How to Update CAC Status Report Records
If you find out that the information on your entity’s CAC status report is wrong or outdated, or if something in your business has changed, you can simply update the CAC records to reflect the correct, current details.
In this guide, you will learn about the common errors found on CAC status report records and how to update them.
Every piece of information on a CAC status report is the information on record with the Corporate Affairs Commission. Updating a status report record means you are updating your entity’s information on the CAC database, so that what is officially on file matches the current reality of your business
Before you proceed with updating a record of your entity, make sure you have a recent copy of the entity’s status report. This helps you identify exactly which fields are outdated or incorrect, so you know precisely what needs to be changed before you begin the update process.
Common Reasons You May Need to Update Your Records
There are several situations that may prompt you to update your entity’s CAC status report. Some of the most common include:
1. Change of Registered Address
If your business relocates to a new office or operating address, this must be reflected on your CAC records to avoid missing important correspondence or notices.
2. Change in Directors or Shareholders
When a director resigns, a new director is appointed, or shares are transferred between shareholders, these changes need to be formally updated with the CAC.
3. Change of Company Name
If your entity has undergone a name change, whether due to rebranding or a merger, your CAC records must be updated to reflect the new name across all official documents.
4. Change in Business Objectives or Nature of Business
As your business grows or pivots, the nature of your operations may no longer match what was originally registered. Updating this ensures your CAC profile stays aligned with your actual business activities.
5. Correcting Errors in Previous Filings
Sometimes, mistakes happen during initial registration or a previous update, such as misspelled names, incorrect addresses, or wrong figures. These errors need to be corrected promptly to avoid complications later.
Whatever the reason, it’s important to update your records as soon as the change occurs, rather than waiting until it becomes urgent.
Prerequisites Before You Begin
Before you start the process of updating your CAC status report records, there are a few things you should have in place to ensure the update goes smoothly:
File Annual Returns
If your entity’s annual return filing with the Corporate Affairs Commission is not up to date, your request to update your status report record will not be approved. Make sure all outstanding annual returns are filed and confirmed before proceeding with any update to your records.
Valid Means of Identification
You will need to provide a means of identification (such as National ID Card or International Passport) to the accredited agent who is handling the job for you. The name on the ID card must match with the name of a proprietor, director, shareholder or trustee of the entity.
Supporting Documents for the Change
Depending on what you’re updating, you may need documents such as:
- A board resolution (for changes in directors or shareholders)
- Any relevant sworn affidavits (where applicable)
- Newspaper publication (for change of proprietor/director/trustee names)
Funds for Applicable Fees
Any update on the CAC portal attracts a fee, which varies depending on the type of change being made. If you are using the service of an accredited agent, you should also budget for their professional service fee in addition to the official CAC charges. Have this ready to avoid delays.
How to Update Records on CAC
To update the information on your CAC status report, you must reach out to an accredited agent, as this service is not available on the regular Corporate Affairs Commission portal for individual users.
If you need a CAC accredited agent, we recommend GrowthPal Consulting LTD. GrowthPal is one of the best CAC accredited agencies in Nigeria.
The requirements depend on what you are editing and the type of entity. For example, if the name of a director of a company is not spelt correctly, a written request detailing the correction and means of identification with the correct spelling needs to be provided.
When you reach out to an accredited agent regarding a correction, the requirements to proceed will be communicated to you based on your specific case. Once you provide them and make payment, the correction on the CAC records will commence.
Note that the amount you’ll need to pay depends on what you are correcting, the entity type, and the accredited agent’s professional fee.
Immediately the update is approved, you will get a new CAC status report reflecting the updated information.
Common Errors to Avoid
When updating your CAC status report records, avoid these common mistakes that can delay or lead to the rejection of your request:
1. Mismatched Names Across Documents
Ensure that the name on your identification document matches exactly with the name on record with the CAC. Even minor spelling differences can cause your request to be rejected.
2. Uploading Outdated or Incorrect Documents
Always confirm that you are submitting the most recent and correct supporting documents for the specific change you are making. Submitting the wrong document type is one of the most common reasons for delays.
3. Incomplete Board Resolutions
Make sure the board of resolutions are properly written and signed by all required parties on the entity’s letter headed paper. The letter head paper must contain the entity’s registered name, contact address, phone number and email address.
Expected Turnaround time
The expected turnaround time in plain english is how long it will take for the update to get approved. Entities registered as business names are usually the fastest with a turn around time of less than 24 hours.
Companies and Incorporated trustees get approved within 2-3 working days.
Conclusion
Keeping your CAC status report records accurate and up to date is essential for the smooth running of your business. Don’t wait until you urgently need your status report to discover that your records are outdated or incorrect.
