28/08/2022
SOME MISCONCEPTIONS ABOUT CAC REGISTRATION,
You've heard a lot of information around CAC Registration which has discouraged you on not to register your business.
Today , I will like to correct few of them here because I want you to succeed
Truly, I really want you to position your business rightly so in this post, I'm going to share with you 5 of those misconception and the correct information.
Here we go :
❌❌❌ My Business Is Still Small , So I don't need CAC.❌❌❌
Who told you so ? weather you sell crayfish or you are a carpenter, you need to register that business.
Infact ,small business owners needs CAC Registration the most to enable them get access to funding opportunities and training to grow your business.
❌❌❌ If I Register My Business, I will start paying Tax❌❌❌
Yes , to pay tax on your income is good but let me tell you this , as a citizen , you have the right to file for zero tax for the first 6 years of your business so that it can be well established and when you are well on your feet please , pay tax for your business. it is the right thing to do.
However, aside tax, you need to file a token called Annual return. it is yearly payment you should make to CAC to tell the world that you are still active in business
❌❌❌Only A Lawyer Or An Accredited Agent Can carry out CAC Registration.❌❌❌
This is another misconception which is not true. As a matter of fact , any body can do CAC Pre Incoporation Registration right from anywhere you are , even with your phone. As long as you are well trained for it.
Business Name Registration, Limited Liability Company or NGO can all be carried out by none accredited agents and it has no legal implications.
❌❌❌ I need to have a million Naira in my account before I can register my Limited Liability Company as a 1, 000, 000 minimum required Share Capital❌❌❌
This is not true . The minimum required share Capital is for Documentation and so you must not have the cash at hand
❌❌❌ I Need To Do CAC Registration in the office , in my state of residence so that I get the hard copy Certificate ❌❌❌
Well CAC Certificate is issued by the Corporate Affairs Commission which is a federal government body hence , the Certificate is signed and issued from the Federal capital territory FCT Abuja.
Moreso , The type of Certificate CAC now issue is called E Certificate. The E Certificate is electronically generated where you get soft copy sent to your email only
You can however take the soft copy to a cyber cafe or Business center close to you to print it out for you following our printing instruction
Dear Business owner, now that you have known this , do not delay any longer.
Hurry now and get your business registered so that you can set it up immediately for growth