Before now, business name registration in Nigeria was very difficult. It would take many days and a series of documentation to get it approved. Thankfully, things have changed and you can no longer go through the stress of old if you want to get your business name registered in Nigeria.
For a business that wants to operate and be recognized officially, with a legal backing, such business must be registered as an important requirement. Another reason for this is that an investor will only agree to invest in your business if it is rightly registered with the government.
What is the body that registers business name in Nigeria?
The agency that is in charge of business name registration in Nigeria is the Corporate Affairs Commission (CAC). CAC was created by the 1999 constitution on the Company and Allied Matters Act to regulate and manage businesses in Nigeria.
How to register business name in Nigeria with CAC
Below is the process for registering a business name in Nigeria:
1. Pick a business name and confirm availability
Because your business name needs to identify with your brand, it is important that you choose a unique name that has relevance to your business. You can check your business name on https://search.cac.gov.ng/.
2. Fill your pre-registration form
3. Pay the filing charges
Once you have paid the fee for filing, you will be issued a receipt for payment. It is possible to make this payment direct from the webpage portal to the bank.
4. Arrange your documents for online submission
Arrange and scan your signed pre-registration form and other required documents for upload to the portal for processing. The documents required include:
- Application form
- Filing payment receipt
- Means of Identifications for owners of the business
The original copies of your documents should be signed and be submitted in the 4th step to the CAC office.
Cost of business name registration in Nigeria?
- Private company with allowed share of up to 1 million – N10,000.
- Company with share capital of between 1 and 500 million – N5,000 per each one million share.
- Private company beyond 500 million – N7,500 per each one million share.
- Public company – N20,000 per one million share.
- Company without a share capital – N20,000.
Now, we believe you have the right information that you need to begin the registration of your business name in Nigeria. Kindly share our article on your social media handles so others can benefit.