How to Register a Business Name in Nigeria
Business name registration in Nigeria was very cumbersome. It would require a few days and a ton of desk work to figure everything out. It’s not, at this point that difficult to register a business name in Nigeria. To know more, Click this.
Step To Register a Business Name With CAC
- Choose a business name and check for availability
- Complete your pre-registration structure to register a business name
- Pay for a documenting fee
- Prepare your records for upload
- Submit the first duplicates of your documents
As an entrepreneur or investor, business name registration is one of the fundamental necessities for beginning a business.
An investor may be keen on a company that is appropriately registered. Then again, for a business person to make the business qualified for explicit advantages either from an investor or government, it must be registered as a company.
In Nigeria, the institution responsible for business registration is the Corporate and Affairs Commission (CAC). This is an independent body set up in 1990 under the Companies and Allied Matters Act. They are accused of the obligation of guidelines and the executives of organizations in Nigeria.
As of October 2020, the Federal Government of Nigeria is giving out free business name registration to 250,000 businesses. Check the video underneath to study this. To learn more on how to to register your business name, Click this.
How to Registration Business Names For Free
The following are ways to register a business name with the CAC of Nigeria.
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1. Choose a Business Name and Check for Availability
Choosing a business name can be very stressful sometimes. Your business name should be related to a brand name. You must choose a name that applies to your business.
You ought to do a quick inquiry on the web on the names you choose and have up to three reinforcement plans. This is to guarantee you have at least chosen the names that are not being used as far as you could know.
2. Complete Your Pre-registration Form to Register Your Business Name
Previously, business name reservation at the CAC required days before it returned with a result. Today, it possibly requires that very day if you present your solicitation before 5 pm and it costs just NGN500.
When you wrap up with the name reservation, you would then be able to continue to the registration of your business name appropriate. Using the online registration entry, you should finish a pre-registration form.
3. Pay for a Filing Fee
Apart from paying the filing fee, you will get a receipt of payment. You can make Payment straightforwardly from the online interface or directly to the bank. The expense of business name registration relies upon the kind of company you are attempting to register.
4. Prepare Your Documents for Upload
You should prepare a signed duplicate of the pre-registration reports and transfer an examined duplicate to the site for handling. The following are the requirement for registering a business name.
Application form
Filing fee receipt
Mean of Identification for the owners of the business.
5. Present the Original Copies of Your Documents
You should submit the original signed copies of the document uploaded in sync 4 to the CAC office. You will do this in return for your testament and the Certified True Copies of the reports.
How much it Cost to Register a Business Name in Nigeria
Registration of a private company with an approved share capital of N1m or less, costs N10, 000. Registration of a private company with an offer capital of more than N1m and up to N500m costs N5, 000 for each 1m portions of the company. Private company registration above N500m approved offer capital costs N7, 500 for each 1m portions of the company. Public company registration for the principal 1m offer capital or fewer costs N20, 000
The process of the CAC business name registration has been rearranged to support interest from planned financial backers and business visionaries. One of the advantages of registering a business name in Nigeria (Check out the Top 11 Daily Income Businesses in Nigeria) is that it makes you qualified to get financial assistance from the Bank of Industry.
As well as getting a business name, attempt to get your unique tax identification number (TIN), as each business in Nigeria should make good on tax. This will assist you with keeping away from problems while attempting to raise capital for your business. To see more registration cost, Check this.
Author
Abbey Johnson has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.