How to register a Business Name in Nigeria: CAC
This article will walk us through on How to register a Business Name in Nigeria with Corporate Affairs Commission.
Registering a business name in Nigeria is now easy with few easy steps.
Also, starting a business in Nigeria can be a daunting task, but with the right knowledge and resources, it can be a rewarding and fulfilling experience.
However, one of the first steps in starting a business in Nigeria is to register a business name.
The Corporate Affairs Commission (CAC) governs this process, taking responsibility for regulating and supervising the incorporation and business registration in Nigeria.
Furthermore, it is important to note that registering a business name does not automatically grant you the right to conduct business in Nigeria.
In addition, registering a business name is an important step in the process of starting a business in Nigeria, as it establishes your business as a legally recognized entity and helps protect your brand and intellectual property.
Below you will read the step-by-step guide on how to register a business name in Nigeria online successfully:
Also, this article will answer questions such as
How Much to Register a Business Name in Nigeria
How to Register for CAC in Nigeria
Requirements For Registering a Business Name in Nigeria
Cost of Registering a Business Name in Nigeria
How To Register a Business Name in Nigeria Online
What is Corporate Affairs Commission?
According to Corporate Affairs Commission’s official website HERE. The Companies and Allied Matters Act established the Corporate Affairs Commission, promulgated in 1990, and which regulates the formation and management of companies in Nigeria.
However, the establishment of the Corporate Affairs Commission as an autonomous body was a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry.
A department within the Federal Ministry of Commerce and Tourism was then responsible for the registration and administration of the repealed Companies Act of 1968.
It carries out its functions through accredited members of the Association of National Accountants of Nigeria, the Institute of Chartered Accountants of Nigeria, the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), and the Nigerian Bar Association (NBA).
Additionally, a Registrar-General heads it.
Functions of Corporate Affairs Commission
The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, include the following:
- To administer the Act, including the regulation and supervision of the formation, incorporation, management, and winding up of companies
- It also has the function of establishing and maintaining companies registry and offices in all the states of the Federation, suitably and adequately equipped to discharge its functions under the Act or any law for which it is responsible.
- Another well-known function is that the commission arranges and conducts an investigation into the affairs of any company where the interests of the shareholders and the public so demand.
- It also undertakes such other activity Brand which is necessary or expedient for giving full effect to the provisions of the Act.
- The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services.
Requirements for Registering a Business Name in Nigeria
- Proposed Business Name.
- Means of identification (Driver’s license, National ID card, or others).
- Debit card for your payments.
- Passport Photograph.
More on How to Register My Business Name in Nigeria
Advantages of Registering a Business Name in Nigeria
The advantages of registering a business name in Nigeria on the Corporate Affairs Commission and get their certificate is below.
- By registering your business, you will secure your business name before it is claimed by someone else. Once you have successfully registered with the CAC the name of your company, no other organization can legally use the same name to function in Nigeria.
- You are aware of the importance of having a corporate current account, as it instills a sense of comfort when interacting with you.
- Your company registration adds to your business value and credibility. This makes you feel more involved in setting up the company and working harder. Business partners are going to take you more seriously. If you have not registered your company, a good majority of large firms or individuals will be unwilling to work with you.
More Advantages of Registering a Business Name in Nigeria
4. It saves you from personal responsibility: this is probably the biggest reason that a lot of people have to register their company.
You could lose your business and personal property without the legal protection of limited liability if something goes wrong (say someone sues you for heavy damages).
5. Receiving bank credit and investment from investors is simpler. For banks, there are essentially two loan categories; personal and business loans.
They are completely different from each other, and one cannot use one to represent the other.
As a result, most banks will gladly provide you with money to buy a new car or house, but none will give you money to fund a non-registered business.
The Number 1 and non-negotiable condition for applying for a business loan is that the company must be registered.
6. Save yourself from abuse, humiliation, and threat, POLICE, SARS, EFCC, or any other force.
Steps Involved in How to Register a Business Name Online in Nigeria
The steps to register my business name in Nigeria are relatively easy, and anyone can accomplish it as soon as possible.
Visit the registration portal HERE and register on the website with your email.
After successful registration, click on your dashboard section. From your dashboard, you will be able to know if your name has been taken or not.
Write your proposed business name in the Search section. From there you will be able to know if your proposed name is available or not.
If your proposed name is not available for use then you have to choose another business name. However, if your proposed business name is available (i.e. If you can use the name) then you can proceed to the next step.
Go back to your dashboard and click on the reservation and go ahead to fill out the form and submit it. After submission, you will need to pay ₦500 (five hundred Naira) using your debit card.
After the payment, your business name will be reviewed for approval. Name approval doesn’t take ages.
You will receive an email from the commission confirming your business name. At this point, only you have reserved your business name, but the reservation expires after 60 days.
The mail will also come with an availability code which you can use to proceed with your registration. Finally, log in to your CAC account and click on the reservation. You will then see that your business name has been reserved for you.
After that, you will then click on incorporation where you will be provided a form to fill out. Fill in all the necessary parts carefully.
What you need here includes means of identification, national identity cards, driver’s license, etc.
Your business category, limited liability company, sole proprietorship, and so on.
When you get to the number of people to issue the certificate, choose 0 in the two boxes, and after that, preview.
After previewing, you will have to pay a certain amount which can be done with your debit card as well.
After payment, click on the dashboard and it will display “pending” Click on pending, and in front of your name, you will see “Download Document for Signature and date.
The document you just download will come in a PDF format. Enter the date, signature, and passport photographs, and then upload them back using this page “docupload.cac.gov.ng/docUpload”. When you reach this page, input your “availability code” in the first box, which was previously sent to your email.
Furthermore, choose your state just the same as your choice during registration, confirm you’re not a robot, and click on begin.
Here, you will see your business name, then click on UPLOAD.
However, attach your form which is already in PDF format, choose a category, “business name from CAC, and click done.
But you’re not actually done. There is a section on that page where you can see the documents you add.
Furthermore, that section should include four different documents which are the Form, means of identification, receipt of payment, and name availability approval note.
Choose one of the boxes and upload your means of identification which should be in PDF format. You can take a picture of your means of identification and convert the image you have to a PDF file.
After creating your ID in PDF format, click on “attach” to immediately upload it, resulting in a total of two documents for you.
The third document to attach is the receipt you got when you obtain your business name. This document is in a PDF file already, all you need do is just to click on attach.
You can find the receipt in your mail. Finally, get your name availability approval note in your account.
Click on the dashboard, then click on the reservation, you will see ” approval note” Download it on your computer and upload it and choose availability printout.
After successfully attaching the four documents, click on submit. You will receive approval mail as soon as possible. Though it can take hours.
Once you’re approved, you will receive another email in a few days, requesting you to come and pick up your certificate. If anything goes wrong along the line, they will always message you for possible solutions.
Those are the steps involved in how to register a business name online in Nigeria successfully.
Conclusion on How to Register a Business Name in Nigeria
In conclusion, registering a business name in Nigeria is an important step in the process of starting a business in the country.
It establishes your business as a legally recognized entity and helps protect your brand and intellectual property.
The Corporate Affairs Commission (CAC) governs the process of registering a business name with CAC in Nigeria.
This process includes selecting a unique business name, completing the business name registration form, submitting the necessary documents and fees, and awaiting the review and approval of your application by the CAC.
However, it can take up to four weeks to complete the process, and the fees depend on the type of business being registered.
Once your business name receives approval, you will receive a certificate of registration. This certificate enables you to open a bank account and apply for any necessary licenses or permits.
However, it is important to note that registering a business name does not automatically grant you the right to conduct business in Nigeria and you will need to obtain any necessary licenses or permits before you can begin operating your business.
Overall, the process of registering a business name in Nigeria can seem intimidating at first, but with the right knowledge and resources, it can be a smooth and straightforward process.
Best of luck…