Do you know how to register a business name in Nigeria? Obtaining a company name in Nigeria used to be a time-consuming process. Sorting everything out would take several days and a lot of administrative effort, and legal consultants and other specialists would be needed to complete the project on time. However, for the time being, registering a business is not difficult.
The registration of a company name is a requirement for starting a business as a visionary or as a financial supporter. If you want to start a company but aren’t sure where to begin, read on to learn about some business ideas in Nigeria for registered companies. A financial supporter may be interested in a legally registered company. An entrepreneurial company should, however, be registered as a business so that it may qualify for particular advantages from a financial backer or the government.
You may use your enrolled business revelation to open a company file. Clients are more likely to pay into a company’s account if they know their money will be scrutinized. Organizations that join the military have easy access to funding, as well as a wide range of options. Now, let’s find out how business registration can be done in Nigeria.
How To Register A Business Name In Nigeria
There are two major ways of doing this: Getting a lawyer to help you get it done or doing it yourself. If you decide to let a lawyer help out, you will definitely have to pay more than the regular amount. However, if you want to do it yourself, then, please continue reading this guide.
So, what are the steps in registering a business? In order to register for your business name, there are some prerequisites that should have been taken care of before proceeding to the Nigerian CAC registration portal to register for your business name. The procedure for registering a company name with CAC is as follows:
- Make sure you decide on a company or corporate name and make sure it’s easily accessible.
- You must finish your pre-registration structure to register a company name.
- Pay for the filing fees that were incurred.
- Create a list of your transferable skills.
- Make individual copies of your reports and send them in.
Further explanation is provided below.
1. Decide on a company name and make sure it’s easily accessible.
Choose a company name and make sure it’s spelt correctly. Sometimes it’s difficult to choose a company name. Your company’s name should be connected to the name of your brand. You must choose a name that is appropriate for your company. The names you need to use should be quickly researched on the internet, and you should have at least three backup plans ready to fall back on.
That way, you’ll know for sure that the names you choose aren’t already taken. Namelix.com is an online platform where you may use a computerized tool to assist you in choosing the perfect name for your company. You can also use a business name generator to find nice business names.
2. You must finish your pre-registration structure to register a company name.
Prior to this, reserving a company name takes time before you get a response. If you submit your request at the same time, it will be ready the next day. Once the booking is complete, go to the real enrollment organization. After the booking is completed (CAC-BNo1), they will expect you to accomplish a pre-enlistment structure via the web-based enrollment gateway.
3. Pay for the recording fees that were incurred.
The cost of registering a company name depends on the kind of business you want to start. You’ll get an instalment receipt after you’ve paid the recording cost. It’s important to keep in mind that payments may be made directly via the web gateway or through a bank account.
4. Create a list of your transferable skills.
The requirements for registering a company name will be discussed next. If there is more than one marked copy of the pre-enlistment reports, one should be sent out to be prepared. An application form, a receipt for the filing fee, and a means of identification for the business’s proprietors.
5. Make individual copies of your reports and send them in.
The CAC office should get the original copy of the documents uploaded in step 4. Your statement and the Certified True Copies of the archives will be honoured in exchange for what you are about to accomplish.
How To Check If A Business Name Is Available On CAC?
Go to the CAC Public Search to check if the business name you chose is currently available or has already been used by another business owner. If it isn’t available, you need to select another business name because two different business owners can not use the same name.
Requirements For Registering A Business Name
It is important to be aware of the requirements that you need to meet in order to register a company name. These requirements consist of some other forms that still need to be completed which are listed below:
- The pre-registration form – the CAC 1.1, which you can fill out and submit online or download and submit to CAC.
- Form 5: Statement of Share Capital and Return of Allotment (Form CAC 2). This form is filled out by a single director;
- The Notice of Situation/Change of Registered Address form (Form CAC 3) – signed by the secretary and director;
- The Particulars of Director form (Form CAC 7) – completed by all directors;
- The Declaration of Compliance with CAC prerequisites (Form CAC 4) – completed by the CAC-accredited firm;
- Two directors of the company must sign a form naming the new company secretary as the person in charge of the documents after registration).
IMPORTANT NOTE: After paying the stamp duty, you need to take the above-mentioned documents to the stamp duty office to have them stamped. Then, along with the Memorandum and Articles of Association, they are submitted to CAC. Your company’s Certificate of Incorporation/Registration will be ready for collection six weeks after you submit it.
List Of Documents To Upload For CAC Business Registration
Other documents that need to be uploaded when you’re filling out your registration are:
- A copy of the availability printout (which is equivalent to the approval note).
- CAC 1.1 Form for Registration
- Director and shareholder identification
- Receipt for CAC Payment
- A Stamp Duty Certificate (this is to be printed when the stamp obligation expense is paid).
- Articles of Association and Memorandum of Association
- A Certificate of Incorporation signed by the company’s secretary (required where the Secretary is a corporate body).
- Each of the above-mentioned reports must be in PDF format.
After completing registration and payment, the CAC office will issue a certificate of business registration to you.
What is CAC certificate?
CAC Certificate refers to the certificate of business registration issued by his or her CDO to each CAC stating that he or she has been certified as a CAC and containing the CAC’s name and unique CAC identification number.
Can I Register My Business Name Online In Nigeria?
Yes, this can be done via the CAC government registration portal as stated above.
How Much Does It Cost To Register A Business Name In Nigeria
The official CAC registration fee for business name registration in Nigeria is N10,000 only. However, in some cases, there might be a need to pay more than that based on different factors.
What Are The Benefits Of Registering A Business Name?
How Long Does It Take To Register A Business Name In Nigeria?
Normally, the processing period takes 1 to 2 weeks for you to get your business certificate. However, nowadays, it takes much longer than that, in fact, some have been said to take up to 6 months in worst cases.
How To Reserve A Business Name In Nigeria? (Step by Step)
When registering a company or organization in Nigeria, one of the first steps is to see whether the intended name or organization is available. “NAME RESERVATION” is the term used to describe this practice.
If you want to preserve your favourite company name, you’ll need to provide the necessary information, such as your company type (a privately held corporation with shares limited, public organization, etc.), suggested company name, and desired outcomes. Finish the N500 installation and display your data after you’ve supplied all of the required information in each area.
You should hear back from the CAC on the status of your application within the next 24 hours. The endorsement letter will include a name accessibility code in case your company name reservation is approved. Take the records to the stamp obligation office once you’ve made your payments so they may be stamped. They are then presented to CAC together with the Memorandum and Articles of Association.
To avoid CAC penalties, the following criteria must be met:
- general meeting (AGM) will be held in the company
- A yearly return should be submitted 42 days after the annual general meeting (AGM).
- If you want to file your company’s income tax and VAT with FIRS, you need to do the following.
Now, you know the requirements, procedures and the process of registering a business name in Nigeria.