See more as CAC announces deadline to register business, or be arrested

• The Corporate Affairs Commission (CAC) has asked concern owners to registry oregon look apprehension and prosecution
• The Commission noted that it is unlawful nether the Companies and Allied Matters Act (CAMA) 2020 for anyone to run a concern without registration
• Business owners violating the instrumentality present person six weeks to comply oregon hazard imprisonment and regular fines

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Corporate Affairs Commission (CAC) has announced plans to clamp down connected individuals and businesses operating successful Nigeria without due registration.

The committee warned that violators hazard apprehension and prosecution if they neglect to comply wrong six weeks.

CAC wants each concern owners to registry oregon look arrest Photo credit: CAC
Source: Facebook

In a nationalist announcement issued connected Tuesday, April 29 via X, the Commission stated that carrying connected concern without registering nether the Companies and Allied Matters Act (CAMA) 2020 is simply a transgression offence punishable nether Section 863 of the Act.

It noted that the instrumentality applies to companies, constricted liability partnerships, constricted partnerships, and concern names utilizing unregistered names oregon acronyms.

Part of the announcement reads:

"The Commission wishes to pass the General Public that it is simply a transgression offence nether Section 863 of the Companies and Allied Matters Act, 2020 to transportation connected concern successful Nigeria as a Company, Limited Liability Partnership, Limited Partnership oregon nether a Business Name without registration nether the Act oregon by a sanction (or acronym) different than the sanction (or acronym) by which the concern was registered nether the Act.The General Public should enactment that Section 729 of the Act requires each Company registered nether the Act to authorities its sanction arsenic registered and its registration fig extracurricular each spot wherever it carries connected business.

CAC sends a wide connection to concern owners successful Nigeria Photo credit: nurphoto
Source: Getty Images

CAC besides demanded that companies authorities their registered sanction and registration number connected each their authoritative publications.

The connection stated:

"Company is required to authorities its registered sanction and registration fig connected each its authoritative publications, including its letterhead, signage(s), selling and publicity materials."In particular, the General Public should enactment the provisions of Section 862 (1) of the Act which provides that immoderate idiosyncratic who, successful immoderate papers required by, oregon for the intent of immoderate of the provisions of the Act (including the aforementioned authoritative publications of a Company), makes a connection which is mendacious successful immoderate worldly peculiar knowing it to beryllium false, commits an offence and is liable connected condemnation to imprisonment for a word of 2 years successful summation to a regular good against the Company for each time during which the offence continues."

The Commission urged each concern operators to regularise their registration presumption wrong six weeks from the day of the notice, adding that enforcement actions volition travel the expiration of the grace period.

"In presumption of the foregoing, each Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to guarantee afloat compliance with the supra requirements of the Act wrong six (6) weeks of this announcement failing which the Commission shall instrumentality each indispensable steps (including prosecution) to enforce compliance."

CAC PoS operators

Ealier, Legit.ng reported that The Corporate Affairs Commission (CAC) has announced that it volition statesman taking stringent actions, including the imaginable shutdown of Point of Sale (PoS) businesses, pursuing the expiration of its registration deadline.

This determination comes owed to non-compliance with the CAC's registration directives

Meanwhile, the Association of Mobile Money and Bank Agents successful Nigeria (AMMBAN) has dragged the CAC to tribunal implicit the directive.

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Source: Legit.ng