Before now, business name registration in Nigeria was quite difficult. In fact, the process was so frustrating that it took lots of days and various paperwork to make it happen, and that only put too many people off.
Fortunately for Nigerians, registering your business is no longer hard for business owners. We’ll assist you with how to go about it and break down all the simple instructions to follow. See How To Register A Business Name In Nigeria:
How Can I Register A Business Name In Nigeria?
As an investor or entrepreneur, business name registration is a key requirement to start a business. All investors will only be interested in a company that is well registered. On the other hand, for an entrepreneur to ensure his/her business is eligible for specific benefits, registration as a company has to happen.
If you are not aware, in Nigeria, the Corporate and Affairs Commission (CAC) is in charge of business registration. It was established in 1990 under the Companies and Allied Matters Act, and the commission is responsible for regulating and managing companies in the country.
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Steps To Take To Register A Business Name In Nigeria:
1. Choose A Business Name And Check For Availability:
Deciding on a business name can be difficult sometimes. Your business name has to identify with a brand name so it is vital to choose a name that relates to your business.
Try researching the names you wish to use on the net and have a minimum of 3 backup plans. This will help you know if you chose a name that is already being used. For further help, the Namelix platform can help you find a name that suits your business.
2. Complete Your Pre-registration Form To Register Your Business Name:
Before now, business name reservation at the CAC took lots of days before a result came back, however, nowadays, you will get your name on the same day if your request is submitted before 5 pm, and it only costs 500 naira.
As soon as you are done with the name reservation, you can get into the registration of your business properly. On the online registration portal, you’ll need to complete a pre-registration form (CAC-BNo1).
3. Pay For a Filing Fee:
After paying the filing fee, you will get a receipt of payment. Be aware that payment can be made from the site portal or directly at the bank. The price of a business name registration will depend on the kind of company you want to register.
4. Prepare Your Documents For Upload:
You’ll have to prepare a signed copy of the pre-registration documents and upload a scanned copy to the site for processing. Below are the requirements for registering a business name:
- Application form.
- Filing fee receipt.
- Means of Identification for the owners of the business.
5. Submit the Original Copies of Your Documents:
You need to submit the original signed copies of the documents uploaded above to the CAC office. This will be done in exchange for your certificate and the Certified True Copies of the documents.
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How Much Does It Cost To Register A Business Name In Nigeria?
- Registration of a private company with an authorized share capital of N1m or less goes for ten thousand naira.
- Registration of a private company with a share capital of more than N1m and up to N500m costs five thousand naira for every 1m shares of the company.
- Private company registration above N500m authorized share capital go for N7,500 for every 1m shares of the company.
- Public company registration for the first 1m share capital or fewer will cost twenty thousand naira.
- Registration of company not having a share capital will cost twenty thousand naira.
That is that.