Creating a business and boasting of a reliable name is quite uneasy especially in Nigeria but trying to get that amazing business name officially registered is much more easier. Say hello to Nigeria’s CAC (Corporate Affairs Commission).
Nigeria’s Corporate Affairs Commission has made the business name registration process more faster and efficient, and it is even done without the need, help, or assistance of an ordained lawyer of the law. But before you begin the process, you must know your business
All thanks to their legitimate online platform, business owners now can register their business names easily. Have it in mind that, the Agency is powered by the Company and Allied Matters Act 1990, Pursuant to section 659 to register businesses operation in Nigeria.
Company business categories in Nigeria include:
- Business Name Registration
- Private Limited Company (LTD)
- Public Limited Company (PLC)
- Company Limited by Guarantee (LTD/GTE)
- Unlimited Company (ULTD)
- Incorporated Trustee
The above aforementioned categories of business, companies in Nigeria are the criteria for one of your business. That means, your business must fall under any of the categories, as a start.
Be it small or medium scale Entrepreneurs, sole proprietorship, and partnership, but they are all under business name of a private limited company, registering your business makes it unique and outstanding!
However, there are some stunning steps that you must undergo to get your company business name registered. One of the major step to take first, is to check the name, then reserve name, uploading the necessary documents and completing the payments.
Steps to register a company business name in Nigeria
- Sign up or login into your CAC account
- Search for the availability of business name
- Reserve a new Name
- Payment and pre-registration form.
- Upload duly form
1. Sign up or login into your CAC account
Just like the name implies, you either have to sign-up for the CAC account. That means, if you have not had an account with them, then create one. But if you do have an existing account, you are advised to login to begin the process.
The step to grow starts from step one! Registering your business might NOT help grow your business but the advantages, it posses are incredible! The Online portal for registration of business helps foster the possibility of getting a unique name!
2. Check for availability of company business name
This is so important, that if you do not think outside the box for a little while, you’ll get frustrated all through the process. In order to get your business company name going forward, you must think of a unique and attractive name, that defines the states and how your business works.
All thanks to CAC, for providing an online portal for that, it makes it much easier and simpler. Another method to check for the availability of a business name is by visiting the nearest Corporate Affairs Commission Office.
Where you will pay a little amount to obtain CAC Form 1. Before reserving your business name, please note that there are some names that you are not expected to use. They include: “Chamber of Commerce”, “Federal”, “National”, “Regional”, “State”, “Government”, “Municipal” or “Chartered”, “Co‐operative” or the words “Building Society”; or “Group” or “Holding”.
If you have submitted the Form, check back in 3days. This is for those that used the office center. Remember, you can register the business as a sole practitioner or as a partnership with another individual.
3. Reserve the business name
To reserve a name for yourself and business, you must try all the necessary options. If you are using online portal, you’ll continue entering newer names. While offline, you will continue purchasing a new form, before you can hold a name for yourself.
If you were successful, and found a name that hasn’t been used by anyone. Go ahead and reserve it for yourself and begin the process / procedures immediately, before some one else does! Reserving a name costs N500.
4. Payment and pre-registration form
You are doing a great job, now it is time to proceed and fill all necessary columns rightly in the Statutory Form (FORM BN1) and submit it appropriately. After the successful filling of the form, next is completing the payment.
However, note that the applicant must print Business Name FORM BN and sign and date the required aspects of the form. Be very much aware that registration of business name costs N10,000.
>> Download Form HERE.
5. Upload duly forms
It is time to upload the signed documents, (probably from court, it should not be more than N1000) unless system has changed. Now upload the outlined necessary documents online:
Below are the documents to be uploaded:
- Availability Printout —– (It is the same as the Approval Note).
- Statutory Form (FORM BN 1)
- Proficiency Certificate (where applicable)
- Means of identification
- Payment Receipt.
Finally, after the registration of the business name, the following documents would be given back to the proprietors by the CAC:
- Original Certificate of registration of the business name
- CTC of the Application for the Registration of the business name
Remember that the applicants must now submit or upload the duly completed statutory form together with two sized passport photographs. However, customers can also follow the above process to get their enterprise registered under CAC.
Fees for registering a business name in Nigeria
- Registration form: N250
- Perform: N100
- Reservation of Name: N500
- Registration of business name: N10,000
- Search on business name file N1,000 per business name file
- A certified true copy of business name certificate of registration: N5,000
- Certified true copies of other documents: N2,000 per document.
Registering a business name is stipulated for about 2-3 weeks, but it might either be lesser or bigger in your turn. This time frame totally depends on how CAC is working.
One more time, there is no need for a lawyer to complete the business name registration. But it is necessary when the business is a partnership. But it is mandatory for anyone who wants to register his / her company to get a lawyer.