03/01/2025
A Warm Welcome to the Year 2025💃
To Esteemed CEOs and Business Owners,
Embarking on a business journey in Nigeria is an endeavor filled with promise. However, ensuring adherence to legal requirements is paramount for sustained success.
Section 815 of the Companies and Allied Matters Act (CAMA) 2020; mandates that all businesses, upon commencement of operations are legally obligated to register with the Corporate Affairs Commission (CAC) within a period of 28 days.
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.
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, We at I.D OLUKOSI & CO.is here to assist. We provide expert legal advice to ensure your business meets all regulatory compliances.
Don't delay—make your business legal today!
& CO