This article will teach you how to register any business in Nigeria. Nigeria has a favorable economic environment even though some people think otherwise, But you know, there are always two sides to a coin, therefore, if its good for some, it’s also bad for some too. Many entrepreneurial are reviewed on a daily basis. However, it is necessary to take some things into consideration as you are about to begin your business. Apart from the money and the nature of a business, a basic issue to be considered is your business name. This is required to differentiate you from other business entities.
In Nigeria, there are laid down processes to register your business names. This is how a business is identified as genuine in Nigeria. One has to go through some process while registering a business name with the (CAC) Corporate Affairs Commission. This is the entity that is tasked with the registration of business names. Below are the steps to be taken:
Steps on how to Register a Business in Nigeria
1. Searching and reserving a name
You need to first search for a business name to be sure it’s available. This is quite vital because a business name conflict has to be avoided. After looking for a name to use and discovering it is availability, one can set aside the name to make sure that it isn’t taken by someone else. You can click here to search for a name.
It is significant to note that there are restrictions placed and they are as follows:
- Names that comprise “Regional,” Federal, “Chamber of Commerce,” “Municipal,” “Co-operative,” “Chartered,” “Group,” “Building Society,” or “Holding” are forbidden from being used.
- If the company feels a name can be misleading, or the purpose of the business activities is illegal, unwanted or not acceptable by the society, they have the right not to register the name.
2. Purchasing and Completing the Application for Business Registration form
In cases where a business name is not accepted, one has to acquire a new reservation form then fill it and resubmit 2 separate names. Instantly an acceptable name has been reserved effectively and approved afterward, one has to fill and turn over duly completed statutory forms.
2 partners can register a business name. In the case where there is a partner, one has to fill up the form and fix 2 passport-sized photographs of each partner.
3. Payment of fees
After every essential form has been successfully filled, an individual or partners will need to pay the provided fee to complete the process of registering a business name.
Below are the fees to complete a CAC name registration:
- The fee for reservation of name is – N500
- The form for business Name registration is – N250
- The amount for Registration of business name is – N10, 000
4. You need to take the form to a High Court
You need to take the form you are given to a court for attestation. After the confirmation letter has been gotten, you are now required to go back to the CAC office to submit it. You will be guided on the next process to take.
5. Certificate of Registration
After you have successfully registered your business name, a certificate of registration will be given to you. Although it usually takes about one week if the business is a limited corporation.