In line with the Central Bank of Nigeria’s new guidelines, Super Agents, Merchants, and Point of Sale (POS) operators are required to register their businesses with the Corporate Affairs Commission (CAC). Previously, the registration process for merchants was lengthy and stressful process.
But now, you can easily register your business with CAC directly from your MyBiz dashboard in just a few minutes.
Here’s what you need to know about obtaining your CAC certificate, why it’s crucial for your business, and how you can complete the registration on MyBiz.
What is a Corporate Affairs Commission (CAC) Certificate?
A Corporate Affairs Commission (CAC) certificate is proof your business or company name is officially registered in line with the Companies and Allied Matters Act 2020 (CAMA). By registering your business, a unique registration number and certificate confirms your legitimacy and compliance with Nigerian corporate law.
What is a Tax Identification Number?
A Tax Identification Number (TIN) is a unique nine-digit number issued from the Federal Internal Revenue Service (FIRS).
Benefits of Registering Your Business with the CAC on MyBiz
Of course you may be thinking that these requirements are unnecessary. Here are 5 key benefits of registering your business.
Convenience
Save yourself the stress of searching for where to register your business for CAC certification. Complete the process from your MyBiz app, anywhere you are.
Legal Protection
When you register your business, it gains legal recognition and protection. No one else can use your business name without your consent.
Business Bank Account
With your CAC certificate, opening a business account separate from your personal finances is possible and adds professionalism to your POS operations.
Trust and Credibility
Customers are likely to trust your POS or small business when they see your business is officially registered. It tells them that this is a trustworthy person, increasing your credibility and boosting your brand image.
Sanctions and Restrictions
Registering your businesses saves you stress from downgrades or locked down terminals and more. These happen as a result of sanctions and restrictions on businesses that do not comply with the CBN guidelines.
How to Register Your Business with CAC on MyBiz
The MyBiz app makes CAC registration easy and quick. Simply follow the steps below to begin;
1. Step 1: Log in to MyBiz Dashboard
Click on the CAC registration banner at the top. If you don’t have a CAC number, select “Click here to register.”
2. Step 2: Fill In Your Personal Details
Enter your name, address, street number, city, postal code, state and Local government Area. Then click ‘‘Proceed’’
3. Step 3: Upload Supported Documents
Choose your form of ID (choose NIN, then add your NIN number). Thereafter, upload the front and back of your document.
4. Enter Business Details
Fill in your business category and check for the availability of your proposed business name. Once available, provide the necessary business information and upload proof of address (such as a utility bill, electricity, waste disposal bill or water bill).
Make sure to double-check your details for accuracy. Then click Validate details.
5. Pay the Registration Fee
Complete instant payment on MyBiz app. Enter your mPIN to proceed with payment. The N19,000 gives you a CAC certificate and TIN.
6. Registration Pending
After submission, the CAC will review your application. This typically takes a few business days.
7. Receive Your CAC Certificate
Once your application is approved, you’ll receive your digital CAC certificate via the MyBiz app, ready for download or printing.
Bottom Line
In conclusion, register your business with CAC is an important step in staying compliant with CBN guidelines and protecting your venture. Whether you’re a POS operator or run another type of small business, the MyBiz app simplifies the process to complete your CAC registration. Don’t delay. Get your business registered on MyBiz and enjoy the benefits of having your business recognized in Nigeria!
Frequently Asked Questions (FAQ)
- How long does it take to register through MyBiz?
Registration takes just a few minutes for submission and CAC approval usually takes a few days.
2. What documents do I need?
You’ll need an ID like a National Identity Number, Voter’s card, Passport, or Driver’s license. The recommended option is your NIN.
3. Do I have to be tech-savvy to use the MyBiz app?
No! The MyBiz app is designed to be user-friendly. It has step-by-step instructions, so even beginners can complete their CAC registration without trouble.
4. Is the MyBiz app user-friendly?
Absolutely! It’s designed for all users, even those with little tech experience.
5. What happens if my business name is already taken?
The CAC will notify you if the business name you’ve chosen is unavailable. You can either modify the name or try another until you find an available option.