The Stress Of CAC

The Corporate Affairs Commission is a body of government saddled with the responsibility of Registering Business names in Nigeria and also issuance of certificate for business name( after successfully going through all the stages involved)

The Corporate Affairs Commission was established in 1990 vide companies and allied matters Decree No1 (CAMD) 1990 AS AMENDED; IT IS NOW ON Act Cap C20 Laws of federation of Nigeria. It is also an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. The CAC carries out its functions through the accredited member of:

1.       Association of National Accountants of Nigeria.

2.       Institute of Chartered Accountants of Nigeria

3.       Institute of chartered  Secretaries and Administration of Nigeria (ICSAN)

4.       National Bar Association (NBA)

 The CAC is headed by a Registrar – General.

                                                                 MEMERSHIP

The CAC IS MADE UP OF 10 MEMBERS EACH ONE REPRESENTING THE RESPECTIVE STAKEHOLDERS. This may be the Accountancy profession, the legal profession and the business community.

                                                                   SERVICES

Services here vary. This is as a result of the fact that the CAC services are in parts. These parts include
Part A: - Registry
Part B: - Registration of Business names
Part C: - Registration of incorporated trustees (NGO’s)….. These categories cover the following:

•   Incorporation of companies(private,public,limited by guarantee)

•   Registration of business name

- same day incorporation services under which companies are registered within one day.
- conducting search
-issuance of certified true copies of filed documents
……And a host lots more of services I cannot list right now. Please note that only these four types of business are recognized in Nigeria:

•   Private limited company LTD

•   Public limited company PLC

•   Companies limited by guarantee and

•   Unlimited companies.

Knowing all these and the insurmountable stress that people have to go through , Wait! Did I mention the stress part? The unending queue?  Well this question is gist for another day! Moving on, after going through the hurdle of getting the AVAILABILITY FORM from the counter and filing all necessary details, you will have to check back a week later for a confirmation……..I hope you make it ooooo because if you don’t, like my naija pals will say OYO is your case! If you didn’t make it the previous week re-validation is the next point of call. Knowing that, the name of the business you tended on the availability form will be reserved for 60 days after which it becomes invalid if you don’t proceed with the stages. Now when you are done with all the processes, you get a certificate from CAC which has the name of your business registered under the it’s body and your business name becomes recognized.

                 To my own case, the only case I’m putting up is a big question that needs a solid answer, Why the movement of all cash payment to UBA bank? Knowing how almost impossible the process is and how much time and effort goes into the registering of a business name……. WHY?