Are you ready to take the plunge and register your business name in Nigeria? Don’t fret, we’ve got you covered with this step-by-step guide to help you navigate the process with ease.
Step 1: Choose a Business Name and Check for Availability The first step is to choose a name that is unique and relevant to your business. To check availability, visit the Corporate Affairs Commission (CAC) official website https://search.cac.gov.ng/home. If it’s available, you can move on to the next step.
Step 2: Apply for a Name Reservation To apply for a name reservation, you need to create an account for yourself or Log in to your user account via https://pre.cac.gov.ng/ to access your dashboard and check the availability of your chosen name. Apply to have your proposed name reserved by paying a fee of ₦700. You will need to provide two proposed names, but only one will be approved for reservation. It’s important to make the appropriate selection for the options available, such as whether it’s a new incorporation or sole proprietorship. Note that if your application is disapproved, you will have to submit another two name options and pay another reservation fee.
Step 3: Complete Your Pre-Registration Form Depending on your chosen business structure, you will need to prepare the necessary registration documents, such as your National Identity Number (NIN) and other details. The Statutory form for registration requires certain particulars to be provided, accompanied by a number of documents, including the approved name, general nature of the business, full address of the principal place of business, proposed date of commencement, passport-size photographs of the owners, and proficiency certificate (if required).
Step 4: Pay for Filing Fees The CAC official filing fee for the registration of a business name in Nigeria is ₦10,500, plus an additional ₦1,500 for bank charges, making it a total of ₦12,000. Make the required payment via the CAC website portal or directly to the bank. Once payment is made, print out the documentation, attach relevant passport photographs and sign.
Step 5: Prepare Your Documents for Upload Upload all necessary documents, including the ID card, passport photograph, and proprietor’s signature. You will need to prepare a signed copy of the pre-registration documents and upload a scanned copy to the website for processing. The CAC will review the documentation, and if all is in order, you will get a notification that the application has been approved.
Step 6: The Certificate of Registration Submit the original signed copies of documents uploaded to the CAC office in exchange for your certificate and the Certified True Copies of the documents.
Congratulations, you have successfully registered your business name in Nigeria! Remember, registering your small business in Nigeria has several benefits and is a legal requirement. Registering your small business in Nigeria gives you a greater chance of attracting investors as they are more likely to invest in a registered business. It also provides protection for your personal assets because in the event of a lawsuit, only your business assets will be at risk, not your personal assets.
Furthermore, registering your small business in Nigeria allows you to open a corporate bank account, which separates your personal finances from your business finances. This makes it easier to track your business income and expenses, and it also makes your business look more professional.
Finally, registering your small business in Nigeria also helps you to build trust with your customers and suppliers as it demonstrates that your business is committed to operating legally and ethically.
In summary, registering your small business in Nigeria offers several benefits, including legal recognition, access to business opportunities, exclusive use of your business name, tax benefits, protection of personal assets, access to funding, the ability to open a corporate bank account, and increased credibility and reputation.
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