Registering a business name is one of the requirement of the three general company structure which an ordinary person in Nigeria can do, the rest two are incorporated trustee and incorporated companies meant to be registered by lawyers. If you have interest in registering your business entity under the part B of the company and allied matters Act of Nigerian company law, then today we will show you how to do that easily. Do you have or run a small business that you want it to be recognized by law? Then it is very easy do so, this process is called and known as business name registration.
There are lots of benefit to register your business name. One of the benefit is the opportunity of having a corporate business account with a bank and getting your tax identification number from the Nigerian federal Inland Revenue services (NFIRS). Note that must government, private and public companies won’t give you contract if your business is not registered. So for you to register your business name in Nigeria through the CAC, you will need to follow the procedures stated below.
Search And Reserve A Business Name
One of the first thing to do is to think and decide the name you intend to register for your business which all the process will be done via online. You will have to apply for this registration through the corporate affairs commission (CAC) and provide them with two alternative business names. The corporate affair commission will do a search of your intended business name on their database system to make sure that the business name is not already registered by another business entity, then your name is approved by the CAC, then the name will be reserved for you for a maximum of 60 days. During this time, you are expected to completely finish the registration process of your business name.
Business Name Registration Form
You will need to carefully complete the business registration form which can be completed online. Here are the details that are required of you:
- Your business name approved and reserved by the CAC
- The nature of your business (the kind of business you do)
- The address of your business (business location)
- The occupation, name, address and other information of the business owners
- The signatures of the business owners
CAC Filing Fees
You will need to make payment of the CAC filling fee which can be done online with your ATM card or you can decide make payment in the bank
Submitting The Form
Once you have completed the payment and it is fully approved by CAC, then you can proceed to submit the form online. CAC will cross check your submitted document to ensure they are in order, they will then send you a notification that your business name application has been approved, and your business name certificate will be ready for collection.
Please note that the entire registration process might take up to 2 weeks, it all depend on how busy the CAC might be at the moment of registering your business name.