Corporate Affairs Commission (CAC) Entity Electronic Account, compulsory for all companies
In line with Section 101 of the Companies and Allied Matters Act 2021 (CAMA) and in order to enhance the integrity of post incorporation/registration documents submitted on the Company Registration Portal (CRP) for registration, registered entities are here by advised to apply to the Commission for creation of their Entity Electronic Accounts.
WHAT IS AN ENTITY ELECTRONIC ACCOUNT?
Entity Electronic Account is the online account that allows registered entities to submit documents and statutory returns to the Commission on the Company Registration Portal.
Any information, documents or return submitted through an Entity Electronic Account shall be deemed duly authenticated.
WHAT IS THE BENEFIT OF AN ENTITY ELECTRONIC ACCOUNT?
It dispenses with the service of intermediaries thus reducing cost as registered entities may submit their documents and statutory returns to the Commission directly and electronically.
It dispenses with the requirement of signatures for authentication of documents or returns.
It reduces timelines for transactions with the Commission.
WHO MAY APPLY FOR CREATION OF ENTITY ELECTRONIC ACCOUNT?
The majority of Directors/Partners/Trustees or the Proprietor or Single Shareholder (in the case of Sole Proprietorship or Single Shareholder Company) may apply for creation of an Entity Electronic Account and designate an Officer of the Entity as the “Authorised Officer” in line with Section 101 of the Companies and Allied Matters Act, 2020 (CAMA) for the purpose of administering the Entity’s Electronic Account.
The Authourised Officer may in turn create Sub-administrators for the Entity Electronic Account.
The Majority of the Directors/Partners/Trustees may, however and at any time, change the Authorised Officer and remove any or all of the Sub-administrators.
HOW DO YOU APPLY FOR CREATION OF ENTITY ELECTRONIC ACCOUNT?
Go to https://www.cac.gov.ng and download Form CAC-MISC 03 (Application for Creation of Entity Electronic Account).
Majority of the Directors/Partners/Trustees or the Proprietor or Single Shareholder (in the case of Sole Proprietorship or Single Shareholder Company) should complete and sign Application Form.
Application Form should be forwarded by post or courier service to the Registrar-General, Corporate Affairs Commission, Plot 420, Tigris Crescent Off Aguiyi Ironsi Street, Maitama, Abuja or any of the Commission’s Offices in
the States.
IS THERE A TIMELINE FOR CREATION OF ENTITY ELECTRONIC ACCOUNT?
There is no timeline for creation of Entity Electronic Account.
Majority of the Directors/Partners/Trustees or the Proprietor or Single Shareholder (in the case of Sole Proprietorship or Single Shareholder Company) may apply to the Commission at anytime to create an Entity Electronic Account.
WOULD ENTITIES WITH NO ELECTRONIC ACCOUNTS BE ABLE TO SUBMIT DOCUMENTS AFTER 31st MARCH 2021?
Entities would be able to submit documents and statutory returns to the Commission after 31 December, 2021 when the window for manual submission of documents would be closed.
Entities with no Electronic Accounts would be required to submit their documents and statutory returns to the Commission through Accredited Agents.
WHAT IS THE COST FOR CREATION OF ENTITY ELECTRONIC ACCOUNT?
Application for Creation of Entity Electronic Account is Free!
SIGNED:
CAC MANAGEMENT