Business Registration – Are you interested in registering your business name in Nigeria? This article will guide you on how to do that successfully.
Nigeria is one of the best African countries for investment. This is because it is one of the fastest-growing economies in Africa.
Moreover, the country is rich in mineral resources and consequently, the flow of money is much greater compared to many other African countries.
The Nigerian government has also originated friendly investment policies to attract both local and foreign investors.
Business name registration is undeniably a convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name is less tasking compared to the procedure for company registration in Nigeria.
The advantages of registering a business name include simplicity in registration, and affordability, as there is no need to pay stamp duty.
How to Register a Business in Nigeria
The following are the steps to register a business in Nigeria:
1. Choose a Business Name
The first step is to decide on the name you want to register your business with, the process is done online. You will apply to the Corporate Affairs Commission (CAC) and suggest two alternate names for your business.
The CAC will perform 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 the name will be reserved for you for a 60-day period. During this period it is expected that you will complete the registration process for your business name.
2. Complete the Business Name Registration Forms
This can also be done online. Below is the information required to be completed:
- 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
3. Payment of CAC Filing Fees
The payment of the fees can also be done online or can be completed at a bank.
4. Submission of Forms
Once your payment has been approved, you can submit your forms online. The CAC will review the documentation and if all is in order, the CAC will then notify you that the application has been approved, and the Business Name Certificate is ready for collection.
Cost of Business Name Registration in Nigeria
The CAC official filing fee for the registration of the business name in Nigeria is N10,000 (Ten Thousand Naira Only). However, if you engaged an accredited agent for such registration, the agent will also charge a professional fee for the services to be rendered.
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