POST-INCORPORATION SERVICES

The Corporate Affairs Commission (CAC) is the governmental body responsible for the regulation and registration of companies and businesses in Nigeria. Its role includes maintaining a registry of all registered companies, overseeing compliance with corporate laws, and providing relevant services for business registration.

Any individual or entity intending to engage in business activities in Nigeria, including companies, partnerships, sole proprietorships, and incorporated trustees, must register with the Corporate Affairs Commission (CAC).

The CAC registers various types of business entities, including private limited companies, public limited companies, partnerships, sole proprietorships, and incorporated trustees (for non-profit organizations).

The steps typically involve name reservation, completion of registration forms, submission of required documents, payment of registration fees, and obtaining the Certificate of Incorporation or Registration.

The registration process can vary depending on the type of business entity and the completeness of documentation. Generally, it takes between one to 14 working days to complete the registration process with the CAC. In some cases it may take longer.

The required documents may vary depending on the type of business entity, but commonly include identification documents of directors or partners, memorandum and articles of association (for companies), and evidence of address for the registered office.

The registration fees depend on the type of business entity being registered and are subject to change by the CAC. Fees typically include name reservation fees, filing fees, stamp duties, and other administrative charges.

Registered businesses are required to fulfill various compliance obligations, including filing annual returns, updating changes in company details, maintaining proper accounting records, and complying with tax obligations.

Business Name registration establishes a sole proprietorship or partnership, where owners are personally liable. Company registration creates a separate legal entity from owners, with limited liability for shareholders, operating under a registered company name.

According to the CAC policy, it is possible only if the two businesses are similar in nature. For example: A Tailoring business and shoe and bag sales business. Both can go together under the same name. Unlike having a tailoring business together with a school. 

FIRS TIN stands for Federal Inland Revenue Service Taxpayer Identification Number. It is a unique identification number assigned by the Federal Inland Revenue Service (FIRS) to individuals and businesses for tax purposes.

With Tax Promax, businesses can perform tax clearance and other tax related services from the FIRS portal.

MEMART stands for Memorandum and Articles of Association. It is a legal document that sets out the constitution and rules governing the internal management and external affairs of a company.

It is part of the document that comes with a Limited Liability Company Registration.