The Corporate Affairs Commissions (CAC) introduced online electronic registration of companies sometime around 2016. The introduction of the online registration was a welcome idea because of the stress of the physical registration; anybody can now sit down comfortable at their offices and homes to register their companies.
On a daily basis Cac continues to update their website to improve on it in order to serve their customers better. The CAMA was amended after a long time, we now have CAMA 2020, with lots of renovation and introduction of new rules and law, subtraction of unrealistic laws and rules.
The first thing is to get register with Cac as an accredited agent and in doing this, the following steps are to be taken.
•Fill an agent registration form online
•Summit the filled form with a passport Photograph, Photocopies of certificates as required,
•Make payment and submit
A portal will be created in the person’s name.
You will create a Username and a private Password for the portal.
The above are the steps to become a Cac accredited agent and this will enable you to do all your companies registration online.
STEP BY STEP ON HOW TO REGISTER A COMPANY.
•Check for availability of proposed company’s name (two names preferably)
•Click on the RESERVE NAME
It will bring out CLASSIFICATION, you then select from the selection classification i.e. ----BUSINESS NAME
-COMPANY
-INCORPORATED TRUSTEE
Select the one you want to register.
Next is the Specific Type, here you will have all types of companies that can be registered e.g. BUSINESS NAME, INCORPORATED TRUSTEE, PRIVATE COMPANY LIMITED BY SHARES, PRIVATE UNLIMITED COMPANY ETC. You will select the type you want.
-Next is the PROPOSED NAMES: Option I and Option 2
•After filling this page, you will click on the SAVE & CONTINUE
On the next page, you will have 1. Reason for Availability Search, Here you will select new incorporation.
-Next is the Nature of Business category, you will click on the type and in case you cannot find the nature of business you want, click on OTHERS.
-Next is the Specific Nature of Business, click on your choice.
You then have ADDITIONAL REMARKS, for company registration you need not fill it but its mandatory to fill for Incorporated Trustee, there you fill one object of the Trustee. After this you will click on the SAVE & CONTINUE, it will take you to Preview page.
You preview for any error, correction if need be and thereafter you proceed to the payment page.
On the payment page you will pay though REMITA, there you will get an RRR number, which you will use for payment.
Use your ATM card to make payment.
After payment, it will issue you receipt for your payment and Cac will put the name on Pending on your portal and after some hours/ the 2nd day the result will come out under Approved or Denied as the case may be.
2nd STAGE
If the name is denied a reason will be given as you have to slot in another names but if approved the next stage is as follows
Click on the NEW COMPANY REGISTRATION on your portal, it will ask for the availability code, input it; a form will come up to be filled.
FILLING OF THE FORMS
Information of the company
•classification: Company
•company type: private company, limited by shares OR Private company limited by guarantee.
•Email of the company
•Address of the company
•Issued shares in words
2. SHARES DETAILS
• Class of shares
• Total number of issued shares
• Aggregate nominal shares (no of shares insured multiplied by nominal valve.
3. OBJECTS. On the objects, there is a book where all objects of all companies are stated, you need to have the book.
4. ARTICLES OF THE COMPANIES, you just adopt the one on the page.
5. The witness column, fill it
6. The Directors column, the name, Telephone number, email, Gender, Date of birth and the contact address (on the company’s address ensure not to fill the state twice
7. The Shareholders column, most time the directors are the same with the shareholders, in such case just click same and the system will fill automatic.
8. Person with SIGNIFICANT CONTROL (psc)
What it means is the person with the highest share. There you will fill the name, Email, Gender, Date of birth, Tax Residency. The percentage he/she owns directly and you will put 0% indirectly. Other is yes or no answers.
9. The secretary column.
10. Presenter column, here you will fill in your details including your accreditation number.
11. There is a page for uploading of documents. Scan signature, Directors means of ID cards, Presenter ID etc.
12. A preview page will come in and you will correct all omissions add all left out information’s before proceeding to payment page. Pay through Remita, after filling payment, you will then pay for Stamp duty. The documents will be Stamped.
13. The forms will be submitted and Certificate is issued online, all you need do is to print it online, using colored printer.
BUSINESS NAME REGISTRATION
After the name has been approved, you click on the new company registration, enter the Availability number and fill the form. The business name form is easy to fill; there you have the business name and its address.
Particulars of the proprietor/proprietors as the case maybe.
The proprietors will attest their signatures on the page
The presenter page would have been filled automatic.
Upload the Proprietors signatures, Passport photo, Means of ID cards.
Preview, summit, make payment though Remita, get the RRR number and make payment.
The certificate is also issue online for you to print.
INCORPORATED TRUSTEE
This takes about One month plus to get the certificate. For incorporated Trustee, when you make availability, you need to get Reservation code. When you click on the Reservation code, you will be ask to fill the followings:
•Incorporated trustee details
•Constitution
•Aims & Objectives
•Trustee
•Document upload
•Preview
•Payment
After the payment, a code will be issued for you to proceed with the registration.
The first is the 28days advertisement in one national newspapers and one local one. After the 28days of the newspaper publication, you will get an iron seal for the Association and then continue the registration, filling the forms, uploading the documents, making payment and the certificate is also issued online.
POST INCORPORATION
This after the companies /business name or incorporated Trustee has been registered.
-FILLINGS OF ANNUAL RETURNS OF BUSNESS NAME, COMPANIES, INCORPORATED TRUSTEE.
-CHANGE OF NAMES
-CHANGE OF DIRECTORS/SHAREHOLDERS/ TRUSTEE
-CHANGE OF ADDRESS ETC
For any post incorporation process, all due annual returns must be paid before you can do anything. All this process is also done online with individual portals.
I believe with this little explanation, anybody can easily operate on the new Cac portals without much difficulty. Once again I want to appreciate all my wonderful, beautiful, gorgeous female colleagues and most especially the leaders of the Female lawyer’s forum.
We are the salt of the earth and in whatever profession we are we must always shine. Don’t be discourage with the present situation of the profession, we can always be on top like the new VP of America Kamala Harris, Hillary Clinton, Condoleezza Rice, Ngosi Okonjo Iweala, Funke Adekoya SAN just to mention but few of the great women in the world. We are the greatest woman.
Thank you and God bless.
Lecture delivered by Ebinum Tiwatope (Mrs.) Esq.
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