Registering a business name in Nigeria with the Corporate Affairs Commission can be the easy way to go if you are looking for a relatively affordable option to formalize your business. The requirements are quite straightforward, the technicalities are limited and compliance reporting obligations are minimal. This structure can be used for a sole proprietorship or a partnership. Below are 5 easy steps to help you register your business name in Nigeria.
STEP 1 – Name Search CAC
Two businesses cannot carry on business with the same name. The process of confirming that your proposed name is not being used is called a public search and can easily be done on the CAC official website. This is the first step in the registration of Business Name.
STEP 2 – Availability Check and Reservation of Name
It is important to note that a public search does not suffice. It is merely a first step and not conclusive. After the public search, you must apply for a confirmation and approval by CAC that the name is not being used. This is called availability check and reservation of name, you are expected to submit two proposed names to the CAC, and make the required payment. If approved, go ahead with registration.
STEP 3 – Input Details
The Statutory form for registration requires certain particulars to be provided, accompanied by a number of documents. They are as follows: –
- approved name;
- general nature of the business;
- full address of the principal place of business and every other subsidiary place of business;
- proposed date of commencement of the business;
- passport size photographs of the owners; and
- Proficiency certificate (If required).
Once everything looks good, go ahead and make payment, printout the documentation, attach relevant passport photographs and sign.
Step 4 – Document Upload CAC
The Application form for the registration of Business Name and other relevant documents must be uploaded. The CAC will review the documentation and if all is in order, you will get a notification that the application has been approved, after which your Business Certificate will be ready for printing.
Step 5 – Certificate of Registration
The following documents would be available on the CAC website for download by the proprietor(s) of the newly registered business name :
- Original Certificate of registration of the business name
- CTC of the Application for the Registration of the business name
Business Name in Nigeria
It is important that the documents are downloaded promptly and safely kept on a cloud storage that you can subsequently access. The CAC charges for subsequent downloads after an initial period.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.