CAC extends POS registration deadline

The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents, and sole agents registration to September 5, 2024.[SCROLL Down For Understanding Of CAC: What You Need to Know]The commission announced in a statement signed by its management on Saturday, giving a 60-day extension.It said the extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.The statement read, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024.“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses.It added operators who continue to disobey after the new deadline will risk losing their businesses and facing prosecution for assisting criminal activities.“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.”Two months ago, the CAC announced that PoS agents of major fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, have been given a deadline of July 7, 2024, to register their business.
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Understanding CAC: What You Need to Know
  1. What Does CAC Stand For? CAC stands for “Corporate Affairs Commission.” It is the official government agency responsible for regulating and overseeing the formation, registration, and management of companies and business entities in Nigeria1.
  2. How Do I Check If a Company Is Registered at CAC? To verify whether a company is registered with the CAC, follow these steps:
Visit the CAC Public Search Portal: Go to the CAC Public Search Portal. Enter Company Details: Input either the company name or the registration number (if known) into the search box. Click “Search”: The search results will display the company’s full name, registration number (RC number), and office address. If the company is not registered, the result will be blank2.
  1. How Much Is CAC Registration for a Business Name? The cost of registering a business name with the CAC varies based on the type of business. Here are the fees:
Business Name Registration: The official filing fee for a business name registration is N10,700 (including remita fees)3. Company Registration: The fees depend on the issued share capital: Up to N1 million share capital: N10,000 Above N1 million and up to N500 million share capital: N5,000 for every N1 million share capital Above N500 million share capital: N10,000 for every N1 million share capital4.
  1. How Do I Open My CAC Account? Opening a CAC account involves obtaining a Common Access Card (CAC). Here are the steps:
Sponsorship & Eligibility: You must be sponsored by a DoD government official or employee. Registration & Enrollment: Be registered in the Defense Enrollment Eligibility Reporting System (DEERS). Background Investigation: Sponsors initiate a background check. Obtaining Your Card: Once approved, you’ll receive your CAC sertificate of registrationUnderstanding CAC: What You Need to Know
  1. What Does CAC Stand For? CAC stands for “Corporate Affairs Commission.” It is the official government agency responsible for regulating and overseeing the formation, registration, and management of companies and business entities in Nigeria1.
  2. How Do I Check If a Company Is Registered at CAC? To verify whether a company is registered with the CAC, follow these steps:
Visit the CAC Public Search Portal: Go to the CAC Public Search Portal. Enter Company Details: Input either the company name or the registration number (if known) into the search box. Click “Search”: The search results will display the company’s full name, registration number (RC number), and office address. If the company is not registered, the result will be blank2.
  1. How Much Is CAC Registration for a Business Name? The cost of registering a business name with the CAC varies based on the type of business. Here are the fees:
Business Name Registration: The official filing fee for a business name registration is N10,700 (including remita fees). Company Registration: The fees depend on the issued share capital: Up to N1 million share capital: N10,000 Above N1 million and up to N500 million share capital: N5,000 for every N1 million share capital Above N500 million share capital: N10,000 for every N1 million share capital4.
  1. How Do I Open My CAC Account? Opening a CAC account involves obtaining a Common Access Card (CAC). Here are the steps: Sponsorship & Eligibility: You must be sponsored by a DoD government official or employee. Registration & Enrollment: Be registered in the Defense Enrollment Eligibility Reporting System (DEERS). Background Investigation: Sponsors initiate a background check. Obtaining Your Card: Once approved, you’ll receive your CAC certificate