Corporate Affairs Commission (CAC) Overview
The Corporate Affairs Commission (CAC) is a federal government agency in Nigeria established under the Companies and Allied Matters Act 1990 to regulate companies, businesses, and associations operating or incorporated within the country. The CAC also plays an important role in providing access to resources for business owners so they can meet their legal obligations. This includes registering new entities with the commission as well as ensuring that existing companies comply with Nigerian laws and regulations related to corporate governance.
Registration Requirements
All businesses incorporating in Nigeria must be registered with the CAC before commencing operations including those using cryptocurrency-related services such as trading platforms, wallets or payment processors. For registration purposes, applicants are required to provide information on company name availability; directors’ details; documents of incorporation; size of share capital; nature of activities/businesses conducted by the entity among other requirements provided by applicable law. After successful completion and approval of an application by CAC officials, a Certificate Incorporating will be issued which confirms registration has been finalized..
Compliance Requirements & Penalties
Companies registered at the Corporate Affairs Commission have certain reporting responsibilities including filing annual returns within 12 months from date when it was incorporated or after financial year end respectively for both public limited liability companies (PLCs) and private limited liability ones (LTDs). Failure to do this could lead to fines up until winding down action initiated against noncompliant firms depending on severity level determined during inspection process carried out by authorized bodies such as National Agency for Food Drug Administration Control(NAFDEC), Securities Exchange Commissions(SEC), etc .
