Registering a business name in Nigeria has never been this easy. With a shorter time frame and less paperwork, anyone can now register their business name with the Corporate Affairs Commission (CAC), the recognized institution for business registration in Nigeria.
As a business owner, registering your business is an essential requirement for starting your business. This is any entrepreneur’s best investment in their business as it not only gives them credibility but also makes them eligible for any government or investor’s benefits.
An investor will only be interested in a duly registered company.
In this article, I’ll be giving you a breakdown on how to register your business from the comfort of your home through the Corporate Affairs Commission (CAC).
Table of Contents
Step by Step Guide on How to Register a Business Name in Nigeria
Business name reservation:
This is the first step to getting your business registered and even though it is done online, it can be a herculean task. You will have to choose two to three alternate names that align and are relevant to your brand.
After your submission, CAC will then conduct a search on their database that will reveal a name from what you submitted that has not been previously registered. Once the name is approved, you’ll have a 60-day window period in which your business name is reserved and you’re expected to complete your business name registration process.
It costs just about NGN500.
Business name registration:
Just like the first step, this can be done online.
Here are the needed information to fill in the registration form;
- Approved business name.
- General nature of business.
- Business address.
- Name, address, occupation and other details of the Proprietors of the business.
- Signature of Proprietors.
After successfully filling these details, you’re ready for the next step.
Payment of filing fees:
The price ranges depending on the type of business being registered. Payment can be made straight from the website portal or directly to the bank. Once it’s made, a receipt is issued.
How Much Does it Cost to Register a Business Name in Nigeria?
- It costs NGN20,000 to register a company that has no share capital.
- It costs NGN20,000 to register a public company with authorized share capital of N1 million or less.
- It costs NGN10,000 to register a private company with authorized share capital of N1 million or less.
- To register a private company with authorized share capital of N1 million to N500 million costs N5,000 for every N1 million company shares.
- To register a private company with authorized share capital of above N500 million costs N7,500 for every N1 million company shares.
Preparation of documents for upload
After the payment process is completed and receipt gotten, these are the necessary documents to prepare for upload;
- Application form.
- Filing fee receipt.
- Valid means of identification of business Proprietors(e.g, passport, national ID card, driver’s license, voter’s card, etc.,).
The above documents originals are to be signed and uploaded to the site by scanning.
Certificate collection:
Once all necessary documents have been submitted online, they’ll be reviewed for authentication and approval by CAC. If approved, CAC will notify the applicant that registration is successful and the Business Name Certificate is ready for collection.
The entire process should take less than a week without any glitches.
Final Thoughts
At this point, you should have been fully equipped with adequate knowledge on how to register your brand name in Nigeria.
In addition to getting a business name, endeavor to get your Tax Identification Number(TIN) as every registered business in Nigeria must pay tax.
This can help you evade some hassles while raising capital for the business.