To be honest, the importance of business registration can’t be over emphasized. You definitely need it, even if you are a small business owner.
Why is this so important? This will make you business a legal entity. It means you can always have full business operational benefits, protect yourself, and makes it easier for you to get funds.
So, how exactly can you register you business but name in Nigeria? That’s what this article will NB explain to you. The process, the costs, and many more. Enjoy!
How to Register a Business Name in Nigeria
Whenever a business person plans to start a business in any country, the first step is to consider his/her business name registration.
You also need to know the required documents and the cost to complete the whole process.
For you to register for a business name in Nigeria, you don’t have to stress yourself much as the Corporate Affairs Commission (C.A.C) has simpled the process for you. Also, there are many enlighting information you can find on their website – you can always use some search tools to find the information you need. This saves you time for going directly to the CAC office. You can begin the procedure online.
Read more for the step by step guide on how to register your business name in Nigeria with CAC.
Register your business name in Nigeria with these simple steps:
1. Check if your business name will be available
By now, you will understand that the first and most crucial step before you register a company in Nigeria is to secure and register a business name.
At this stage, you need to choose a name for your business. After that, you must check the corporate affairs commission (CAC) to know whether the name is available or already been used.
To make this name search process faster the Corporate Affairs Commission had a website that allows users check for name availablity, without having to stress visiting the office. However, we already have a complete list of all CAC offices in Lagos and Abuja here, in case you feel the need to go in person.
In their website, there is a public search tool that is for free. All you need is to decide a name you plan to register (plan for more than one names in case if one is not available). When you are done inputting your decided name, search. Wait for the result. If the search shows that the name is available, you can proceed to the next step by conducting an official search. Here, you need to use the online portal for CAC – search costs just N500 only. You can reserve your new valid business name in Nigeria for ninety days.
If you want to use the public search provided by CAC, please click here: CAC Public Search
2. Apply for your business name registration
You are done with the first step of how to register your business name in Nigeria. Now to the seconds step.
By now, the business name your tendered has been approved and reserved, the next step is for you, the incorporator, to submzsome duly completed statutory forms.
You will also need to attach two passport photographs with the form.
Are you planning only for partnership? No problem, each applicant’s photographs must be attached with your form.
You can also complete this step online. It only requires you to fill the information below:
- Approved name of the business.
- General nature of the business.
- Address of the business.
- Name, address, occupation, and other information about the proprietors of the business.
- Signature of the proprietors.
Note: If the name you want to register for your business doesn’t get approved by the Corporate Affairs Commission, that means you must collect another reservation form, then resubmit it with two business name options. When you are done with this, just wait for the approval.
3. Payments of fees applicable
After submitting the necessary documents for application, you must pay the fees applicable in order to fully register your new business name.
You are to pay these fee to the Corporate Affairs Commission. To make payment, please click here for better access: CAC Business Name Payment.
How much does it cost to Register a Business Name in Nigeria?
By now, you have a good understanding of how easy it is to register your company’s business name in Nigeria (Check out Top 11 Daily Income Businesses in Nigeria) (Check out Top 11 Daily Income Businesses in Nigeria).
Now, how much will all these procedures for registrating a business name cost you? Keep reading.
Below is a breakdown of the total fees that you will pay to the Corporate Affairs Commission:
- Reservation of business name – N500.
- Registration form for business name – N250.
- Registration fee for business name – N10,000.
How long does it take to Register a Business Name in Nigeria?
If you think registering a business name in Nigeria will take you so long, then you are wrong. It’s not only easy to register, it is also fast.
On average, a full business name registration can take up to two working days to be completed – that’s less that one week.
It’s that simple. To begin your business name registration in Nigeria, start from here.
If you wish to even more about the Nigerian Corporate affairs commission, check out our well researched guide on the CAC.
- John Aina Ajibola 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.