Aside from the capital, location and ideas needed to start a business, one other thing that is quite important is getting the business registered with the relevant authorities.
Process Of Business Registration In Nigeria
Below are the detailed explanations of the processes involved in registration a business under the corporate affairs commission in Nigeria.
1. Business Name Search
Prior to registering a business name in Nigeria, it is essential to conduct a business name search to ensure that your desired name is available and not already registered by another entity. This can be done online or at the Corporate Affairs Commission (CAC) office. To check the availability of your preferred business name, simply visit the official CAC website at www.cac.gov.ng and use their name search tool. You will receive a search report indicating whether the name is available for use.
2. Complete the Business Name Registration Form
Once you have confirmed the availability of your preferred business name, you need to complete the Business Name Registration Form. You can obtain this form at any CAC office or download it from the CAC website.
Complete the Business Name Registration Form accurately. The form typically requests information such as:
Proposed business name
Business address
Nature of business
Names and addresses of owners
Signature of the applicant
It is crucial that all the information provided on the registration form is both precise and consistent with the supporting documents you will submit as part of your registration application.
Completing the Business Name Registration Form accurately is crucial, as any errors or mistakes could lead to delays in the registration process or potential issues in the future. Therefore, it is advisable to take your time and ensure that all the details are filled in with precision.
3. Pay registration fee
Make sure to pay the required registration fee at an authorized bank. The official filing fee for a business name registration with CAC is N10,700, which includes the remita charges during payment. It’s important to note that the registration fee for a business name in Nigeria varies depending on the type of registration:
Sole Proprietorship or Partnership: The fee is slightly lower.
Corporate Affairs Commission Limited by Guarantee: The fee is higher.
Please verify the most up-to-date fee information with the CAC or their website, as fees may change over time.
Submit the completed Business Name Registration Form, along with the following documents, to the CAC office:
Proof of payment of the registration fee
Two passport-sized photos of the owner(s)
Copy of the identification (e.g., driver’s license, international passport) of the owner(s)
Properly completed and stamped Declaration of Compliance form.
Ensure that all these documents are in order when you present them to the CAC office for your business name registration.
4. Verification and Approval
The CAC will review your application and documents. If everything is in order and your chosen business name is available, they will approve the registration.
Collect Your Certificate Once your registration is approved, you will receive a Certificate of Registration. This certificate serves as legal proof of your business name registration in Nigeria.
It is a legal requirement to publish your business name in two public newspapers, with one of them being a daily newspaper, to inform the public about your business name registration. You must provide proof of this publication to the CAC.
6. Maintain Records
Ensure that you maintain accurate records of your business registration certificate and all related documents, as they may be required for various transactions and compliance purposes.
Conclusion
Please note that business registration processes and fees may change over time, so it’s essential to verify the most current information from the Corporate Affairs Commission or consult with a legal professional for assistance with business name registration in Nigeria.
