Updated: CAC extends deadline for PoS to register businesses

Point of Sales (PoS) operators now have until September, 2024 to register their businesses as against the initial July 7 as the Corporate Affairs Commission (CAC) at the weekend extended the deadline by another 60 days.

[SCROLL Down For Understanding Of CAC: What You Need to Know]

In May, 2024, 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.

The Registrar-General of the CAC, Hussaini Magaji, who announced this, said this was the agreement with the PoS operators after a meeting in Abuja.

According to him, the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).

He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.

However, in a statement on Saturday, the CAC said the extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.

“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.”

Since the deadline was announced in May, some of the PoS operators have been complaining about difficulties in getting their registration done on the Commission’s portal.

This prompted the Lagos State Governor, Mr. Babajide Sanwo-Olu, to appeal to the Commission to simplify the process.

The Governor appealed to the Commission last week during a courtesy call on him by the Registrar-General of CAC, Mr Hussaini Magaji, at Alausa, Ikeja.

Sanwo-Olu, who was represented by his Deputy, Dr Obafemi Hamzat, suggested that the CAC could adopt a model similar to the state tax card, which provided a database for the government to manage infrastructure needs without burdening businesses.

While expressing the state government’s willingness to collaborate with the CAC to ensure seamless registration of businesses in the state, he emphasized the need for more sensitization to correct the perception that registering with the CAC was difficult.

Disclaimer:

The information below is for general informational purposes only and should not be construed as legal advice. Seek professional advice based on your specific circumstances. This post is protected by intellectual property law.

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 registration

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).
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