Registering a business name in Nigeria can be very difficult without an explicit explanation of the steps involved. In Nigeria, there are many advantages or reasons why it is necessary to register your business name even before starting the business.
One of the most important reasons is the fact that, having a business name legally distinguishes your business from every other businesses like yours in the country. Coupled with that, it will give you the right of passing off. In other words, no business can have the same or similar name with your own business.
In this article, we will be looking at the requirements and steps involved in registering a business name in Nigeria. It is important to pay close attention to every information contained in this page if you want to register your own business name without necessarily getting a lawyer to do it for you.
How much does it cost to register a business in Nigeria
Currently, the price is just N10250 (Ten thousand two fifty naira). The actual registration fee is N10,000 then the form for registration is N250. In total, you should just keep N10250 for the whole registration process.
Requirements for registering a business name in Nigeria
Where the business is a sole proprietorship, the names and identification of the partners or proprietors of the business will be required. Accordingly, applicants must have their registration fee stated above and a partnership deed if necessary.
How to register your business in Nigeria
Step 1: The first and most important step is to visit CAC Portal and check whether your desired name is available. Simply enter the name in the search box, pass the reCAPCHA test and proceed to click the search button. If the name is available, you will then proceed to apply for reservation of the name or to fill the online form for online application.
Note that the cost of reservation is just N500 and it will only last for 90 days from the day of registration. The payment for reservation can be done online or through the bank.
Step 2: When you must have confirmed that your desired business name is available, the next thing is to go the office of the Corporate Affairs Commission (CAC) to complete the registration. Here, you will be required to fill a registration or statutory form known as form 008.
Usually, you have to go and come back on a later date for CAC to confirm your registration. This will be done before 2 weeks so you don’t need to panic. If everything is done the right way, it might even take a lesser time for them to contact you.
Step 3: After about two weeks, you have to go back to the Corporate Affairs Commission to see if your name has been confirmed. If yes, you will be given a registration or statutory form to fill with the details below:
Address of the Business:
Name of the Business:
General Nature of the Business:
Name, Address, Occupation and other details of the proprietors of the Business:
Signature of the proprietors:
It is advisable to fill these details correctly to avoid any problem that might come up in the future. I recommend that you should make inquiries before doing this.
After that you be given an affidavit/attestation form which will require an endorsement by any court magistrate nearest to you. Usually this will cost N300 or more.
Step 4: Payment for business name – The next step is to pay for the registration. This can be done online with your credit card or through the bank.
Step 5: Collection of Certificate of registration: This is the last and final step to have your own legally certified business name in Nigeria. All you have to do is to visit the office of CAC after two or three week for your certificates showing that your business is now recognized in Nigeria.
You will be given and Original Certificate of registration of the business name and CTC of the Application for the Registration of the business name.
Note that you must not wait until two or three weeks before you check the certificate. It is better to enquire on the right time to check them back before leaving their office.
Guide for Online registration
To register online, applicants will be required to submit the following documents online:
Availability Printout – (It is the same as the Approval Note).
Statutory Form (FORM 001)
Proficiency Certificate (where applicable)
Means of identification
So far, I have explained the steps to register a business name in Nigeria without necessarily going through a lawyer. I want you to understand that the basic reason why I took my time to explain every thing you need to register your business is because of the benefits of doing such.
Over the years, many businesses have collapsed just because they didn’t register their business name before starting the activities of the business and i don’t want you to make the same mistake. It is therefore imperative to make good use of this article if you want to start your business the right way.