LegalBizPro - CAC Business Guides

It's clear that filing annual returns with the Corporate Affairs Commission (CAC) is a legal requirement for every registered business in Nigeria. Whether that's a business name, limited liability company, or non-profit, the fees must be paid.  The process is fully online now and you need a few, straightforward details to pay your annual returns. This guide helps you understand the requirements, the process, and more!  Information and Requirements for Filing Annual Returns Because each entity type has slightly different requirements, it helps to prepare your documents in advance so you can move through the portal quickly. For Business Name If you're filing annual returns for a registered business name, you'll typically need to provide: Business name Registration number Business address Nature of business Branch address, if any Year of annual return Financial year end Turnover information Net assets information Details of the proprietor or partners Email and phone numbe...

Regardless of the type or nature of the entity you want to register, choosing the name is almost always the first thing to consider. That name is the one that is registered with the Corporate Affairs Commission (CAC) and appears on the Status Report and on the Certificate of Incorporation. Choosing the name is up to you, but CAC conducts an official search. If the name is available, you can reserve it and proceed with registration.  Along the line, different circumstances may warrant a name change. You may want to improve the scope of your business and branch out to wider aims and objectives. How can you change the company or business?  This article answers your questions and includes solid steps to get it done.  First Things First  Before starting the process, make sure your filings are up-to-date. CAC will have no problem rejecting your application when your compliance record contains outstanding annual returns payment.  If you're lagging behind in payments,...

        Image Source: istock In Nigeria, the appointment, resignation, or removal of a company director is governed by the Companies and Allied Matters Act (CAMA 2020) and administered through the Corporate Affairs Commission (CAC) ICRP online portal. Under Section 288 of CAMA, companies must notify the CAC within 14 days of any change to their board of directors. Prerequisites Before Filing Before initiating a change on the CAC post-incorporation portal, ensure your company has met or follows these legal requirements: Updated Annual Returns : Ensure your company has no outstanding annual returns with the CAC.  Minimum Board Requirement : While the law spells out categories of people entitled to meetings, a private company must retain the required minimum number of directors (at least 1 for small companies, 2 for public/standard entities). Internal Corporate & Legal Procedure Whether changing, replacing, or removing a director, due process must be...

         Image Credit: istock Businesses grow and change. Corporate rules and policies also change over time. Maybe you've moved to a bigger office, key officials are no more, or maybe your company has expanded into new areas of trade. When this happens, you need to update your records at the Corporate Affairs Commission (CAC).  Leaving your CAC records outdated can lead to problems with banks, tax authorities, and more. So, how can you update the registered address and nature of business?  How to Change Your Registered Company Address Hold a board resolution approving the change of address, if required by your company's structure. Log in to the CAC portal or contact an accredited CAC agent to handle the process, since most filings are now done online. Complete the relevant form for change of registered address. Upload supporting documents, such as proof of the new address and the board resolution. Pay the applicable filing fee. Submit for approv...