31 Mar 2017

INCORPORATION OF A COMPANY WITH MULTIPLE CAC FORMS ENDS FRIDAY, 31ST MARCH, 2017

INCORPORATION OF A COMPANY WITH MULTIPLE CAC FORMS ENDS FRIDAY, 31ST MARCH, 2017
BY BARR. ANTHONY EZEAMAMA
The Corporate Affairs Commission (CAC) in their recent meeting with stakeholders on Wednesday, the 29th day of March, 2017 which held at the Lagos Chamber of Commerce and Industry Conference and Exhibition Centre, Alausa, Ikeja, Lagos and attended by yours sincerely, advised that effective from the close of business on Friday, the 31st of March, 2017, CAC will stop the current incorporation of company regime that requires the submission of multiple incorporation forms. This decision was taken with the view of ushering in fully, the recently introduced incorporation regime that requires the submission of only a single CAC form (i.e CAC Form 1.1 – Application for Registration of Company) for incorporation purposes.
To this end, as from the 1st day of April, 2017, these multiple CAC forms will longer be accepted by the CAC for incorporation of new companies in Nigeria:
(1) Form CAC 2 (Statement of Share Capital and Return of Allotment);
(2) Form CAC 3 (Notice of Situation/Change of Registered Address);
(3) Form CAC 4 (Declaration of Compliance with the Requirements of Companies and Allied Matters Act);
(4) Form CAC 2.1 (Particulars of the Company Secretary); and
(5) Form CAC 7 (Particulars of Directors).
It need be emphasised that Forms CAC 2.1 and 3 are however still post-incorporation documents.
CAC also advised that as from 1st May, 2017, all incorporations will now be processed online on the CAC portal as the current practice of manual registration will cease on 30th April, 2017. CAC however noted that the hard copies of the incorporation documents uploaded online must still be submitted to the CAC for certification and capturing of their original signatures as well as for their record keeping.
Also the stamping of Form CAC 1.1 and the Memorandum and Articles of Association of the company would also be processed online.
TAKEAWAY
Persons who have initiated the process of incorporating their companies with the CAC but are yet to submit the required incorporation documents to the CAC as at today, the 31st of March, 2017 are advised to note these new changes and should immediately contact their solicitors for advice and direction.

Anthony Ezeamama is a corporate commercial lawyer and tax specialist.

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