Verifying a company’s legal registration is crucial if you, as an individual or organization, want to do business with them. This ensures you don’t become involved in illicit activities that may eventually result in fines from regulatory bodies.
Thankfully, it is possible to quickly determine if a company is registered with Nigeria’s Corporate Affairs Commission (CAC). However, businesses that create many business-customer interactions every day may find this free technique to have annoying restrictions.
The good news is that a quick and simple solution is to remedy this issue. Let’s get started!
What is the Corporate Affairs Commission (CAC)?
Put complicated legalese aside and envision establishing your ideal business in Nigeria. The Corporate Affairs Commission (CAC), founded in 1990 as your official manual and guide, intervenes in this situation. Consider them the gatekeepers who ensure every one is fair and abides by the law. They supervise the establishment and management of enterprises, ensuring that operations are efficient and morally sound.
The finest aspect? No more paperwork mounds! Their web platform makes it easy to register your business, even from the comfort of your living room. Have questions, or are you stuck? They have helpful, pleasant staff at their offices in all 36 states.
The CAC is more than simply pushers of papers; they are essential to Nigeria’s economic development. Well-defined regulations foster a secure environment for enterprises to expand, drawing capital and stimulating the economy. Thus, the CAC is your partner if you hope to launch a business in Nigeria, guaranteeing fair competition and a promising future for all.
Registering Through the Corporate Affairs Commission of Nigeria
To conduct business in Nigeria, corporate organizations must have a license, which they may only get by registering with the Corporate Affairs Commission (CAC). The Nigerian Companies and Allied Matters Act established CAC. By law, before a business may be written, it must have complied with all conditions specified by the commission.
A few of the details you must supply are as follows:
- The company’s name
- Registered address
- Directors’ and shareholders’ names
- Formula for shareholding, etc.
- An application cost that the Corporate Affairs Commission sets.
The CAC will grant the business a Certificate of Incorporation after all conditions are met and the required paperwork is submitted. The company’s name, a special RC Number, and its status—private or public—are all listed on the certificate.
Verifying the Company
As part of its KYC procedure, the CAC has introduced a free platform allowing people and companies to confirm a company’s registration quickly. This will lessen the possibility of people or businesses acting dishonestly. Know Your Business (KYB) is the term for it.
To determine whether a firm is registered in Nigeria, take the following actions:
- Go to the Corporate Affairs Commission’s official website.
- Once you reach “Public Search,” click on it.
- Enter the company name or RC number in the search field, then press the “Search” button.
- A dialog box would appear with the company’s complete name, office address, and RC number shown.
If you follow the procedures above, you can quickly find out if a firm is registered in minutes. It’s also totally free.
You may also obtain a copy of the company’s establishment certificate for further information. Payment through the CAC’s portal is necessary to get this information.
What should I do to Check if a Company has a Registered Name?
These procedures should be followed whether you wish to create a business or find out if one with that name is already registered:
- Go to the official website of CAC.
- Select “Public Search.”
- Enter the company name and run a search.
- You would then get a list of companies with names (if any).
In this manner, you may verify whether the business you’re looking for is registered or if another company has already used the name (for those wanting to prove it).
Despite providing a free means of verifying business registrations, the CAC website requires a manual visit to give the name or RC number. You must repeat this procedure for each firm you wish to validate.
Since a huge firm regularly establishes partnerships and commercial agreements, it would be laborious, expensive, and time-consuming to check each one manually. This becomes even more evident when you consider that doing a business verification is only the beginning of a lengthy due diligence process.
Businesses use automated customer due diligence (CDD) platforms to manage the entire process from beginning to end. In this manner, labor and expenses are saved, and it is quicker.
You can easily verify whether the company is part of the CAC. Just follow the steps mentioned above, and you can avoid any complications.