests.
So with the above explanation am sure you now understands what we mean by incorporating a business or company registration with regards to CAC. Most people argue that this phase of business filings must use the services of a lawyer, chartered secretary or an accredited CAC agent which might be true to some extent, but it is not impossible to do it yourself.
Now let’s discuss the steps in incorporating your business;
The first step is to go through name search, reservations and name registration which is covered in this article. Having acquired an approved business name the next process involving login into your portal by clicking https://services.cac.gov.ng/login, click on company registration and enter availability code
After clicking “proceed”as in step 2,the approved company name displays, click on “Action” there will be a drop down, then click on “register”
Fill in the resulting form accurately and click on “continue” at the bottom right of the page
fill in the resulting form for company details and click on “continue”. You can always click on “save and exit” to exit and continue from where you stopped at a later time.
click on “add a director” to add the details of the company directors.
Fill in the details of the director and click on “save director” you can click on “add directors” again to add more directors’ details.
A list of the added directors is displayed at bottom part of the page you can edit a director’s detail by scrolling to the director’s name and at the right click on“ Action” there will be a drop down then click on “edit”. After adding the directors click on “continue” at the bottom left to proceed with the registration.
Step 8: Fill in the resulting form for the details of the company secretary and click on “Continue”
Step9: Fill in the next form for the allotment of shares
Step10: This is where you add the shareholders ,click on “Add a new shareholder” fill the resulting form and click on “add” you can repeat the process to add another shareholder
Step 11:You can add any of the directors as shareholders, click on the tick box beside the director’s name to select, fill the number of shares and type of shares and then click on “Click to Add selected Record(s)”to add
Step12: A list of the added shareholders is displayed at the lower part of the page, to delete any added shareholder scroll to the shareholder’s name and click on “Action” there will be a drop down menu, select “delete” .After adding the shareholders click “Continue” to proceed
Step13: After you click “continue” as seen in step 13 the next page is where you add the Memorandum & articles of Association, click on “Add an object” and type the memorandum & articles of Association in the text field then click on “Add”. To add another memorandum & Articles of Association you can click on “Add an object” and repeat the process
Step14: A list of the added articles of Association is displayed at the lower part of the page, to delete any of them scroll to the object and click on “Action” there will be a dropdown menu, select “delete”. After adding the articles of Association click “Continue” to proceed
Step15: Click on the pointer at the right side of each document and from the drop down, select the number of the document you need. After selection Click on “Continue” to proceed
Step 16: A preview of your company registration is displayed, go through the preview for clarity. You can click on “go back” to return to previous pages and make corrections or click on “Proceed to payment” at the bottom right of the page to continue.
Step 17: Make your payment; select a payment option and click on “Next”. Also note the Transaction Reference ID
Step 18:Fill in the card details and click on “Ok” to complete the payment process or “Cancel” to abort the process. After the payment has been approved or disapproved, you will get a payment receipt as seen in Figure 9b. Click on ”Return to home” to go to your portal.
After payment has been made, to check your application status or your payment status, go to “My Reservation History”. If your payment was approved and your application status still reads “Not Submitted”. Kindly click on “Action” , then click on “View payment history” to enable you know your payment status. If the payment status reads FAILED, DISAPPROVED or IN PROGRESS, kindly click on the “Check Status” to manually check your payment status then wait for 15mins to see the updated status of your payment.
Care must be taken in filling the company registration form as any mistake could result to denial of applications which why many feels the services of a professional is required.