The Corporate Affairs Commission (CAC) has set a deadline of July 7, 2024, for Point of Sales (POS) agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, to register their businesses.
Registering, at this point, with CAC is not only a crucial step to legitimize your business, it’s the lifeline to avoiding any potential penalties.
In this article, we will guide you through the simple steps to register your POS business with CAC.
Step 1: Determine Your Business Structure
Before registering with CAC, you need to decide on your business structure. You can register as a sole proprietorship, partnership, limited liability company (LLC), or cooperative society. Please note that each structure has its benefits and drawbacks, so choose the one that suits your business needs. Or, consult our trusted representative to guide you here.
Step 2: Choose a Unique Business Name
Your business name must be unique and not already in use by another company. You can check the availability of your desired name on the CAC website. Make sure to choose a name that reflects your business activities and is easy to remember. Don’t forget that branding for a business can determine a lot about a business prospect.
Step 3: Register Your Business Name
Once you have chosen your business name, you need to register it with CAC. You can do this online or through a accredited agent. You will need to provide your business name, structure, and address, as well as the names and addresses of your directors (if applicable).
Step 4: Obtain a Business Registration Number
After registering your business name, you will be issued a Business Registration Number (BRN). This number is required for all business transactions and must be displayed on your business premises.
Step 5: Register for Taxes
You need to register for taxes with the Federal Inland Revenue Service (FIRS) and obtain a Tax Identification Number (TIN). This will enable you to pay taxes and file returns.
Step 6: Obtain Other Necessary Licenses and Permits
Depending on your business activities, you may need to obtain other licenses and permits from relevant authorities. For example, you may need a license from the Central Bank of Nigeria (CBN) to operate as a microfinance banker. This is not applicable to PoS agents.
Professional Tips
Registering your PoS business with CAC is a straightforward process that can be completed online or through an accredited agent. By following these simple steps, you can ensure that your business is legitimized and avoid any potential penalties.
Meanwhile, if you think the best is to hand over the entire process to a trusted party, feel free to reach out here.
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