CAC Registration
Accreditations
CAC REGISTRATION
A certificate of incorporation is a document given by the companies’ regulation agency of a country (in Nigeria’s case this is the Corporate Affairs Commission – CAC) as evidence of the existence of a company, and it’s right to do business.
Business Name
A Business Name may be a Sole Proprietorship or a Partnership. It is a Sole Proprietorship if it is carried on by an Individual or a Corporate Body solely. It is a Partnership if it is carried on by two or more Individuals or Corporate Bodies or a combination of Individuals and Corporate Bodies. A Business Name does not enjoy legal personality. It is not separate from the proprietor or partners for the purpose of liability. The liability of the proprietor or partners in a Business Name is not limited.
Company
A Company is a business arrangement which enjoys legal personality. It is a corporate body and separate from its members (owners). The liabilities of members (owners) of a Company may be limited by shares or guarantee or may be unlimited. A Company may be public or private. The name of a Company must end with the word “Limited” or “Limited by Guarantee” or “Unlimited” or their abbreviations (“Ltd or PLC” or “Unltd” or “Ltd/Gte”)
Incorporated Trustees
An Incorporated Trustees is the registered trustees of a Not-for-Profit Association. The objects of the Association must be religious, educational, literary, scientific, social, developmental, cultural, sporting or charitable. The Trustees are the legal representatives of the Association and can acquire property, sue and be sued in the name of the Association. The Trustees are subject to the directions of the Association and its Governing Council (if any).
Limited Partnership (LP)
A Limited Partnership (LP) is a partnership arrangement with at least one general partner and at least one limited partner. The liabilities of a general partner are unlimited while the liabilities of a limited partner are limited (unless he takes part in the management of the partnership). An LP shall not consist of more than 20 persons. The name of an LP must end with the word “Limited Partnership” or the abbreviation “LP”.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a partnership arrangement with legal personality separate from the partners. The liabilities of the partners of an LLP are limited to the amount agreed to be contributed or what is outstanding, in the event of winding up, in the amount agreed to be contributed to the partnership by each partner. An LLP must have at least two (2) “Designated Partners” who shall be responsible for compliance with the requirements of the Act by the LLP. The Designated Partners must be individuals at least one of whom must be resident in Nigeria. The name of an LLP must end with the word “Limited Liability Partnership” or the abbreviation “LLP”.
What is the difference between RC and BN in CAC?
The meaning of RC for purpose of corporate affairs matters is Registered code, it is a code given by the corporate affairs commission to every company registered with it. In essence while BN pertains to business Name, RC pertains to a company
What information do we need in order to commence?
- Proposed Name of the Company
- Business Address of Company
- Proposed Share capital of the company
Name of all shareholders - Email address of all shareholders
- Mobile phone number of all shareholders
- Residential address of all shareholders
- Occupation of all shareholders
- Percentage ownership split of all shareholders
- Scan of identification document of all shareholders (Driver’s license, National ID etc.)
How long does the process take?
- Name Search – 24 hours from submission
- Approval of registration – 1 week from filing signed documents
- Grant of Certificate of Incorporation: 1 week from approval of registration Total time – Approximately 2-3 weeks