A Guide for Business Name Registration in Nigeria
Name Registration in Nigeria – There are things we don’t boycott as far business is concerned. For example, how do people take you and your business serious when it is not a registered one? People will be naturally skeptical doing business with you. In any environment or country you find yourself, the first thing to do when thinking of starting up a business, is to register that business name and make it a legal one else you might face some difficulties in the nearest future. And that is the purpose for this article. I will be guiding you step after step on how to register a company name with the Corporate affairs commission (CAC). I will also include every documents required, the various process involved and the current price for name registration here in Nigeria.
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Before now, it was a bit difficult to operate and register a business with the Nigeria corporate affairs commission but now it has been so so simplified. They have also introduced some measures to locate their website. Different ways can be used to reach their website now unlike before. Before now, you have to go to their office to practically do everything from inquiries
to documentation to the actual name registration. But now all these have been made easy via the use of their website. All you need do, navigate your way into their website and that’s all. Yeah that’s all. But let me quickly share with you what to expect and how to go about your name registration.
3 Easy Steps to Business Name Registration in Nigeria
- Search for Name Availability
When you want to open a website, you have to search for name availability to ascertain that your preferred name is still available. Same it is with company name registration. You have to search for your name availability to know if your preferred company name is still available or not. This you will do on the CAC website page registration portal. Their website is very easy to use. They have a public search tool where you can easily go and check for the availability of your preferred name. So if your company name is free and usable, then you have to proceed to the next level. The next step is that you as the incorporator must as a matter of fact conduct an official search using the CAC online portal search tool to confirm your name availability. This search costs N500 (Five Hundred Naira). With this, your business name will ne permitted and reserved for 90 days in Nigeria. When you are thinking about starting a business in any country, the first and foremost step that you have to go through is business name registration. This article will take you through the process of registering the company name in Nigeria with all the required documents and the cost incurred while completing the whole process.
Registering a business name in Nigeria is a very easy process as the Corporate Affairs Commission (CAC) in Nigeria has simplified the procedure by introducing their website with certain search tools and online portals which minimizes the wastage of time of going to the CAC office and carrying out the procedure there. To know how the CAC Nigeria online name search works and how the whole business name registration process in Nigeria goes, read the full article as a step to step guide is described below.
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3 Easy Steps to Register Your Nigeria Business Name: The steps to register your company name in Nigeria are simple and straight forward. They are as under:
- Search for Name Availability: The initial and most important step for company registration in Nigeria is to register a business name. In this step, one must decide a name for their business and then check with the Corporate Affairs Commission (CAC) if it’s available or is already in use. For this search process, CAC has their website where one can go and check for the availability. CAC’s website has a public search tool which is free of cost. Once the name is decided, the business name registration in Nigeria is a very easy-going process. If the website search confirms that there is no pre-existing business in the same name, then the incorporator, as a next step, must conduct an official search using the CAC online portal. This search costs N500 (Five Hundred Naira) and it confirms the name availability and permits reservation of business names in Nigeria for 90 days.
- Apply for Business Name Registration.
After the first step has been successfully done which means that your company name have been reserved, now it’s time to move to the next level. You have to submit the already completed statutory forms that you did fill online. This is where you are to attach two passport sized photographs along with the statutory form. For companies that are in partnership, note that every applicants passport photograph must be taken and included with the forms to be submitted. You don’t need to do this part in their office thereby stressing yourself. Nope. You can fill this part of the form online and submit it to the too. Below are the listed requirements for filling the form online:
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
Now of your chosen name is rejected that means it wasn’t approved, then you are to get a new reservation form and re-submit it along it 2 business name options and wait for the approval. It’s a simple process to do.
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- Pay the Applicable Fee
Business name registration does not come free of charge. Nope. It comes with a price. When you are done filling and submitting your forms and attached to it is your passport photograph, then you are to pay for the registration fee meant for registering a business name in Nigeria. It’s not free but also not too expensive. Below are the breakage of the total fees that must be paid to the CAC for your company name registration:
Reservation of Name
N500
Business Name Registration Form
N250
Fee for Registration of Business Name
N10,000
Restrictions in Business Name Registration in Nigeria
There are rules that you must not violate as you set to register your business name in Nigeria. Now, before you start registering your business name, ensure that you don’t make unnecessary errors as regards name, dates or company name. We will be discussing the pre-defined restrictions you must adhere to while registering your business name. They are:
The name should be 100% unique.
The name must not contain terms like Chamber of Commerce, Federal,
National, State, Regional, Government, Municipal, Chartered, Co-operative,
Building Society, Group, or Holding.
Names must not contain terms which in the opinion of the Commission has the capability to mislead the nature or extent of its business activities or is undesirable.
Choose a name that must not be offensive to the public policy.
The name must not be in contrary to the public policy.
The name must not, in the opinion of the Commission, violate any existing trademark or existing business name in Nigeria (unless consent from the owner has been obtained).
How to Change Your Company Name in Nigeria?
Some persons have always asked me if it was possible to change their company name with the CAC in Nigeria. The answer is yes. Emphatically yes. You can do that so long you follow a streamlined process given to you by corporate affairs commission. And I have also helped so many people in doing this by giving them a step by step guide on how it works. Though there are many reasons why many people go for name change. And for any reason you want to change your name, then chill, relax and let me guide you with a step by step procedure. Read below the various steps to business name changing in Nigeria.
Procedure for Changing a Business Name in Nigeria
You are to Check for the availability of your desired business name with the help of CAC public name search tool. if your desired business name is still available then reserve it until the whole documentation and payment procedure gets completed. Once the CAC Nigeria name search confirms that the desired name is available, you are to prepare an application form which will state the very reasons why you have decided to have a business name change. You must attach with it signature of two directors. You are to state a special resolution which will explain the reason for the change of name, and the preferred new business name along the signature of two directors. When the aforementioned process have been completed, you are to submit the application form for approval. Submit your original certificate of incorporation for cancellation purpose. Now you have to make payment for the change of name process which is a usual thing. Nothing is free here. You have to confirm whether the annual returns are up to date. Then obtain a stamped memorandum and articles bearing the new name of your company or business. Please these steps and procedures are very crucial and important.
Documents Required for Changing a Business Name in Nigeria
A board resolution stating the approval of name change
3 copies of memorandum and articles of association using the new business name.
The original certificate of incorporation
Cost of Business Name Registration in Nigeria
Below is the summary of the cost of business name registration in Nigeria.
Reservation of business name
N500
Filing of notice regarding the change of business name
N5,000
Filing of annual return
N1,000
Delayed annual return penalty
N100 per day
SUMMARY
Steps To Register A Business In Nigeria
1
Step 1: Pick a Business Name.
2
Step 2: Visit the Corporate Affairs Commission (C.A.C)
3
Step 3: Make a Second Visit to CAC.
4
Step 4: Collect your business name certificate of registration.
- Get a company name. …
- Prepare the MOA. …
- Fill the Pre-Registration Form. …
- Pay the Stamp Duty and Filling Fee. …
- Prepare the Scanned Copy of Your Documents. …
- Submit the Original Documents. …
- Cost of Setting a Company in Nigeria.
Business Name Registration in Nigeria
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