Requirements For Compliance With The Company And Allied Matters Act
The Corporate Affairs Commission is a regulatory body, established to regulate the incorporation, running and winding up of companies, business names and incorporated trustees, in accordance with CAMA.
The Companies and Allied Matters Decree №1 of 1990 was promulgated to repeal the Companies Act of 1968. Since its promulgation into law, the now Companiesand Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004 (the Act) is now over twenty (20) years with minimal amendments during the period. The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, includes the following: To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies.
Who Needs The CAC Certification?
Any individual or group that intends to operate any company in Nigeria, such a company must be incorporated. Although the company registration can be initiated online, the original copies of the documents used for the registration must be submitted to the CAC before the Certificate of Incorporation can be issued to the owners or their agent.
Benefits Of Compliance
Companies registered under this Act can operate businesses in Nigeria and depending on the type of Incorporation, can solicit and bid for Government contracts.
How To Apply For A CAC Certificate
- a. The first step required by the applicant is to choose two suitable proposed names for the company. Where this is done, an availability check will be conducted on the CAC online portal to find out if the name is available and not already in use.
- b. Choosing the type of company to be registered whether a private limited company or private unlimited company or company limited by guarantee.
- c. The objectives and business of the company must be provided.
- d. The registered principal address of the company.
- e. The share capital and shareholding formula among shareholders will be required.
- f. The particulars of a minimum of two (2) Directors will be required. A copy of their means of identification such as voter's card, national ID, drivers' license or international passport.
- g. Particulars of the company secretary (one of the directors may also act as the Secretary of the company).
- h. The applicant will be required to furnish details of the shareholders of the company. Details such as names, occupation, residential address, email address, mobile phone number and means of identification such as driver's license, international passport or national identity card. It should be noted that the directors listed can also hold the capacity of shareholders in the company if desired.
- i. The memorandum and Articles of association of the company to be registered which is advisable to be drafted professionally by a Legal Practitioner. However, the CAC has provided a generic MEMART, which any new company can be adopted.
The applicant will also be required to pay a filing fee to the CAC and stamp duty paid to the Federal Inland Revenue Service (FIRS). Where this information is provided for, the following statutory forms will be required to be filled and submitted along with the evidence of payment at the CAC and other requirements:
- a. Form CAC 1- Availability search and reservation of name
- b. Form CAC 1.1-Pre-registration form.
Incorporation can be commenced online by an individual applicant or through a CAC accredited agent at the CAC's online portal. Where an individual commenced the incorporation himself or herself, such a person will still require the services of a legal practitioner for an attestation.
Applicants can follow up on their application on the website http://new.cac.gov.ng
Caution: Applicants are strongly advised to deal directly with the Commission in matters relating to the issuance of Certificates to avoid being defrauded by touts.
However, Should you encounter any difficulties or are unable to process your Compliance Certificate please do not hesitate to contact any of our approved Professionals by clicking here