One of the foundational steps towards launching your own business in Nigeria is to officially register your business name with the relevant regulatory body. This crucial step ensures that your business is recognized as legitimate and can build trust with your clients. In Nigeria, the Corporate Affairs Commission (CAC) is the sole authority responsible for the registration of business names.

Simplified Registration Process

In the past, registering a business name in Nigeria involved a cumbersome and time-consuming process. However, the CAC has streamlined this process, making it significantly easier and faster. Today, you can initiate and complete the registration process online, reducing the need for multiple in-person visits and extensive paperwork.

Requirements for Registering a Business Name in Nigeria

To register your business name in Nigeria, you need to prepare the following documents and information:

1. Statutory Fees and Stamp Duty: Ensure you have the necessary funds to cover these costs.
2. Objects of the Company: A clear description of the business activities your company will engage in.
3. Contact Information: The company’s email address and phone number.
4. Director and Shareholder Details: Full names, residential addresses, occupations, and dates of birth of all directors and shareholders.
5. Name Reservation Approval: A note confirming that your proposed business name has been reserved by the CAC.
6. Company Address: The physical address of your company.
7. Incorporation Certificate and Company Resolution: If another company will be a shareholder, you need these documents.
8. Identification Documents: National identity cards, international passports, or driver’s licenses for all shareholders and directors.

Having all these documents ready will ensure a smooth registration process.

Cost of Registering a Business Name in Nigeria

The cost of registering a business name in Nigeria varies depending on the size and type of the company. Here is a breakdown of the fees:

• Private Company (Authorized Share Capital over N500 million): Approximately N7,500 for every million shares.
• Company without Share Capital: Around N20,000.
• Private Company (Authorized Share Capital up to N1 million): Approximately N5,000 for every million naira of shares.
• Public Company (First million or less): Around N20,000.
• Private Company (Authorized Share Capital of N1 million or less): Around N10,000.

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Steps to Register a Business Name in Nigeria

Follow these steps to register your business name with the CAC:

Step 1: Select and Check the Availability of Your Business Name

Choosing a unique and relevant business name is crucial. Conduct a thorough search online to ensure your chosen name is not already in use. You can also use name-generation platforms like Namelix to help brainstorm unique business names. Once you have a few potential names, you can check their availability with the CAC.

Step 2: Complete the Pre-Registration Form

After confirming your business name is available, you need to fill out a pre-registration form. The process of name reservation, which previously took several days, now takes about a day if submitted before 5 p.m., with a cost of around N500. Once your name is reserved, proceed with the online registration by completing the pre-registration form on the CAC portal.

Step 3: Pay the Filing Fee

After completing the pre-registration form, pay the required filing fee. Payment can be made online through the CAC website or at a physical bank. The amount depends on the type and size of your company.

Step 4: Prepare and Upload Your Documents

Prepare the necessary documents for upload. This includes a signed copy of the pre-registration form, the fee receipt, the application form, and identification documents for the business owner. Upload scanned copies of these documents to the CAC website for processing.

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Step 5: Submit Original Copies of Your Documents

Finally, submit the original copies of the documents uploaded in the previous step to the CAC office. After verification, you will receive the Certified True Copies of the documents along with your business registration certificate.

Conclusion

Registering your business name in Nigeria has become a straightforward process thanks to the improvements made by the CAC. By following these steps and ensuring all required documents are in order, you can complete the registration quickly and efficiently, paving the way for your business to operate legally and gain the trust of clients.

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