The Corporate Affairs Commission of Nigeria was established in 1990 as part of the amendment made to the Companies and Allied Matters (CAMA) Act and in this article is how much registration costs at CAC and other relevant fees.
The corporate affairs commission is an autonomous institution laced with the duties of supervising and regulating the setting up as well as registration of companies in the country.
These duties are performed by personnel who are duly accredited by the relevant bodies such as the Association of National Accountants of Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Institute of Chartered Accountants of Nigeria, as well as the Nigerian Bar Association (NBA).
The duties of the body are presided over by a nominated Registrar-General.
The Corporate Affairs Commission was established with autonomous powers because of the performance and legal inconsistencies that prevented the full implementation of the CAMA Act of 1968, especially as regards the setting up of company registries in all states of the country.
This particular function was under a department of the Federal Ministry of Commerce and Tourism. This department was set up back then to cater to the administration and registration of all companies in the country.
Now that you know a brief history into the setting up of the Corporate Affairs Commission, lets us look at the functions of this autonomous body.
Functions of the Corporate Affairs Commission
The functions for which the Corporate Affairs Commission was specifically set up are briefly discussed below:
1.) Regulatory and Supervisory Duties During the Setting up of a Business
This is the most important function performed by the commission. it is laced with the statutory duty of making sure the Act backing the establishment of any company in Nigeria is strictly adhered to.
Asides this, the commission plays a significant regulatory role during the setup of a business, making sure it complies with all the laid down laws.
2.) Oversight Duties During the Winding up Process of Companies
Alongside the regulation and supervision duties during the setting up of a business, the corporate affairs commission also supervises the process when a company wants to file for bankruptcy.
This function goes a long way towards protecting the financial investments of the company’s shareholders as the winding up process goes on.
3.) Setting up of Company Registries Nationwide
This function of having registries across the length and breadth of the country is very important.
Through this, the commission is able to carry out the stipulated supervisory and regulatory duties it is saddled with over companies, in a more effective manner.
In other words, it keeps companies on their toes all the time.
4.) Adequate Allocation of Manpower and Equipment Across all State Offices.
Without the state offices, regulatory and supervisory functions cannot be duly carried out effectively by the commission.
The headquarters has the compulsory duty of making sure all of the established offices across the country are provided with the necessary manpower strength and equipment to make the administration of the Act and other basic functions easily performed.
5.) Investigative Duties
The Corporate Affairs Commission also performs investigative roles when there are allegations of mismanagement and misappropriation leveled against the board of directors a company by shareholders.
In doing this, the commission makes the necessary investigation into the affairs of such a company, with the aim of resolving such issues.
6.) Registration of a business name
The CAC is also saddled with the responsibility of carrying out the process of registering a business name in the country. This is part of its miscellaneous duties to members of the public.
They also supervise the process during the incorporation of members of the board of trustees of a company.
Requirement & Process to Register with the CAC
Before starting the process of registering the name of a business, an applicant should make sure all the necessary documents required by the CAC are available.
In the case of registering the name of a business, the required documents are not much, just the name of the sole owner or the names of the partners as the case may be.
In some cases, a partnership deed may be needed before a business name can be attended to by the commission.
The processes of registering a business name with the corporate affairs commission are highlighted below:
- First, the applicant would apply for availability check of the proposed business name on the web portal of the CAC. This is to prevent making use of the same name with that of another registered business.
- An applicant then fills out a pre-registration form on the portal for company registration.
- The statutory form should be correctly filled by the applicant, after which the stipulated application fee by the commission is paid by the applicant.
- A print out of business name form is done, with the appending of the applicants signature done in the right space. This is to affirm that the applicant has duly gone over the contents of the statutory form and filled the correct information.
- Upload all the required documents for processing by the personnel of the commission.
- The applicant must upload two passports along with the statutory form.
The necessary documents that should be uploaded during final submission of an application are:
- Availability Printout (Approval Note)
- FORM BN 1, which is the statutory form
- Proficiency Certificate (where it applies)
- The appropriate identification documents that easily identify the business owner or business partners
- A receipt that verifies payment of the application fee
Upon successful registration of the business name, the Corporate Affairs Commission would send the following documents to the administrators of the business:
- The original certificate of the registered business name
- The CTC verifying the application letter for the registration of the business name
- In the situation where a business name involves more than one person, a partnership deed may be submitted at the CAC.
Registration Duration ~ How Long it Takes
If an applicant supplies all the necessary documents during the registration process, within two days the registration process is duly attended to by the commission.
CAC Registration Fees 2020
The official application fee for registering of a business name with the Corporate Affairs Commission (CAC) is 10,000 Naira Only.
Other fees charged to businesses and companies include:
- Application form for company name registration costs ₦500.00, and other forms attached cost ₦100 each.
- The application form for processing a Business Name is ₦250.00. Other forms attached to the main application form are ₦100 each.
- The form for filing an application for forming a board of Incorporated Trustees costs ₦1,000 for a set, while the other forms costs ₦100 each. Getting the trustees board accredited comes with an accreditation form that costs ₦5,000.
- The reservation of a business or company name costs ₦500 only
- Certifed true copy of constitution: ₦5,000.00
- Certified true copy of incorporation form: ₦2,000.00
- Certified true copies of other documents: 2,000.00 per document
- Search on business name file has an attached service fee of ₦1,000.00 per business name file
- Original copy of business name certificate of registration: ₦5,000.00
- Original copies of other documents: ₦2,000.00 per document
- Registration of private company/Increase in Share Capital above ₦1million and up to ₦500million attracts a fee of ₦5,000.00 for every N1million share capital or part thereof
- Registration of private company/Increase in share capital above ₦500million comes with a service charge of ₦7,500.00 for every N1million share capital
- Registration of Public company/Increase in share capital has a service charge of: ₦20,000.00 for the first N1million share capital or part thereof
- Registration of Public Company/Increase in share capital above N1million and up to N500 million. N10,000.00 for every N1million share capital or part thereof
- Registration of Public Company/increase in share capital above ₦500million attracts a service fee of N15,000.00 for every N1million share capital or part thereof
- Registration of Companies without share capital comes with: ₦20,000.00 fee
- Re-instatement/Relisting of company name costs ₦25,000.00
- Registration of charges for private company costs ₦10,000.00 for every N1million or part thereof
- Registration of charges for public company costs ₦20,000.00 for every 1Million or part thereof
- The registration of the appointment of a liquidator has a ₦10,000.00 fee
- Registration of resolution for winding up process costs ₦10,000.00
- Application for extension of time for holding of annual general meeting by a public company gets a ₦10,000.00 penalty
- For a private company to file an application seeking to extend its annual general meeting attracts a ₦5,000.00 levy.
- Letter of Good Standing costs ₦10,000
- Applying for the original certificate of registration for a business name costs ₦10,000
- Original copies of memorandum costs ₦3,000.00
- For an electronic search of company files by the commission attracts a ₦1,000.00 fee.
- Manual Search by customers costs ₦2,000.00 per company file
- For the staff of the commission to prepare a manual Search report costs ₦5,000.00
- To get the certified true copies of documents attracts a charge of ₦2,000.00 per document
The procedure for business name registration is easily done online through the web portal of the cac and you have to make a 10,000 Naira fees.
To begin the process of registering a business or company name, send an email to the corporate affairs commission using the following email addresses:
You can also visit them at Plot 420, Tigris crescent, Aguiyi Ironsi Street, Maitama, Abuja or the various state offices.