Abuja, Nigeria – E don happen! Nigerian business owners dey enter wahala as the Corporate Affairs Commission (CAC) don start to seriously carry out dem plan to strike off inactive companies. Dis action fit turn your business into ghost wey no dey exist for law anymore. And wetin go happen? No be say dem go find out when dem wan apply for loan or when dem dey eye better investment. Wahala dey!
We sabi say many entrepreneurs no even dey aware of the consequences until e don too late. So, to help una no fall hand, we go gist about six critical steps wey go make sure say your company dey waka okay for CAC side. Na wetin we dey follow from CAMA provisions be this.
First of all, you gatz choose unique business name. Abeg, no go pick name wey don already dey registered or name wey go confuse people. Check for availability for CAC portal fast. When you pick correct name, you fit reserve am for 60 days for just ₦500. E no dey hard, na small money!
Next, make you prepare your key governing documents. This one na memorandum wey go outline your business goals and articles wey talk how you go run your wahala. You fit just use templates wey dey for CAC portal. Make sure say dem follow Section 27 and 28 of CAMA 2020. Sign am well well!
Thirdly, declare your share capital. Abeg, no go play with this one! You gatz state your minimum share capital wey be ₦100,000 for private companies. If you fit put more, e go good, because higher capital dey come with higher fees too.
Fourth step, you go need to appoint directors and shareholders. You gatz provide info for at least two directors (or one if you dey run small company) and one shareholder. Directors suppose dey at least 18 years and no be mumu, remember! Their names, addresses, jobs, and proper IDs dey very important.
Now, make you submit your registration documents sharp sharp! All your papers including CAC Form CAC1.1, Memorandum and Articles of Association, plus directors and shareholders details gatz enter CAC online portal. Dem go collect your statutory fees and stamp duty based on the share capital.
Finally, don’t forget to comply post-registration. When you collect your Certificate of Incorporation, e no mean say the wahala don finish. You gatz register for Tax Identification Number (TIN) with Federal Inland Revenue Service (FIRS) and get any necessary permits. Most importantly, make sure say you dey file your annual returns within 42 days of your company’s anniversary. If not, you go surely find yourself for the strike off list! No be joke o!
So, make you take this steps serious if you wan keep your business shine like star for Naija market. No let CAC turn your hustle into ashes, my padi!
