This article is about how to register your business name in Nigeria this 2021. If you are a business owner and you are looking for a guide on how to go about this with the Corporate Affairs Commission (CAC) in Nigeria, this article is for you as it will enlighten you on the step by step processes involved in the registration of a business name in the country today.
Nigeria, being Africa’s most populous country is blessed with enough human resources and this has contributed greatly to the establishment of several businesses all over the federation. The country is also a top investment destination in Africa, all these, contributing significantly to the growth of the economy, which is the largest in the continent.
Apart from the human resources that the country is blessed with, there is an abundance of mineral resources in Nigeria which contribute greatly to the flow of money all round the nation and it has enabled people establish businesses around the mining sector as well. Whichever the business that you have set out to do, whether small scale or large scale, a good business name will serve you well and registering it with the appropriate registration body in the country will ensure that people doing business with you are doing so with a trusted entity.
If you have it in mind to register your business with the Corporate Affairs Commission (CAC) of Nigeria in the shortest time possible and without stress, we have outlined the steps for you as we proceed.
HOW TO REGISTER A BUSINESS NAME IN NIGERIA 2021
Below are the step by step processes on how to register your business name in Nigeria this 2021:
STEP 1: CHOOSE A BUSINESS NAME
In order for you to register your business in the country, you have to start by choosing a business name. Picking a name for your business is very important for the type of business you want to venture into and it can be quite difficult to come up with one so take your time to put together a name that suits your brand just fine, one that defines what your business is all about at a glance.
You can also do an online search to know if your business name is available or has been taken by someone else so that you can plan to choose something else that’s related to what you had in mind and it should be something that projects your business just well.
STEP 2: VISIT THE CORPORATE AFFAIRS COMMISSION (CAC)
The Corporate Affairs Commission (CAC) in Nigeria is the government body which is in charge of registering new businesses in the country. Once you have come up with your business name, you can visit the CAC to enquire about the availability of your business name. At this juncture, you will be given a business name form (Form 008) to fill. Fill the form carefully and provide the necessary information which is required from you before submitting. Once that is done, you will be required to pay a little fee for it ₦500 or thereabout (price varies with time), after which you submit and go.
The Form 008 also doubles as your application for the registration of your business name that is why you must fill it out carefully. Upon submission, it will take a period of fourteen (14) days for the CAC to process your application and get back to you. It usually takes less but 14 days is the standard. If the business name is not available, you will have to think up another business name and restart Step 2 in order to fill another form altogether but if your business name is available then you should proceed with the third step.
STEP 3: VISIT THE CORPORATE AFFAIRS COMMISSION A SECOND TIME
Your second visit to CAC is for you to complete the process of registering your business and this happens after your business name has been confirmed available. A form (Form 001), known as Registration of Business Name is given to you to fill and care should be taken when filling it. Ensure that you fill it out neatly and avoid mistakes that could pose problems to you in the future. Endeavour to ask the CAC officials any question when you are filling your form so that they can put you through.
Once you have finished filling the form 001, you will be required to pay a fee of ₦10,000 in order to submit it. Once that is done, You will be given forms for attestation and affidavit. You are required to visit any court closer to you, pay the sum of N500 for the court’s magistrate endorsement.
In order to register your business name successfully, you should do well to ask about the requirements from people you know who have done the registration before and were successful with theirs before you proceed to the Corporate Affairs Commission to avoid stress.
STEP 4: COLLECT YOUR BUSINESS NAME CERTIFICATE OF REGISTRATION
After successfully completing your form and paying the required amount necessary, as well as submitting your attestation/affidavit form, you are set and will be required to wait a couple of weeks before going back to the Corporate Affairs Commission (CAC) for your business name certification.
You should get your certificate in a week or two but it is not uncommon to wait for about a month for you to get your certificate of registration of business name and this depends on some Corporate Affairs Commission offices in the country. Once you have gotten your certification, you can go proceed with starting your business.
It is very important that you pick a good business name and check first if someone else is using it before proceeding to the CAC. If you do not do this and you proceed to the CAC, your registration will be delayed and you will have to keep re-registering until you get it right. Bear in mind that choosing someone else’s the wrong business name can have legal repercussions in the future as it may cause problems registering other business related to your brand.