Last Updated on May 9, 2021 by Ope Quadri
You may have noticed after several years of registering your business name that the Corporate Affairs Commission (CAC) has delisted your company on its database.
For instance, if you registered a company with the commission in 2016 and you failed to file a return, there is a possibility that your company will be delisted.
So, in this post, we’ll share with you useful steps to take so that your company will be legally recognised.
What Delisting means
Failure to take swift action to address the issue will be seen by the commission that the company no longer carries out business.
Your company will no longer be regarded as legal registered entities
Your business will lose all privileges so accorded them by law.
You can no longer use the name as a legal entity in accessing government loans
Last delisting by CAC
The last delisting exercise by the commission was carried out in 2017, when it stated that names of over 38,000 companies were removed from its register.
The affected companies failed to file annual returns to the commission, the Registrar-General of CAC has said.
When such happens, only the court can give an order for the companies to be readmitted into the register of CAC.
The delisted companies may have not been liquidated, the companies have up to 20 years to reapply for re-registration, says the law.
“The laws says that if the commission has a reasonable cause that the company is not carrying on business while in operation, then it has to enquire from that company and if no response is received within three months, the commission can proceed to strike off the name of the registered company, the DG was quoted as saying by The Punch in 2017.
Steps To Take If CAC Delisted Your Company
If you found yourself in this situation, here is what you need to do immediately to legally bring back your company on the database of CAC:
- Step 1: Head straight to CAC branch office
- Step 2: Request for re-registration form
- Step 3: Update your data if anything has changed
- Step 4: Pay the required fees
- Step 5: Print your certificate which has Registration Number
Note: Take along the copy of your initial registration