What’s the step-by-step process on how to register a business name in Nigeria with CAC ? Can you register your business name online?
In the past years, completing a business name registration in Nigeria was complicated. It took days, sometimes weeks, and required lots of paperwork for you to get your business registered.
As an entrepreneur into any venture, be it in the forex trading sector, Tech, E-cormemrce or the POS business in Nigeria, registering the business name you wish to operate under is an essential requirement for starting your business, so you can’t get around it to start operation.
Investors will only disburse funds to a company that has been duly registered. Likewise, for you to make your venture eligible for certain benefits from investors or the government, you have to register it as a company.
The institution you would want to go to for registering a business name in Nigeria is the Corporate Affairs Commission (CAC).
The CAC is a body that was founded under the Companies and Allied Matters Act, it is responsible for regulating and managing companies in Nigeria.
In this post, you’ll be getting a step-by-step guide on how to register business name in Nigeria with CAC, as well as answers to questions like, how much registration costs and if it can be done online.
If you also need ideas on profitable businesses you can start with little capital, then check out our article on 30 business you can start with 50k or less in 2023.
Now lets get started!
How to Register Business Name in Nigeria
CAC business name registration can be a daunting process. This is mostly because the name you choose should not just be easy to match with your brand, but it also has to be relevant to your venture’s purpose.
One easy way to get a name is to quickly search for several names on the internet and have backups in case one of the names has already been chosen.
Namelix is an helpful website can help you find a name that’ll suit your business for free.
Now, below are the steps to register a business name in nigeria.
How To Register Business Name In Nigeria Breakdown:
1. Choose And Reserve A Business Name with CAC
To get started, choose and reserve a business name on the Corporate Affairs Commission.
Keeping the name you have in mind, visit the CAC’s website, where you will then suggest two names for your business. They will conduct a search on their database to ensure that the name you want isn’t already being used, or if there is no similar name in use.
If the CAC approves the name you gave, it will reserve the business name for you for a period of 60 days. Within this period you are expected to have completed the registration process for your business name.
Previously reserving a name on the CAC took days before you got confirmation or declined. Now, you can get your name the same day if you submit the name request before 5 pm for just N500.
Note: You can check for the availability of the Business Name you want here.
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 business name properly.
Using the CAC online registration portal, you will need to complete the CAC-BNo1 pre-registration form.
The pre-registration form can be completed online, and you will have to input the following information on the form:
- Approved name of the business.
- General nature of the business.
- Address of the business.
- Name, address, occupation, and other information about the Proprietors of the Business.
- Signature of the Proprietors.
List Of Documents To Upload For CAC Business Name Registration
- Two passport-sized photographs.
- Availability print out (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 CAC Registration Portal Login Here
3. Pay the Filing Fee
Payment for the CAC Filing fees can be done online. You can pay the fees directly from the CAC’s portal or the bank.
4. Submit The Form
Once your payment has been approved, you can submit the forms online. The CAC will review the documentation you uploaded.
If everything is in order they will notify you that your application has been approved, and the Business Name Certificate is ready for collection.
After registering your business name with the Corporate Affairs Commission, the following documents will then be rendered by the CAC to the proprietor:
- An Original Certificate of registration of the business name.
- CTC of the Application for the Registration of the business name.
Furthermore, a business name of more than one proprietor may decide to file a partnership deed with CAC after the registration process has been completed.
Altenativley, can watch the video below for a detailed process on the CAC business name registration in Nigeria.
Restrictions For Registering A Business Name In Nigeria
Please note that when registering your business name in Nigeria, you must keep in mind that you aren’t violating any rules, however, there are some pre-defined restrictions you must follow.
1. The chosen name should be 100 percent unique.
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.
3. Business names mustn’t contain words that in the Commission’s opinion are capable of misleading the nature or extent of the business activities or are undesirable.
4. The chosen name must not be offensive to public policy.
5. The business name must not be contrary to the public policy.
6. The company name must not, in the opinion of the Commission, be in violation of any existing trademark or existing business name in Nigeria (unless due consent is obtained from the original owner).
How Much Does It Cost To Register A Business Name in Nigeria?
The cost to register a business name in Nigeria with CAC varies based on different company profiles and criteria.
We have given a breakdown of the cost 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
Entrepreneurs and companies are allowed to reserve their preferred business name for a period of 60 days. This allows them to have enough time to conclude the registration process.
|Type Of Company||Amount|
|Limited Liability Partnership (LLP)||₦500|
Requirements For Registering A Business Name In Nigeria
So, if you want to register a business name in Nigeria, what and what do you need to submit?
Besides filling out and submitting the registration form, there are other steps you need to take to get your business name registered with the CAC. Those steps include you and your partner providing personal information about yourselves.
These are the requirements to register your business name with the Corporate Affairs Commission (CAC):
- 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 Business Name In Nigeria Online?
Can I register my business name online in Nigeria? How to register business name for free online in Nigeria?
These questions and many more, usually pop up in the minds of users seeking to register their business names.
The simple answer is YES, you can register your business name online in Nigeria fro free!!
This process is an easy one, and by following certain procedures, you can conveniently register your business name online with the Corporate Affairs Commission (CAC).
Below is a tutorial on how to do a free business name registration in nigeria with the CAC.
1. Open Your Device’s Internet Browser
Launch either Chrome, Safari, Explorer, or Firefox on your device.
2. Visit the CAC’s Pre-Incorporation Portal
Visit it here on your internet browser
3. Determine the Availability Status Of Your Business Name Submitted For Registration
Click on the Search Now icon of this CAC Search webpage to know if your business name is still available for registration.
4. Submit And Reserve Your Business Name
Submit your preferred business name for reservation.
5. Create An Account With The CAC
Select create account and click the sign up button to create an account with the CAC.
6. Pay A Reservation Fee
The fee for reserving a business name is ₦500.
7. Use The Business Name Availability Code
Register your company officially by using the business name availability code. Click the Pre-incorporation button.
8. Sign In To Your CAC Account
After you’ve successfully created an account, you can sign in to your CAC account.
9. Complete The CAC Business Registration Form
Fill the CAC business registration form.
10. Pay The Business Registration Fee
Pay ₦10,000 as your business registration fee to the CAC.
11. Submit Your Personal And Business Documents
Submit the original copies of your personal and business documents along with the completed registration form.
Click submit to complete your registration.
The tutorial we have given you is an easy one to follow. And you can do it by yourself from anywhere with a stable internet connection and a laptop or mobile phone.
How Long Does It Take To Register A Business Name in Nigeria?
It typically takes 48 hours to register a business name in Nigeria.
The length of the CAC’s registration process is the big question most budding entrepreneurs have about registering their business names.
Which is understandable because the faster you can make your company name official, the faster you can get investors and also kick off operations.
These days it doesn’t take long to register a business name in Nigeria, and the registration process is now faster.
Subsequently, you could pay N500 to reserve your business name for 60 days, so that you don’t lose the name and have to start afresh.
Did You Know: You Can Register Your Business By Yourself?
Do you know that you do not necessarily need to employ the services of a legal practitioner, or chartered seceretaries or invite any other third party to register your business name. By simply going online and following the directives of the CAC, you can do it yourself.
Additionally, as you strive to get your business name registered, don’t forget to apply for a unique Tax Identification Number, as every business in Nigeria is required to pay tax.
Getting a TIN will assist you in avoiding any challenges that come with raising capital for your business.
Conclusion: Why Do You Need To Register Your Business Name?
The disappointments and challenges that come with not registering your business name are not new to small and medium business ventures in Nigeria. Most entrepreneurs who start small, often neglect to follow due process and structure for their business.
One of such structure which is also essential is you doing a CAC business name registration with the steps Dockaysworld has highligted above in this article.
Several benefits and reasons why you should register your business include – adhering to the country’s laws, getting a unique identity for your company, protection from liability, unrestricted access to financial opportunities, and getting a recognized professional image you can present to investors and banks when you need funds.
The Corporate Affairs Commission has simplified the process of getting your business name registered. This is to encourage participation and partnership from investors and entrepreneurs.
Getting your business name registered makes you qualified to get financial assistance from the Bank of Industry and other investors as well.
We hope that, after reading this article, you would have been fully equipped with the knowledge on how to register business name in Nigeria.
See you next time!!
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