Are you interested in knowing how to register your business enterprise in Nigeria? This Article Contains Step by Step Guide On How To Register Your Business in Nigeria with what it Requires To get A Business Name.
Registration of your business in Nigeria is a simple process as the Corporate Affairs Commission of Nigeria (CAC) has made the procedure very easy by introducing its website with search tools and online portals which reduces the stress and the waste of time going to the CAC office to carry out the processes.
Also Read: How To Start Exportation Business In Nigeria
Nigeria is one in all the first-rate countries in Africa for investment. Why because it’s one of the African’s fastest-developing economies. However, Nigeria is blessed with mineral resources that attract the flow of money to her economy when compared to some of the other African countries. The Nigerian government has introduced good investment policies to attract both foreign and local investors.
To understand how the whole business registration system in Nigeria functions and the way the corporate affairs commission of Nigeria (CAC) online name search works, I encourage you to read the full article as a step by step guide is discussed below.
Benefits Of Registering Your Business In Nigeria
You may be asking what are the benefits of registering my business. Below are the benefits of registering the business in Nigeria
- You can open an account with your business or company Name
- It gives you legal liability protection
- It enables you for a business trip to other countries
- You have a reputation with Customers
- It gives you proof of ownership
- It helps you in getting loans
How To Register Your Business In Nigeria
Here Are Step by Step Guide on How To Register Your Business in Nigeria
1. Conduct a business name search at (CAC) the Corporate Affairs Commission office
The Nigerian government has introduced a good investment policy to attract both foreign and local investors. The first thing you need to do is to conduct a business name search. The first and most critical step for business enterprise or company registration in Nigeria is the registration of a business name. In this step, you must decide a name for your business and then proceed to (CAC) the Corporate Affairs Commission and check if it is available or if it has already been used.
For the search process, the corporate affairs commission CAC has its website where you can go and check for the availability of your business name. The corporate affairs commission’s (CAC) website has a public search tool which is free of cost. The process of registering your business enterprise name in Nigeria is easy-going once the name has been decided.
Steps to conducting a business name search
- Go online by visiting www.remita.net/CAC.
- Go online and click on Pay a Remita/Customer/Biller.
- Click on the pay once.
- Who is the beneficiary: Corporate Affairs Commission.
- Name of service/purpose: Name Search.
- Amount to pay: #500.
- Description: Name search.
- Name of the principal: Type in the name of the business/or company name.
- The payer’s full name: fill in your name
- Then Proceed to payment
You can pay at a bank branch, Internet banking, and pay with cards or electronic wallets. In the event that the site search affirms that there is no prior business with a similar name, at that point the incorporator, as the following stage, must lead an official pursuit utilizing the CAC online entry. This costs (500 Naira) and it affirms the name accessibility and grants reservation of business names in Nigeria for 90 days.
2. Choose Your Business Name
This refers to the name or style under which any business enterprise or company is carried on whether in a partnership or as a sole businessman. A business name can be registered as a sole proprietorship or partnership business.
Choosing a name for your business enterprise is very essential because it has to be attractive, selling, and unique. After choosing a suitable name for your business or company it must be directly submitted to the CAC website to check if it is available. You need to be careful when choosing your business name because if you choose a name that has been used by another person or company it may be rejected. So it is important that you choose a unique name for your business enterprise it can be your trademark or brand. Also know that regulations are more limited than in companies but the liability of business owners and partners is generally unlimited. Therefore, the process of completing your business enterprise name registration in Nigeria takes up to one week to complete.
Who Is Eligible To Register A Business Name?
- combination of (a-d)
It must be noted that when choosing a name for your business, the names chosen must not include things like National, the name of a state or anything showing affiliation with the government or any other restricted name unless proof of permission from the relevant authorities has been getting; and a prohibited name particularly one that offends public morals
3. Fill the Preliminary Registration Form
After the documents had been properly prepared, you’re required to fill a form through CAC, mentioning all the essential details, and submit it to the CAC again, together with all of the required documents. You can as well have a company secretary for your business enterprise who may act as an accountant or a lawyer and be completely liable for filing the documentation with the CAC after the business enterprise or company is registered.
The Procedure of Documentation is as per the following:
- All executives must fill the Points of interest of Chief structure (Form CAC 7)
- One executive must fill the Announcement of Offer Capital and Return of Distribution structure (Form CAC 2)
- One executive and the Organization Secretary need to fill the Notification of Circumstance/Change of Enlisted Address structure (Form CAC 3)
- An individual or firm authorized by the CAC can fill the Affirmation of Consistence with the necessities of the company and Allied matters Act (CAMA) structure (Form CAC 4)
- In any event, 2 chiefs need to fill the structure delegating an Organization Secretary for the business or company
4. Pay the Appropriate Fee
When all the application structures are presented, the incorporator must pay the appropriate fees meant for registration of business or company in Nigeria. The break down of all the fees that must be paid to the CAC is given beneath:
- Name Reservation N500
- Fee for Registration of Business Name N10,000
- Business Name Registration N250
How to Change Your Business or Company Name in Nigeria
On the off chance that you are pondering whether an individual is permitted to change the names of business or company in Nigeria, the appropriate response is yes. Any individual who is eager to change their business or company name must follow a smoothed out procedure, and the issue is arranged. In the event that you are one of them, and searching for a manual to take you through the method of changing your business name in Nigeria then you are on the correct stage. Below are an awesome strategy for changing your business or company name in Nigeria.
Strategy for Changing your Business Name in Nigeria
- Check for the accessibility of the ideal name with the assistance of the CAC name search, on the off chance that it’s accessible, at that point hold it until the entire documentation and installment strategy is completed.
- When the CAC Nigeria name search affirms that the ideal name is accessible at that point set up an application expressing the explanations behind the adjustment in the business name alongside the signature of two executives.
- Express uncommon goals clarifying the ideal change alongside the signature of two executives.
- When the application is submitted and affirmed, tender the first authentication of consolidation for abrogation purposes.
- The subsequent stage is to do the installation of filing fees.
- Check whether the yearly returns are up to date.
- Get the stamped agreement and articles bearing the new name
Documents Needed for Changing your Business or Company Name in Nigeria
- A board decision expressing the endorsement of the name change
- 3 duplicates of notice and articles of affiliation utilizing the new business name
- The original certificate of consolidation
5. Pick Up Your Business Name Certificate Of Registration
In the wake of finishing the form, paying the necessary fees, and presenting the confirmation/affidavit form, at this point you should hold-up two or three weeks before returning at the (CAC) Corporate Affairs Commission for your business name certification. In the event that everything was fine during the application procedure, at this point you can expect to wait excessively long or have your registration invalidated.
In the wake of getting the certification, you can feel free to start your business. At this point you can consider incorporating your business into a limited liability company (LTD) or public liability company (PLC) as you want. The whole procedure ought not to take a couple of months and you will be prepared to begin a full registered business or company.
Cost of Business Registration in Nigeria
(CAC) the Corporate Affairs Commission is the administrative organization responsible for registering businesses and companies in Nigeria. They likewise control the exercises of businesses and the companies by their constitution. You can click here for more detail on the cost of registering your business in Nigeria.
Registration of business in Nigeria is not difficult as most people perceive. The above steps will help you in registering your business in Nigeria. It is vital to register your business as there are numerous benefits attached to it. If you have any challenge feel free to ask us a question using the comment box below. Remember to share with your friends on Facebook, Twitter, etc.