CAC STATUS REPORT, as the name implies , is in constant demand by banks and many organizations. The reasons for this demand continue making people wonder about its use and what exactly a status report is made of.
In our write up, we always tend to elucidate matters of surprise or ideas that are not much known by people, so that next time the individual comes again with the issue of the subject matter, they will be able to know its essence and contribute to the discussion about the subject matter. In our various discoveries and findings, we have come to realize that a lack of in-depth knowledge of a particular subject makes people shy away from it anytime there is a discussion going on about it. We are here to elucidate, clear, and bring its concept knowledge to the tip of your finger.
What is a Status Report?
Status report is an official Corporate Affairs Commission (CAC) document. It is also called Company Status Report for a Limited Liability Company on the CAC portal in Nigeria.
CAC Status Report is an official CAC document containing the company’s legal status and records. Implying that it is a document that has an explanation of the line items information that conveys meaning about the company name, and its legal components.
The information to be seen in the status report is as follows:
- Company’s name and the RC number
- Incorporation date or date of registration
- Company’s type
- Registered office of the company
- Directors and Shareholders
- Share Capital
- Filing status
For avoidance of further confusion, the items are explained further for thorough assimilations.
Important Concepts in a CAC Status Report
A company’s name is that name that individual brought up for reservation, after the names have been searched for existence in the CAC and it happens that the names do not exist elsewhere, and approval was given for its registration and subsequently, final registration approval was given for its use as a company name by the CAC. Upon approval, a unique number will be made available for the company ‘s identity throughout its existence as a company. This number is known as RC NUMBER. For companies, this number is always prefixed by RC.
The Incorporation date is the date that the company received approval for its existence as a company.
For Company Type, can be limited by share, Unlimited or Public Limited Company (PLC). It will be stated clearly the type of company upon approval.
Registered office of the Company: This is the particular address supplied upon registration that the company will be operating from in terms of its service delivery and transaction.
Directors and Shareholders are those that have contributed money for the company existence and upon whom the company responsibility rest on.
Share Capital is the amount of share in contribution by the shareholders for the existence of the company.
Filing status indicates if the company is active or up to date in its annual filing obligation with the CAC.
Status report also show the particulars of the directors, secretary and shareholders in terms of their addresses, signatures and the amount of share contributed by each shareholders.
Uses of CAC Status Report
This document is not just being produced, it is used officially by banks, and government agencies in fulfilling their obligations.
Banks use CAC Status report in corporate account opening and account verifications. To check the legitimacy of the company, that is if the company is properly registered with the CAC.
It is used to confirm the director and shareholders. This is important because it attempts to ensure that the people operating the account are the rightful and legally recognized officers of the company.
For checking the company’s status: This is to ensure that inactive company was not allowed to transact with them except after being active.
It is used to validate names, addresses, and numbers as used in the registration of the company and also matches with the names, numbers, and addresses used for account opening.
Agencies of government like FIRS use status report to confirm the existence and ownership of the company.
It is used to determine if the company is complying with its annual filing and other regulatory obligations.
It is used to verify the company in terms of contract bidding, tax support or licensing processes
Steps to obtaining CAC Status Report
Step 1: Visit the CAC portal. Using the URL
Step 2: Login in to the portal using your unique ID.
Username, email, Phone number and password.
Step 3. Click on public search in case you know the company name but does not have the RC number of the company.
If you know the RC Number, When you login to the CAC portal,
Click Post Incorporation, you will see business name and other entities.
Click on other entities if it is a company.
Step 4: Insert the RC Number and click search.
The company name, RC number, Entity type, address, date of incorporation will appear,
Click on proceed to Dashboard.
Step 5: From the Dashboard, click company search
A box will pop up prompting you to put RC number or Select existing search
Step 6: Put the RC number and click search, it will bring the company and ask you to view details.
Click on view detail, a box will appear demanding your email, name and phone number. The email essence is to send you the remita receipt.
Click save and continue. Payment page will appear, demanding payment of #5000.
After payment proceed to download your Status report.
Alternatively,
From step 5: Select existing search button.
Enter the RRR number sent to your email after payment.
Click search, the CAC Status report will appear, which you can print as demand at the bottom of the page or save as PDF when you click print.
Either you print or save it as pdf, and proceed to what you want to do with the CAC status report. We are here to unfold more useful information that will guide you on many things.
Also Read: Tax Investigation and Audit: What Small Businesses Should Know
