How PoS Operators Can Register with CAC in Nigeria

By July 7, the police will start hunting down PoS operators yet to register with the Corporate Affairs Commission. 

The measure becomes necessary for security, especially for crimes involving dirty monies.

Most operators or agent-banking business owners who don’t have an idea of registering a business might hit a brick wall here.

Below is a quick guide on how to register a PoS business with the CAC.

1)Banks/Fintechs’ APIs

2)DIY method

3)Online Third Party

4)Offline Contract

5)Business Incorporation PlatformsBanks/Fintechs’ APIs

1)Banks/Fintechs’ APIs

This method depends on your PoS terminal providers. Some of the machine apps come fitted with business incorporation features.

So PoS operators using this are most likely familiar with the feature. It can walk them through the process without breaking a sweat. Except for the payment—N20000 or more. It’s an economic decision, though.

2)DIY

There are lot anyone can do digitally. UX—user experience—is one important benefit SaaS (software as a service) or PaaS (platform as a service) strive to offer. This applies to all of the methods that have been digitized, including the CAC website.

Head out to http://www.cac.gov.ng.  Follow the registration link, and other prompts. This process requires some documentation, including your NIN, Tax Number (which you can get free from the Joint Tax Board website), business names, and others.  The first thing you settle is the availability of the business name—for N500. The commission then sends you a code. This further helps in your incorporation process which costs N10,000. Your certificate reaches you five day after registration—maximum. 

3)Third-Party Registration

There are third-party registration platforms like Norebase and others that undertake this business registration and incorporation for people. The only downside here is the fee: N17,000 minimum. Then you prepare to clarify as much information as they seek from you.

4)Offline Contract

One of the offline approaches is to get professionals. The CAC has accredited agents and lawyers that handle registration and incorporation for businesses. With N20,000 or more, you can sit back and let them do the job. Which includes guiding you through the nitty-gritty of business structure, documentation, and others.

5)Business Incorporation Platform

Not many of them are available for now, though. These media or non-media platforms tack on to their core operation the business registration and incorporation service. 

You pay a fee.

One example is the Entrepreneurs.ng which charges N20,000 for the service.

6)Business incorporation Service Providers

Organisations like Entrepreneurs.ng offer business incorporation services, including PoS business registration. Visit their website and request a business registration service and make a payment (₦20,000). They will take care of the entire registration process, from name search to document submission.