Register a Company Name - How to Register a Business Name in Nigeria with Corporate Affairs Commission (CAC)

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As the quest for entrepreneurship and industrialization continues to grow day by day in Nigeria, so many individuals, business ventures and sole proprietors now want to register their company and business names with the Nigeria Corporate Affairs Commission. If you know what to do the, registering a business name in Nigeria with the CAC will be a very simple process for you.

The importance of having a registered business name in Nigeria cannot be over-emphasized. With your business name, you can easily open a corporate or current account with any Nigerian Bank Nationwide. Also, a registered business name gives your business a more corporate, credible and professional look to your dealers, customers, suppliers, business partners, foreigners and the general public at large. This will make them to give you special preference and take you more serious for business deals and transactions.

[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

REQUIREMENT, STEPS AND FEES INVOLVED IN REGISTERING COMPANY AND BUSINESS NAMES IN NIGERIA:

Let me start first by giving you reasons why you must register your business in Nigeria. It is worth the efforts for you to get your business duly registered in Nigeria for the following reasons:

Ø  The law will authorize you to use the business name of your choice. Other users of the unregistered name are instantly derecognized.

Ø  When you register a business name for your company, you are free to do business and get contracts from government establishments, agencies and you can even partner with big firms and companies.

Ø  Your Customers and Suppliers will become more willing and relaxed in doing business with you. Buyers and clients will not be afraid of making bank payment to you when you operate your bank account with a registered business or company name.

SO HOW DO I GET MY BUSINESS OR COMPANY REGISTERED?

To register your business or company in Nigeria, you have to follow these directions:

1)      Visit any office of the Nigerian Corporate Affairs Commission (CAC) nearest to your residence. Usually, the capitals of all states in Nigeria house the CAC Offices. You can also look here for the full directions to all the CAC Offices and Branches in all States Nationwide.

2)      Get your proposed business name ready and also, come up with many other alternative names should in case your desired name has already been registered by some other person or party. Note well that your proposed business name should not contain certain prohibited words including ‘Government’, ‘National’, ‘State’ and many other listed official terms. If your business name must include words like ‘consulting’ then the CAC may prompt you to tender your license or present your professional qualification to prove your eligibility. Again, take note that your business name must not be similar in any way to other registered business names in Nigeria otherwise; your application will be expressly turned down.

3)      As soon as you inform the designated CAC official that you want to register a business name for your company, you will be required to pay the sum of N500 (Five Hundred Naira Only) for the CAC ‘Availability Check and Reservation’ Form which you can also download here.

4)      Now, fill the form with the required details and submit it. Then, you will instructed to go and check back in a week or 2 weeks’ time so as to confirm the status of the proposed business names you have submitted (i.e whether they are available for registration or not).

5)      When you come back after the specified time and your proposed business name is available and approved then you will be asked to pay a further N4,000 (Four Thousand Naira) fee only. If the name is not available and you still want to register a business name, you will also pay another N500 as you already did before and come back later to check the status. You can click this link and see the full summary of CAC Fees.

6)      You will be given a registration form once you pay the fee completely. The required fields on the registration form includes your valid business location and address, approved business name, name(s) of owners and shareholders in the business, the nature of your business and the items you deal in among many others. You can request for a full list of recognized business categories from the CAC Official in case you need help.

7)      After filling the business registration form, attach the receipt of the N4,000 fee which you have paid earlier to CAC and submit the form. Then, you will be told to go home and revisit the office again in 2 or 4 weeks’ time to collect your CAC Business Name Registration Certificate.

8)      Once you get your business name certificate professionally referred to as the Certificate of Incorporation, you can then comfortably use the business name for your company and be rest assured of running a legitimate and nationally recognized business.

So take advantage of this information and register your business name as soon as possible if you have not yet done so. Also share this information with your friends, business partners and colleagues on Facebook, LinkedIn, Twitter and other social networks so that they can learn how to easily incorporate their business names with the CAC and give their businesses a credible and corporate outlook.

If you have any questions or comments regarding this article, kindly drop them in the comment section using the comment box placed below for quick attention and helpful feedback.

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