One of the greatest things you can do for yourself is to start a business. But your business has to be registered in order for you to run it without any problems. The professional body that is in charge of business registration in Nigeria is the Corporate Affairs Commission. The federal ministry of commerce and tourism was the agency that was in charge of this responsibility before the advent of CAC.
You are probably asking why you should register your business. Well, among other things, it helps secure your company name before it gets taken by someone else. People have had to change their company name just because it got used by someone else. Sometimes, you are going to have go with your second or third choice which you may not be happy with. Also, registering your business makes it serious and legitimate and you will be able to open a corporate account. Only a registered business name will be allowed to have a corporate account. As a result, people feel comfortable and relaxed when they are doing business with you.
Now, how do you register your business? Well, it is quite simple, all you need to do is to keep scrolling down and follow the given steps:
- Conducting a name search is the first thing you need to do in the course of registering your business. So, work into any CAC office. Collect the form and feel it appropriate. Then, the CAC will check its database to see if the name has already been used. The name will be approved if it has never been used before. If otherwise, then you are going to have to change it. Likewise, this can also be done online
- Fill the business name registration and the statutory form with two passports photographed attached to it. The information to be the given form includes the approved name of the business, nature of the business, the address of the business, and signature.
- 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. To pay for Stamp duties, simply go to any available 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.
- Pay the necessary amount of money for the filing fee as well as others and submit the form. Also, you can choose to do it in a bank or online.
- You can go on to submit the form once the payment has been approved. Then, your documents will be reviewed by CAC and you will be notified once it has been approved
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