How to Register Your Business with the Corporate Affairs Commission (CAC) within 24 Hours

 The Corporate Affairs Commission (CAC) of Nigeria has mandated all business owners to register their businesses by 7 July 2024, in line with the Central Bank of Nigeria’s (CBN) policy. The newly introduced special registration portal by the CAC aims to simplify the registration process, making it possible to complete within 24 hours. Below are the steps to follow:

 

1. Account Creation

- Step:

Create an account on the CAC portal.

Visit CAC Registration Portal (https://pre.cac.gov.ng/register/new) and register using your mobile phone number or NIN.

- Time: Less than 10 seconds.

2. Business Name Selection

- Step: Choose a unique and exclusive business name.

- Considerations: Reflect the business values, industry, and customer appeal.

- Name Check: Ensure the name is not already registered.

  - Action: Go to [CAC Public Search](https://pre.cac.gov.ng) and enter the proposed business name to check its availability.

 3. Business Name Reservation

- Step: Reserve your chosen business name.

- Action: Submit the name for reservation on the CAC website.

- Payment:

  - ₦500 for name reservation

  - ₦5,000 for restricted words

  - ₦10,000 for CTC of Registration Documents

4. Business Pre-Incorporation

- Step: Complete registration using the provided availability code.

- Details Required: Business name, address, proposed activities, digital copies of documents, valid ID, proof of address, business plan (optional for sole proprietorships).

- Documents to Upload:

  - Form CACC 1 (Name reservation and availability)

  - Incorporating parties' names and addresses

  - Two recent passport photographs and means of identification for every director

  - Statutory declaration of compliance by a legal practitioner

  - Principal business office address

  - Tax filing with the Federal Inland Revenue Service

  - Any additional required documents

5. Payment of File and Stamp Duty Fees

- Step: Pay the relevant fees after uploading documents.

- Outcome: An electronic certificate of registration and certified extract registration will be issued within 3 to 5 days.

- Portal: Complete the registration process end-to-end on the [Company Registration Portal](https://pre.cac.gov.ng/regist).

Cost of Registering Your Business

- Business Registration: ₦20,000 to ₦40,000

- Limited Liability Company: ₦70,000 to ₦100,000 (depending on share capital)

NOTE: Ensure compliance with the registration requirement to avoid any penalties.