How to Register your Business Name in Nigeria

Starting a business in Nigeria has become more streamlined than ever before. With the updated process, you can register your business name swiftly through the Corporate Affairs Commission (CAC). This article will guide you through the essential steps of registering your business name, ensuring you're well-prepared to embark on your entrepreneurial journey.

Step 1: Choosing a Relevant Business Name

Selecting an appropriate business name is a crucial first step. Your chosen name should resonate with your brand and convey the essence of your business. Use online tools like Namelix to generate ideas and ensure the name you choose is unique. Having a few backup options is wise to avoid naming conflicts.

Step 2: Pre-Registration Form Completion

The old days of waiting for days to get a result from CAC are gone. Now, the process is expedited, taking just one day if you submit before 5 pm. The fee is a mere NGN500. Once you've secured your name, move on to the actual registration by completing the pre-registration form (CAC-BNo1) via the online portal.

Step 3: Payment of Filing Fee

After paying the filing fee, you'll receive a payment receipt. The fee varies depending on the type of company you're registering. You can make the payment directly through the website portal or at the bank.

Step 4: Document Preparation and Upload

Ensure you have the following documents ready:

1. Application form
2. Filing fee receipt
3. Means of identification for proprietors
4. Scanned copy of pre-registration documents

Upload these documents to the CAC website for processing.

Step 5: Submission of Original Documents

Visit the CAC office to submit the original signed copies of the documents uploaded earlier. In return, you'll receive your business certificate and certified true copies of the submitted documents.

Required Documents for Business Name Registration

To successfully register your business name, you'll need:

1. Email address and phone number of the proposed company
2. Registered address of the company
3. Identification documents of directors and shareholders (Passports, IDs, Driver's licenses)
4. Name reservation approval note from CAC
5. Company's objectives
6. Full names, occupations, addresses, and birth dates of directors and shareholders
7. Stamp duty and statutory fees
8. Incorporation certificate and company resolution (if applicable)

Cost of Business Name Registration

The registration costs vary based on share capital and type of company:

• Private company with authorized share capital of N1m or less: N10,000
• Private company with share capital of more than N1m and up to N500m: N5,000 for every 1m shares
• Private company with share capital above N500m: N7,500 for every 1m shares
• Public company with first 1m share capital or fewer: N20,000
• Company without share capital: N20,000

Conclusion

With this comprehensive guide, registering your business name in Nigeria has never been easier. You no longer need legal practitioners or third parties to assist you; the process has been simplified to encourage entrepreneurship. Moreover, registering your business makes you eligible for financial assistance from the Bank of Industry. Remember to obtain your tax identification number for smooth business operations and access to capital. As you embark on this exciting journey, consider getting business insurance to safeguard your venture's future.