How to Register A Business Name in Nigeria – Are you an investor or an entrepreneur? You should have known that business name registration is one of the vital requirements for beginning a business.
Previously, the entire process of business name registration in Nigeria was quite demanding and stressful as well. You will dedicate several days and piles of written / typed paperwork to get sorted out. Presently, it is no longer that difficult & stressful to register a business name in Nigeria. This article gives a first-hand guide on how you can register your business name in Nigeria and how much it will cost you, please read on!
Brief Overview Into Nigeria’s Business Registration (History & Facts)
In Nigeria, the body that is saddled with the responsibility of business registration is the CAC which stands for Corporate and Affairs Commission. CAC is an autonomous body that was founded years back in the Year 1990 , it was established under the Companies and Allied Matters Act. They are charged with the role of regulating and managing companies in Nigeria. If you are registering your business with CAC, you should make sure that all the documentations used in registering the business with the Business Corporate Affairs Commission are authentic and verifiable. Moreover, persons who are opening business accounts in Nigeria must as a matter of fact be registered with the regulatory body, the business is expected to be duly registered with Nigeria’s Corporate Affairs Commission (CAC) or the business is accredited by other relevant agency , this might hugely rely on the nature of your business.
Going by October 2020 data, the Federal Government of Nigeria was giving out Free business name registration , the opportunity was open to up to 250,000 businesses. In this article, we will be discussing the step-by-step guide on how you can register a business name in Nigeria under the regulatory body, Corporate Affairs Commission (CAC).
How to Register a Business Name in Nigeria
Let’s quickly dive into the process flow for registering your business name with the CAC of Nigeria. Abide by these procedures;
1. Select a Business Name and Check if it is still Available or Not
Picking a business name can be challenging sometimes. The business name you should come up with needs to be identified with your brand name. It is crucial that you pick a name that is related to your business. You should contact a quick search on the internet for the business name you can go for and also get up to three backup names should in case it doesn’t go through. This is to make sure that you have at least selected the names that are not yet registered under CAC to the best of your knowledge. You can also employ platforms like Namelix ( a digital tool ) to assist you with getting a name that suits your business.
2. Round-Up the Pre-registration Form to Register Your Business Name
In the past, claiming of business name at the CAC offices took a couple of days before the result is released. Presently, it just takes the same day , if you submit the request before 5 pm you will be charged just NGN500.
3. Get the CAC Registration Form
Once you have concluded with the name reservation and have secured a name , you can then progress to the main registration of your business name . Utilizing the online registration portal, you should property fill a pre-registration form (CAC-BNo1). To register a name for your private company with an authorized share capital worth up to a million Naira or fewer, it will cost up to N10,000, to register a private company name with a share capital exceeding N1m and capital up to N500m , you will pay N5,000 for each of the 1m shares held by the company, for Private company business name more than N500m, there is an authorized share capital costs of approximately N7,500 for every 1m shares held by the company, for Public company business name registration for the 1st 1m share capital or for lesser costs , you will be charged N20,000, to register a company that does not have a share capital it will cost you N20,000
4. Pay The Filing Fee
Upon making payment for the filing fee, you will get a receipt of your payment. Please do not pay to anybody, you should make Payments directly at the website portal or you invoice and pay straight at the bank. The cost to get your business name registered will rely on the kind of company you wish to register under.
5. Prepare Your Documents And Get Them Ready For Uploading
You will need to get the signed copy of the pre-registration documents and you should rightly upload a scanned copy to the approved website for processing. Some of the requirements for registering a business name include; Application form, Filing fee receipt, Means of Identification for the proprietors, of the business.
6. Submit the Original Copies of Your Application Documents
You will be required to submit the original signed copies of all the documents that were uploaded in step 4 to the CAC office. You can be able to do this in exchange for your certificate including the Certified True Copies of all your application documents including your National Identification Number (NIN), Business Name Availability, Registration Fee, CAC Application Form, Passport Photograph, Business Documents, Birth Certificate, Driver’s License, International Passport And your Permanent Voters’ Card
How Much Will it Cost Me To Register My Business Name in Nigeria?
- To register a name for your private company with an authorized share capital worth up to a million Naira or lesser costs, it will cost up to N10,000. In the past, claiming of business name at the CAC offices takes a couple of days before the result is released. Presently, it will just take you same day , if you submit the request before 5 pm you will be charged just NGN500.
- To register a private company name with a share capital exceeding N1m and capital up to N500m , you will pay N5,000 for each of the 1m shares held by the company.
- For Private company business name more than N500m, there is an authorized share capital costs of approximately N7,500 for every 1m shares held by the company.
- For Public company business name registration for the 1st 1m share capital or for lesser costs , you will be charged N20,000
- To register a company that does not have a share capital it will cost you N20,000
Document Requirements To Register Your Business Name
Here are the required credentials to register your business name with the Corporate Affairs Commission (CAC) in Nigeria;
- National Identification Number (NIN)
- Business Name Availability
- Registration Fee
- Application Form for CAC
- Passport Photograph
- Business Documents
- Birth Certificate
- Driver’s License
- International Passport
- Permanent Voters’ Card
At this point it is believed that you are now fully equipped with the details you needed to know on how you can register a business name in Nigeria. Also note that you do not require the services of chartered secretaries, a legal practitioner, you don’t also need other third party services if you want to register your business name.
Frequently Asked Questions
How much to register a business name in Nigeria?
The CAC official filing fee when you are registering a business name in Nigeria is N10,000
How long does it take to register a business name in Nigeria?
The complete process flow for registering a business name usually takes 1-2 weeks