The institution you would want to go to for registering your business name in Nigeria is the Corporate Affairs Commission (CAC), a body founded under the Companies and Allied Matters Act for regulating companies in Nigeria.
Now let’s get started!
Requirements For Registering A Business Name In Nigeria
Below are the requirements to register your business:
- National Identification Number (NIN)
- CAC business name search.
- Registration Fee (N10,000).
- CAC Application Form.
- Passport Photograph.
- Business Documents.
- Birth Certificate.
- Driver’s License.
- International Passport.
- Permanent Voters’ Card.
How to Register A Business Name Step-By-Step
1. Choose And Reserve A Business Name with CAC
The first step is to choose and reserve your intended company name with the corporate affairs.
One easy way to get a name is to search on the internet and have backups in case the business name you have in mind has already been taken.
Namelix is a helpful website that can help you find some that’ll suit your organization for free.
Keep at least two names you have in mind, then visit the CAC website and apply.
READ: How to Start a POS Business in Nigeria
If the CAC approves the name you gave, it will reserve it for you for 60 days.
You can get your name approved on the same day if you submit the request before 5 pm or pay N500.
2. Complete the Pre-Registration Form – CAC-BNO1 And Upload Relevant Registration Documents
The moment you are done with checking for name availability and reservation, you can now proceed to start registering your firm properly.
You will need to complete the CAC-BNo1 pre-registration form using the CAC online registration portal.
You will need to input the following information on the form:
- Approved name of the business.
- General nature of the firm.
- Address of the organization.
- Name, address, occupation, and other information about the Proprietors of the firm.
- Signature of the Proprietors.
List Of Documents To Upload
- Two passport-sized photographs.
- Availability printout (Approval Note).
- Statutory Form (Form BN 1).
- Proficiency Certificate (If applicable).
- Means of identification.
- Payment Receipt.
The registration documents can be uploaded online using the Registration Portal Login Here
3. Pay the Filing Fee
Payment for the CAC Filing fees can be done online.
The fee can also be paid directly from CAC’s portal or the bank.
4. Submit The Form
Once your payment has been approved, submit the forms online.
The CAC will review the documents you uploaded and notify you if your application has been approved and that your business certificate is ready for collection.
The following documents will then be issued to you:
- An Original Certificate of registration of the business.
- CTC of the Application for the Registration of the Firm.
Things You Should Avoid When Doing a CAC Business Name Registration:
Please note that when registering your business with the corporate affairs, some pre-defined restrictions must not be violated to be successful with the registration process.
They are:
1. The chosen name should be 100 percent unique and not misleading.
2. The name should not contain words like – Chamber of Commerce, Federal, National, State, Government, Municipal, Chartered, Regional, Co-operative, Building Society, Holding, Or Group.
6. The company title must not violate any existing trademark or business in Nigeria
What is the Cost Of Business Name Registration?
The cost of registering a business with CAC varies based on different company profiles and criteria.
We have given a breakdown of the prices here so that you can see how much your type of company needs to pay.
| Type Of Company | Amount |
| Private Business Name Registration | ₦10,000 |
| Incorporation of Company Limited | ₦20,000 |
| Incorporation of Private/Public Company Limited (with an issued share capital of ₦1,000,000 or less) | ₦10,000 |
| Incorporation of Private/Public Company Limited ( with issued share capital above ₦1,000,000 and up to ₦500,000,000) | ₦5,000 for every ₦1 million share capital. |
| Incorporation of Private/Public Company Limited (with issued share above ₦500,000,000) | ₦7,500 for every ₦1 million share capital. |
Business Name Reservation Fee For Various Company Types
Below is a list of business name reservation fees that different company types require:
| Type Of Company | Amount |
| Business Name | ₦500 |
| Limited Liability Partnership (LLP) | ₦500 |
| Limited Partnership | ₦500 |
| Incorporate Trustees | ₦5,000 |
Can I Do a CAC Business Name Registration Online?
The simple answer is YES, you can register your business name online in Nigeria by yourself for free.
By following the process we have outlined above, you will be able to register the name of your business.
How Long Does CAC Business Name Registration Take?
It typically takes about 48 – 72 hours for CAC to approve a business name registration.
Conclusion
Doing a CAC name business registration is essential for small business owners and with the steps we have highlighted above in this article, registering your business should be easy.
If you also need profitable business ideas to start with little capital, then check out our article on 30 business you can start with 50k or less in 2023.
