CORPORATE AFFAIRS COMMISSION, WHO THEY ARE AND WHAT THEY DO

CORPORATE AFFAIRS COMMISSION, WHO THEY ARE AND WHAT THEY DO

It is true that most people today do not know or have not heard about the Corporate Affairs Commission of Nigeria (CAC) for the very first time. And while some others may have heard about them, they may not really have known what their core responsibilities are in Nigeria.
This post should clear all of those uncertainties and provide answers to your questions in this regard, in the clearest possible way.

The Corporate Affairs Commission, Who They Are

The Corporate Affairs Commission (CAC) is an autonomous body, established by the Companies and Allied Matters Act (CAMA) of 1990, in order to regulate the formation and management of companies in Nigeria. Their head office is located at Plot 420, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria, with other offices scattered all over the 36 states of the federation.
The Commission is currently headed by Alhaji Bello Mahmud, who is the present Registrar-General/CEO.

The Corporate Affairs Commission, What They Do

The Corporate Affairs Commission (CAC) is saddled with the responsibility of regulating the formation and management of companies in Nigeria. The Commission is the only agency of government, charged with the responsibility of registering COMPANIES, BUSINESS NAMES and INCORPORATED TRUSTEES in Nigeria.
However, in order to bridge the divide between customers trying to register their companies, business names or incorporated trustees and the Commission, CAC have ACCREDITED AGENTS, who have ease of access to the services of the commission and who are more experienced in the act of registering companies/businesses.
There is however, no gainsaying the fact that individuals can also access the services of the commission through a special window meant for individuals, but this is highly discouraged, because any errors in the registration process due to lack of adequate knowledge of the process, could cost you money, time and resources, which you would have saved by employing the services of an EXPERIENCED AGENT.

 Outline Of Services Offered by the Corporate Affairs Commission

The services offered by the Commission include the following –

• Regulation and supervision of the formation, incorporation, registration and management of
Companies, Business Names and Incorporated Trustees.
• Registration of changes, amendments and alterations in particulars of Companies, Business
Names and Incorporated Trustees.
• Repository for statutory records of Companies, Business Names and Incorporated Trustees
including annual reports of exempted foreign companies and annual returns of Companies,
Business Names and Incorporated Trustees.
• Searches.
• Issuance of Certified True Copies of certificates and extracts of filed documents.
• Enforcement of compliance of Companies, Business Names and Incorporated Trustees with the
provisions of CAMA.
• Conducting investigations into the affairs of Companies, Business Names or Incorporated Trustees.
• Registration of changes in share capital, mortgages, debentures, charges, etc.
• Registration of appointment/discharge of Receiver/Manager.
• Registration of appointment of Liquidator
• Regulation and supervision of the striking off and winding up of Companies, removal of Business
Names from register and dissolution of Incorporated Trustees.
• Express incorporation of Company.
• Accreditation of Lawyers, Chartered Accountants and Chartered Secretaries as direct users of the
services of the Commission.

WANT TO CONTACT AN EXPERIENCED AGENT FOR YOUR COMPANY REGISTRATION TODAY? THEN CLICK HERE

6 Great Reasons Why You Should Register Your Business Name Today

6 Great Reasons Why You Should Register Your Business Name Today

If you are running a one-man business or a sole-proprietorship, or some other kind of business where you do not hope to raise capital through issuance of shares, then you might need to register your business name immediately.
The authority responsible for registering business names in Nigeria is the Corporate Affairs Commission, established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria 

More often than not, a lot of people have done several businesses under different names and identities other than their personal names, which they have not yet registered with the relevant authorities. In Nigeria, this may be a common practice, but one thing that such people do not understand, is the fact that there are more disadvantages to this than there are advantages.
In this post, the importance and relevance of registering your business name with the Corporate Affairs Commission, has been succinctly treated.

 First of all, What Is Business Name Registration? 

Business Name registration (Other than company incorporation) is the process of obtaining legal authorization from the relevant authorities in a country, in order to carry on business activities within your chosen area of business or jurisdiction. In other words, if you are conducting business under a name other than your personal name, then it is expedient that the name is duly registered with the Government, through the relevant authorities.

A couple of questions may be up on so many people's mind, such as:

Why Should I Register A Business Name When I Could Always Use Any Name I Please?

Yes! you could probably pick up any name from the old books and then use if for your business, but in what way does that stand you out from the crowd?.... the answer is "IN NO WAY!"
Registering a unique business name for your business gives you a lot of edge over those working under unverifiable names. It gives you a lot of advantages over the crowd, and makes you an authority in your chosen jurisdiction of trade.

Registered businesses gain amazing publicity in the industry because they have gained reputation  from their clients and also from the Government. The existing clients of a registered business will continue to support the business and therefore accelerate a rapid success for the business.
The potential clients of the company on the other hand will find that a registered business is more reliable than one that is not. This is because they are aware of the company’s established credibility in the business world.

6 Great Reasons Why You Should Register Your Business Name Today

REPUTATION:  Businesses that are registered have a better reputation, and therefore, potential clients feel more comfortable doing business with an establishment that is duly registered.

ORIGINALITY AND UNIQUENESS:  When a business is registered, it is unique and stands out from the crowd of unregistered business names all around the place. When your business name is registered, you get official certificate of business name registration, as well as Certified True Copies (CTCs) of registration documents from the Corporate Affairs Commission, which your unregistered counterparts do not have.

SOURCING LOANS EASILY:  If a business name is duly registered, then it can easily access loans from banks, and other financial institutions, but if it's not, then no financial institution would risk doing business with it. When you apply for small business loans (which is actually inevitable if you ever dream to grow your business), you're going to have to prove that you are actually a business. 

Lenders and investors will ask to see your proof of business registration, along with other application requirements before approving you for a loan. If you apply for a credit card as a business, creditors may also ask to see your registration paperwork.

PROFESSIONALISM:  Having a registered business name makes a difference when you approach clients and partners. A registered business indicates to customers and would-be customers, that you are not a fly-by-night operator and are here for the long term. Consequently, what this does is that it helps you convert customers more easily and efficiently than you can when running the business as an individual.

OPENING BUSINESS ACCOUNTS THAT ARE DIFFERENT FROM PERSONAL ACCOUNTS:  

When a business is registered, then a unique business account could be opened for the business, which spells professionalism and uniqueness.  Part of being a professional is to have your customers pay your company or business for goods and services through a dedicated business account which bears the particular business/company's name, and not through your personal bank account.

In order to have a bank account in your business name, you will require your business to be registered under the business name category, and the certificate of name registration as well as other Certified True Copies would be required by the bank or other financial institutions.

SUPPLIER ARRANGEMENTS:  If your business is registered, it makes you eligible to receive supplier discounts that you wouldn't normally receive as an unregistered business. Suppliers commonly reserve wholesale rates for business owners who can show official paperwork from the relevant business registry of the country. 

 Have you registered your business name? If No, Then What's Keeping You? If Yes, How easy or difficult was the process? Tell us all about it by commenting below. 

PLEASE DO NOT HESITATE TO SHARE THIS POST IF YOU HAVE FOUND IT INTERESTING.

If you wish to register your business name today? Click HERE

Take Me Back To The Homepage