In compliance with Central Bank of Nigeria (CBN) guidelines, the Corporate Affairs Commission (CAC) has mandated that all Point-of-Sale (PoS) operators and fintech merchants register their businesses. The deadline for this registration is July 7, 2024, and failure to comply may result in police action. This initiative aims to reduce the rising cases of PoS fraud. Here is a step-by-step guide to help you register your PoS business with the CAC.
Step-by-Step Guide to Registering Your PoS Business
Step 1: Visit the CAC Website
Go to the CAC website to begin the registration process.
Step 2: Create an Account
Click on the “Register” option located at the top right corner of the homepage. You can create an account using your phone number or National Identification Number (NIN).
Step 3: Start Online Registration
Return to the homepage and click on “Online registration” to begin the registration process.
Step 4: Follow the On-Screen Instructions
The registration process involves several steps, which are outlined below:
i. Public Search
Type your desired business name in the search box to check if it is available and permissible.
ii. Reserve Your Business Name
Fill out a form to reserve your desired business name under the classification “Business Name.” Complete the form and make a ₦500 payment (excluding additional charges) to receive your Availability Code.
iii. Pre-Incorporation
Using the Availability Code provided on your dashboard, complete your registration. You will need to provide details such as your business name, address, and proposed business activities. Additionally, you will need digital copies of documents like a valid ID (Voter’s card, International passport, National Identity card, Driver’s licence, etc.), proof of address (utility bill, tenancy agreement), and optionally, a business plan (for sole proprietorships).
Step 5: Pay the Registration Fee
The registration fee is ₦10,000. You can pay using any of the provided payment options.
Step 6: Submit Your Form and Documents
Submit your completed form and documents electronically. The CAC will verify your information and notify you of the outcome.
Step 7: Receive Your Certificate of Registration
Upon successful registration, you will receive your Certificate of Registration via email. This process typically takes three to five days.
Additional Information: Obtaining a Tax Identification Number (TIN)
Businesses are required to have a Tax Identification Number (TIN), issued by the Federal Inland Revenue Service (FIRS). To obtain one for free, visit the Joint Tax Board website and follow the prompts to “Register for TIN (Non-Individual).”
For Businesses in Lagos
If your business is located in Lagos, apply for your TIN through the LIRS website. Follow these steps:
- Click on “Register as Taxpayer” on the homepage.
- Select “Corporate” as the taxpayer type.
- Use your CAC Registration number to start the registration and create a password.
Your Tax ID will follow this format: “C-” followed by a combination of seven numbers (e.g., C-*******).
Conclusion
Registering your PoS business with the CAC is essential for compliance with Nigerian regulations and for protecting your business from legal risks. By following the outlined steps, you can efficiently register your business and obtain the necessary certification. Don’t wait until the deadline—start your registration process today to ensure your business operates within the legal framework and enjoys the benefits of being officially recognised.
