24/09/2024
Dear CEOs and Business Owners,
Starting and owning a business in Nigeria is an exciting venture, but ensuring compliance with the law is crucial to your success. Under Section 815 of the Companies and Allied Matters Act (CAMA) 2020, every business is required to register with the Corporate Affairs Commission (CAC) within 28 days of commencing operations.
Why is this important?
Registering your business gives it a legal identity and offers a range of benefits, including access to government programs, protection of your business name, and enhanced credibility with customers and partners. Failure to register within the stipulated timeframe could result in penalties, and your business might not be recognized as a legitimate entity under Nigerian law.
What happens if you don’t comply?
Non-compliance with this provision may lead to fines or sanctions, and in some cases, businesses may be prohibited from engaging in contracts or other important transactions until they meet registration requirements.
You are liable to pay a fine for every day you continue business operations without registration after the initial 28 days. It’s important to understand that this law applies to all forms of businesses, whether you're running a sole proprietorship, partnership, or limited liability company.
By registering with the CAC, you secure your business's future, gain legal protection, and put your venture on the path to long-term success.
If you need help navigating the registration process or have any questions about compliance, the team at LexSentinel Attorneys is here to assist. We provide expert legal advice to ensure your business meets all regulatory requirements.
Don't delay—make your business legal today!
