This guide will show you steps to register a business name in Nigeria. This write up will very useful to business owners and also aspiring business owners who desire to have a business and register it correctly.
Most people have been ripped off by so-called agents or third party agents who help business owners register their businesses.
It will take you by the hand, show you how you can do it yourself without the aid of anybody. At the end of reading this guide, you will be able to register your business name yourself, you will know the documents you are supposed to present to the relevant authority to have your business registered.
All small business owners will find this guide useful and relevant. As we know a business name is a legal name given to an entity called business, a business name is an identity used to describe a company or an organisation.
Benefits of Having a Business Name
- It will give your business a formal look
- It gives your business or entity more trust because it is legally registered
- It will give you access to loan from banks
Registering a business in Nigeria can only be done by the corporate affairs commission also known as CAC. The corporate affairs commission is the only legal organisation empowered legally in Nigeria to register a business in Nigeria, they have offices in all the 36 states of the federation.
Normally registering a business entity in Nigeria takes 2 weeks from the date of starting the application process.
Process of Registering a Business Entity in Nigeria
- Identity or Choose a business name
- Once you have choosing name go to the nearest CAC office
- Fill the application form
- Pick up your business certificate name
Identify or choose a business name
The first process of registering a business name in Nigeria, start with you choosing a name for the business, as little as the business name is, it is one of the vital ingredient that you need to choose before your business can be registered.
Because a name you will be choosing must be unique and must be a name that no other person have used before. The name you choose must be a name that must be related to the line of business you want to engage in.
Once you have chosen the name go to the nearest CAC office
Once you have chosen the name, you will the then proceed to the corporate affairs commission, The CAC is the only body or commission approved by law to register a company in Nigeria.
Once you get to the nearest CAC office near to your location, the first thing that will be done is to check the availability of the name with CAC.
You will be given a form called FORM 008, you will be required to fill the form correctly and input your details correctly, because every information you put on that will be investigated, so make sure you fill it correctly.
Once you fill the form and submit, it will take two weeks for them to carry out their investigation and get back to you. They will do their check thoroughly to see if the name you submitted is available or not.
Fill Form 001
Once your name is available you will be prompted to fill FORM 001, make sure you fill all your details correctly, after filling form you will be made to pay #10,000 which is an administrative fee. After paying you will be given an attestation and affidavit form to attest to in the nearest magistrate court.
Collection of your business name registration certificate from the CAC
Once you fill the form correctly and you have done all the necessary things, you will have to wait for another one week for the CAC to perfect your business name registration. Once all is done you will now go ahead to pick up your business name registration certificate with the CAC.
Once you follow all this process and steps, you will not have a problem registering your business name yourself. If you find this information useful kindly help share with your social media network and if you have any suggestion please drop your comments below.