As a business owner or entrepreneur in Nigeria, you are likely familiar with the Corporate Affairs Commission (CAC) and the importance of obtaining a CAC certificate for your business. The CAC certificate is a legal document that indicates the registration status of your business and is required for a variety of business transactions, including opening a bank account, registering for taxes, and bidding on government contracts. However, one question that many business owners have is whether a CAC certificate expires.
The short answer is NO, a CAC certificate does not expire. Once your business is registered with the CAC and you obtain a certificate of incorporation, that certificate is valid indefinitely. However, it is important to note that while the certificate itself does not expire, there are some situations in which your business may need to update or renew its registration with the CAC.
For example, if your business changes its name or address, you will need to update your registration with the CAC to reflect those changes. Similarly, if you want to add or remove directors or shareholders from your business, you will need to update your registration with the CAC. Failure to update your registration in a timely manner can result in penalties or fines, so it is important to stay up-to-date with any changes to your business.
Additionally, while the CAC certificate itself does not expire, there are some circumstances in which your business may be struck off the register of companies. This can happen if your business fails to file annual returns with the CAC or if it is found to be in breach of other statutory requirements. If your business is struck off the register, you will need to take steps to restore it, which may involve paying fines and submitting additional paperwork to the CAC.
In summary, while a CAC certificate itself does not expire, it is important to stay up-to-date with any changes to your business and to ensure that you meet all statutory requirements for maintaining your registration with the CAC. By doing so, you can ensure that your business remains in good standing and that you can continue to take advantage of the many benefits that come with having a registered business in Nigeria.
Regville Associates offers end-to-end legal, secretarial, tax and compliance service for companies. Our services aid companies in achieving and sustaining compliance with regulations.
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Tolulope Oguntade Regville Associates firstname.lastname@example.org 08065111667