Introduction
The CAC (Corporate Affairs Commission) Status Report is essential in the registration and verification process for Kuda Business accounts. This document lists the proprietors of your business and ensures that the information matches details such as your BVN (Bank Verification Number). Below, we outline the key details about the CAC Status Report, its purpose, preparation, and submission process, as well as troubleshooting tips for common issues.
What is a CAC Status Report?
The CAC Status Report is a document issued by the Corporate Affairs Commission that lists the proprietors (owners) of a business. This report is often required to:
Verify your business registration details with CAC.
Compare the names on the report with your BVN for smooth registration.
The report is particularly important for the verification and validation of your business during the creation of a Kuda Business account.
Why is the CAC Status Report Necessary?
The CAC Status Report ensures accuracy in your business registration details. Kuda uses this document to verify:
All proprietors in your business.
Matching details between the business registration and your BVN.
How to Prepare a CAC Status Report for Submission
Follow these steps to prepare your CAC Status Report:
Ensure the report lists all proprietors. If you are a sole proprietor, this must still be reflected accurately.
Merge the CAC report documents if necessary and save them in PDF format.
Confirm all details are complete to avoid rejection during the submission process.
How to Submit Your CAC Status Report
You can upload the prepared CAC Status Report during your Kuda Business account registration. In cases where direct uploads are not possible:
Send the document as a PDF via email to Kuda at [email protected].
Troubleshooting Common Issues
Here are some common issues faced while submitting the CAC Status Report and their solutions:
Name Mismatch Between BVN and CAC Report
If there is a mismatch in the name arrangement, take the following steps:
Visit the nearest CAC office to correct the errors in your report.
Obtain and share the updated CAC Status Report with Kuda.
Missing or Incomplete Information
Ensure that all proprietors' names or ownership details are listed correctly in the report.
Verification of Director’s Name for Name Change Issues
Sometimes, the CAC report is required to reconfirm the name of a director when dealing with name change issues. Ensure the correct version of the document is submitted for such cases.
Related Information
For businesses not registered with the CAC, note that you cannot select the "Full Business" account type during the Kuda Business account creation process.
Conclusion
The CAC Status Report is a critical document for verifying your business in the Kuda Business account registration process. Properly preparing and submitting the report ensures smooth registration and helps resolve any potential discrepancies. Follow the guidelines above to ensure a seamless submission process.