28/03/2013

Step-by-step Guide: How to Register your Business Name with Corporate Affairs Commission of Nigeria

6 comments

COMPLETE GUIDE ON HOW TO REGISTER YOUR BUSINESS NAME

If you want to register your business name in Nigeria without involving a third party (e.g lawyer, agent etc), you will have to go directly to any of the CAC branches across the country. Mostly, CAC offices are located in the state capitals in Nigeria.

Steps in Registering your Business Name in Nigeria 

  • Walk into any CAC office in your state. You can find their office in the state capital you are residing. You can get the contact info of the CAC state offices at http://new.cac.gov.ng/home/state-offices/
  • Make sure you already have at least 2-3 different unique names at hand before walking down to the CAC office.
Examples of what the names should look like: 

  1.  The names must not contain words like “Natural,” “Government,” “state,” “co-operative” etc.
  2. The names must not be similar to any business or trade mark already registered in Nigeria. 
  3. If you are making use of the word “consulting” and registration of some professional services, you will be required to provide evidence of the relevant professional qualifications and/or registrations. Please just try to avoid such if you do not have such professional qualifications. 
  •  Tell the CAC staff that you want to register your business name. You will be told to pay for the “Availability check and Reservation of Name Form” and file. Both cost approximately N500
  • Fill the form and submit. The CAC staff will guide you in filling it. You will be told to check back, after a week or two to know the fate of the business names submitted.
Take note that this is the most challenging stage of the whole process because you can`t proceed to the next stage if your business name has not been approved. Should incase CAC disapproves both names submitted, you have to buy another “Availability Form” and go through the process again. 
  • If any of the submitted names is approved, you will be told to pay N4,000 for the proper registration of the business name. below is the CAC Business Name Services Fees:




SERVICES FEES:

SERVICES UNDER PART B - WHICH IS BUSINESS NAMES

a.       Registration of Business Name =N=10,000.00
b.      Change of Name =N=5,000.00
c.       Business Name Search =N=1000.00. (per business name file)
d.      Change of Proprietorship =N=1,000.00
e.       Change of Address =N=1,000.00
f.       Certified True Copy of a Business Name Certificate =N=1,000.00 Filing of Annual returns =N=1000.00
g. Certified true copy of business name certificate of registration N5000.00
h. Certified true copies of other documents N2000.00

BUSINESS NAME REGISTRATION FORM

Business Name Registration Form =N=500.00 
You will be provided with a registration form to use in registering the approved business name
Below are the requirements for the business name registration form:
  1. The approved business name
  2. Address of the business 
  3.  Name of the sole proprietor or partners
  4. Address of the owner(s)
  5. Two passport photographs of the owner(s)
  6. General nature of the business. This is the categories that matches your kind of business.
Upon completion of the form, you will need to submit the form with the receipt of payment of the N10,000. You will be asked to come for your certificate in 2-4 weeks time. CAC will register the name after satisfying that the necessary documents and information are in place. Once you collect your “certificate of registration of business name,” you can then boast anywhere of running a legal business. 

Tips for Registering your Business with Corporate Affairs Commission of Nigeria: 

  •  By registering your business you stand the chance of obtaining loans from banks and other financial institutions.
  • Having registered for a business name is prerequisite to being awarded contracts by the Government and doing serious business with other private companies.
  • You may have noticed that people feel more comfortable paying for goods and services into a corporate account which has the name of an organization than paying into an individual`s account. They believe that the organization can be easily tracked down since the account is in a corporate name.




So it`s a big advantage to get your business registered with the Corporate Affairs Commission of Nigeria because it gives you a proof authenticity.

6 comments :

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