AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
CAMA 2020 requires a company's registered office to be in Nigeria and to be a place where documents can be served and certain registers kept; it does not say the address must be premises you own or lease full-time. A virtual or serviced office can work if the provider will receive and pass on post and legal papers, and lets you keep or inspect statutory registers there. Banks set their own proof-of-address rules, so ask before you register.
What the law requires of a registered office
- In Nigeria. The memorandum must state that the registered office is situated in Nigeria (section 27(1)(b)).
- Stated at registration. The application gives the registered office address and, if different, the head office address (section 36(2)(b)).
- A place for service. Documents other than court processes may be served by leaving them at, or posting them to, the registered or head office (section 104). Miss a demand served there and you may miss a deadline.
- A place for registers. The register of members (section 110) and the register of charges (section 216) are kept at the registered office; accounting records are kept there or at another place the directors think fit (section 375).
- Directors' service address. A director may give the registered office as their service address (section 319(4)), which keeps home addresses off correspondence.
Nothing in these sections requires the company to run its daily operations at the registered office. That is why accountants' offices, lawyers' chambers and serviced offices are often used.
When a virtual office works, and when it does not
| Question to ask the provider | Why it matters |
|---|---|
| Will you accept and forward legal and official post promptly? | Service at the registered office counts as served (s.104) |
| Can we keep, or make available, statutory registers here? | Registers of members and charges belong at the registered office |
| Is the address a real, findable building in Nigeria? | Required by s.27; inspectors, couriers and banks may visit |
| Will you give a letter confirming our use of the address? | Banks and tenders often ask for proof |
| What happens to our post if we stop paying? | You must change the CAC address before the arrangement ends |
Read the provider's contract for how quickly post is scanned or forwarded. A court-related letter that sits unopened for three weeks can cost far more than the subscription saved.
A virtual address is a poor fit if your business needs a regulator's premises inspection, or if customers will try to visit. Sector regulators often licence premises, not just companies; check before you rely on a virtual address.
What banks and others accept
There is no single bank rule for this. Each bank sets its own know-your-customer requirements for business accounts. Many ask for proof of the operating address, such as a utility bill, tenancy agreement or a letter from the serviced office, and some will visit. If your registered office is virtual but you trade elsewhere, give both addresses accurately and ask the bank in advance what it needs. Tender boards and large clients may also ask why the registered office differs from where the work is done.
Changing the registered address later
- Agree the new address and get the provider's or landlord's consent.
- Board resolution approving the change, per your articles.
- File the change on the CAC portal as a post-incorporation filing. Under the CAC fee schedule gazetted on 29 May 2025, post-incorporation filings cost ₦5,000 for a small company and ₦10,000 for other private companies; the portal shows the exact charge.
- Move the statutory registers and tell the bank, tax office and clients.
- Update letterheads, invoices and your website.
More detail: changing your registered address at CAC.
Worked example: home, virtual or serviced?
Example only: a two-person consultancy (a small company) registers at a serviced office for ₦150,000 a year in the provider's fee. The alternative is a director's home address plus the CAC fee to restrict a director's residential address (₦25,000 for each director who wants it). For two directors that is ₦50,000, but the home address stays the company's registered office and appears on the public record as such. In the first year the serviced office costs ₦100,000 more (₦150,000 minus ₦50,000) in this example; it also keeps home addresses out of the company's records altogether.
Business names and LLPs
The registered office rules above are written for companies. A business name records the full postal address of its principal place of business and of every other place of business (section 815), and changes to it must be notified within 28 days (section 818). An LLP must have a registered office for communications and notices (section 755), and a change takes effect only once notice is given to CAC. In both cases the same practical test applies: post sent there must reach you.
What to check first
- Is the provider a registered business you can verify? Check it on the CAC search; see how to verify a company.
- Get the post-handling promise in the contract, not just on a website.
- Confirm with your bank before you file.
Where Pryme fits
Spaces, Pryme's ecosystem of merchants, includes serviced offices in Lagos, Abuja and Port Harcourt; businesses in that sector with a Pryme Business Account can join Spaces. For a company using a virtual address, a Pryme Business Account can be opened from any country.
Questions people ask
Can I use a virtual office address for CAC registration?
CAMA 2020 requires the registered office to be in Nigeria and able to receive served documents and hold registers. A virtual office that does those things can work.
Can I use my home address as a registered office?
Yes, but it becomes the company's public registered address. Directors can separately pay ₦25,000 to restrict their residential address.
Do banks accept a virtual office address for a business account?
It depends on the bank. Many ask for proof of the operating address and some visit; ask before you register.
How much does it cost to change a registered address at CAC?
It is a post-incorporation filing: ₦5,000 for a small company and ₦10,000 for other private companies under the May 2025 schedule.
Sources
- Companies and Allied Matters Act 2020, full text (2020) · accessed Oct 2026
- CAC New Schedule of Fees, Official Gazette No. 92 Vol. 112 (29 May 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.