As a business person in Nigeria, it is very important for you to register your company or business name because of the benefits attached to it. Business name registration process takes 1-2 weeks but can be done within 24 hours if you understand the process. The duration, usually depends on certain factors such as; the work load of the CAC officials etc. You don;t need any legal practitioner, chartered accountant to do the registration for you. Cooperate affairs commission have made the process easy for anyone to do the registration at the comfort of their homes, offices etc. However, if you don’t understand the process or it seems to be taking more time than necessary you can involve the services of a legal practitioner.
There are different steps to take to register a business name in Nigeria.
The first thing to do is to check if the name you intend to use has not already been used. So right down at least three names if two has been used at least one will be available. But if non is available you have to bring out fresh names and keep checking until it is found not to be available; meaning it has not been used. After the name has been approved; use the availability code to start the registration.
Note, avoid generic names because they are most likely to have been taken. Choose a name that is unique and can be easily pronounced. There are certain names CAC restricts business owners from using, these names includes:
Federal Commerce Regional National Municipal State Chartered Government Co-operate
Building Society, Holding, Group
Fill the Registration
Once you have successfully get approval for your business name, the next thing is to fill the registration form. There are ways to do the registration; you can either apply as a sole practitioner or as partnership. For sole practitioner , it is only you that fills the form while for the partnership more than one persons fill the form.
- Payment of Applicable Fee
When you are done registering online the next thing is to pay the applicable fee. The payment will allow you download and endorse the CAC/BN/1 Form. It will also allow you to endorse a passport photograph for each of the partners in the case of partnership.
- Get your Certificate
The next thing to do before now after submitting the registration form successfully is to go to the nearest CAC office closer to you, to collect your certificate. But first, CAC will have to review your documentation; if it is in order, they will notify you that your application has been approved. But CAC has introduced a new system whereby you can print out the certificate by yourself. When you complete your registration and it is approved, the certificate will be automatically generated to your dashboard for you to download.
LIST OF DOCUMENTS TO UPLOAD FOR CAC
This is what you will be required in the registration
- Approved name
- Nature of the business generally (that is the summary of what the business entails).
- Physical address of the business
- If it is sole proprietorship you will be required to produce only address. For partnership, you will have to produce the following; name, address, occupation,and other details of the partners.
- Signature of the proprietors
How Much is CAC Registration?
CAC registration has different charges, it depends on which of the registration you are going for.
How to check if a business name is available in Nigeria.
CAC NAME SEARCH
How to check if a company is registered in Nigeria
Go to cooperate Affairs Commission website to search for availability of a company name
A form will be displayed for you to input the name you are searching for
Enter ether a section or the complete name you are searching for
Click on, I am not a robot (CAPTCHA)
BUSINESS NAME REGISTRATION
How much can I register a Business name in 2021
For a business name the charge is #10,000 al though there are other charges that can be paid later, example, notice for the charge of business address etc. Before registering you have to obtain application form #500
WHY YOU SHOULD REGISTER YOUR BUSINESS NAME
- It will give you confidence to run your business without intimidation/fear
- Business name boost customer confidence about your product or services
- You can receive loan, grants etc from government.
- Contract bidding and award can be accessed
- Brand name protection etc.
How to Register a business name online in Nigeria, it is very simple to register a business name now, unlike before were you must involve a third party (lawyer) to help in the process