Registering a business is not as difficult as most people think. The procedure is very easy to implement and anyone can register his/her business without much stress. This article will show the step by step procedures to register your business name in Nigeria.
The Corporate Affairs Commission (CAC) has made it possible for any individual to register his/her business through the following procedures.
How To Register Your Business Name In Nigeria
Below are the step by step procedures to register your business in Nigeria.
1. Finder A Unique Name For Your Business
An Identity for your business is crucial for registering business name in Nigeria. Having a name for your business is the number one thing you should do at the initial stage of starting a business. The name should rhyme with the product or service you want to trade.
2. Go To CAC Office
The second procedure to implement after having an identity for your business, is moving down to the Corporate Affairs Commission (CAC) office. Once you get there, they will hand over to you a Business Name Search Form to fill. This is to enable them find out if the name you chose for your business has already been registered by another individual. A fee of #500 is paid before they hand you the form (this fee might change in subsequent time). If the name has been claimed by another individual then, you create another identity (name) for your business.
3. Fill A Name Search Form
In the CAC office, a name search form will be given to you. The essence of the form is to check if your business name has been registered by another person. After filling the form, they will tell you when to come back. The process of name search might last for one week(7 days). On the day you return to the Corporate Affairs Office (CAC), and your business name is found in their data base, then you have to begin all over again from the first procedure by seeking a new name. But in a situation where your business name has not been registered by another person, then you proceed to ask for Business Registration Form which will require a fee of #10,000 (this fee might change in subsequent time). Fill the Business Registration Form and submit.
4. Go To Court
The fourth procedure to perform is to make your way to court and demand for Attestation Letter and Affidavit. This will also require a fee of #500 to be endorsed by the magistrate. After getting your attestation letter and affidavit, return to CAC office.
5. Collect Certificate Of Registration
The officials at the Corporate Affairs Commission (CAC) will hand over to you a Certificate of Registration immediately you complete these procedures. Registering your business name is very important and these are the reasons why you should register your business name.
a) To safeguard your business name and claim ownership of the name.
b) Securing a name for your business enables you open a bank account with the business name.
c) You will have easy assess to loans anytime.
d) You will be able to acquire Visa with ease to travel to any country for business dealings.
e) You will receive a Certificate of Incorporation from the Nigerian Government through CAC.
f) You will have a legal liability protection.
g) Registering your business name creates an atmosphere for customers to trust and patronize you.