Register a business name in Nigeria and you have done the major part of your new business venture. Business name registration is a good practice and advisably the best place to every entrepreneur who will want to be serious with their new business.
Someone may say is it every business that needs to be registered in Nigeria but the truth is that if you register your business in Nigeria you are better off than a business that’s not set to this standard.
Business name registration means that you are the rightful owner of the business. This name registration is called a “doing business as” or business license. The purpose is to let people know who owns your business.
There are few steps involved with business name registration in Nigeria. Below, we will be discussing all the steps you need to register your business with corporate affairs commission. Business registration with the corporate affairs commission is very simple. Lets dig into this justly.
To register a business name in Nigeria follow below steps:
Name Reservation – To start this process of business name registration, you have to pick a name that suits your business. This can be done online by applying to the Corporate Affairs Commission (CAC). You have the option to suggest two alternate names for your business which afterwards the CAC will conduct a search in its database to ensure that the name is not already in use or there is no similar name already in use. If the CAC approves the name, then it will reserve the name for you for a 60-day period. During this period it is expected that you will complete the registration process for your business name.
Complete the Business Name Registration Forms – This follows the same pattern as with step 1 above although you will need to provide below information required for the exercise.
All that are needed to register your business name.
- Approved Name of the Business
- General Nature of the Business
- Address of the Business
- Name, Address, Occupation and other details of the Proprietors of the Business
- Signature of the Proprietors
Payment of CAC Filing Fees – The third step concerns the payment of the fees to CAC. This is usually done online but you have an option of paying through the bank.
Submission of Forms – Once the payment has been approved, you may then submit the forms online, the CAC will review the documentation and if all is in order the CAC will then notify the registrant that the application has been approved, and the Business Name Certificate is ready for collection.
If you have completed the above steps then you only have to wait for about 1 week, depending on the workload of the CAC at the time.
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