How to Register a Business Name in Nigeria: 4 Step GuideAbbakin
The article is a step by step guide on how to register a business name in Nigeria with the Corporate Affairs Commission (CAC).
As a business owner or partner, if you choose to name your business as anything other than your own personal names, then you’ll need to register it with the appropriate authorities in Nigeria.
It is required by law that you register your business if you want to do legitimate business in Nigeria. Apart from the requirement of the law, there are also other great benefits of registering your business.
For example, registering your business makes customers see you as authenticity in your industry and increases your chances of bringing in joint venture partners.
Again, having a corporate image makes you more organized and work seriously towards establishing your business and brand.
The requirements for registering a business name in Nigeria include the guidelines as stipulated by the Corporate Affairs Commission (CAC). And here are some of the detailed steps on how to register your company in Nigeria.
But before you start, it is important that you choose the best business option that would maximize the potential of your future business growth.
This is because Business Structuring matters when you are thinking of setting a company foundation from the scratch.
In case you are not familiar with the right choice, it is advisable that you seek guidance from reliable professionals who may be of help.
There are two most popular business types of choice for Small and Medium scale Entrepreneurs (SMEs) in Nigeria. These are:
- The Sole Proprietorship Business
- The Limited Liability Company (LLC)
What is a Sole Proprietorship Business?
A sole proprietorship is a business that is owned and controlled by a single individual who may choose to operate under a registered business name.
By this definition therefore, sole proprietorship is the type of business that is concerned with the business name registration.
How to Register a Sole Proprietorship Business in Nigeria
If you are a small business owner thinking about registering a “Doing Business As” name or trade name in Nigeria, you can register a business name for the purpose of running a sole proprietorship business (Enterprise).
Registering a sole proprietorship business in Nigeria is simply a matter of completing a short form by indicating your name, the trade name, business location and paying small filling fees.
Registering a Business Enterprise is therefore the process of letting the governments and the public know that you are doing business as a name other than your personal name or the legal name of your partnership or corporation.
So your registered name helps your business to be easily identified against public imitations. However, this process should not be confused with company incorporation, and it does not provide trademark protection.
For more details about the different between registering a business name and incorporating a company, kindly:
Below are the our steps on how to register a business name in Nigeria.
How to Register a Business Name in Nigeria: 4 Step Guide
Step One: Search for Availability of Name.
Visit the CAC office nearest your state of residence and request for name reservation or name availability check.
Ask for Form CAC1.1: Availability Check And Reservation Of Name.
You can start your business name registration process online by visiting the official CAC website to search for a name to register. Enter your preferred name in the buttons provided. Click here to start now.
If your chosen name is not already in use, it will be reserved for you for 60 days; within which you are expected to go and finish your registration processes.
Some CAC Offices Near You:
FCT Abuja: If you are a resident in Abuja, the Corporate Affairs Commission office is located at plot 420, Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja.
Lagos State: The CAC has two Offices for those in Lagos:
- The CAC Office in Ikeja Lagos: Plot 7, Otunba Jobi Fele Way, Behind MKO Gardens, Alausa, Ikeja, Lagos State Nigeria.
- The CAC Office in Yaba Lagos: No. 18/20, Catholic Mission Street, Lagos Island.
Some Other Locations Across Nigeria Are:
Kano State: The CAC Office in Kano: 52, Unity Road, off Ibrahim Taiwo Road, Kano State, Nigeria.
Port Harcourt: The CAC Office in Portharcourt: Plot 332, Danjuma Drive, Trans Amadi Industrial Layout, Portharcourt, Rivers State, Nigeria.
Anambra State: The CAC Office in Anambra: No 394, Nnamdi Azikiwe Avenue, Opposite Redeemed Christian Church State Headquarters, Awka, Anambra State.
Plateau State: The CAC Office in Jos: Yingi, Rayfield Road, After Mtn Office Before Gold N Base Junction, Beside Airforce Base, Jos, Plateau State.
Akwa Ibom State: The CAC Office in Akwa Ibom: No. 4, Ubi Inyang Stret, Uyo, Akwa Ibom State
Oyo State: The CAC Office in Oyo: Premium House, 1st Floor, Jericho, opposite Evans publishing company, Eleyele, Ibadan Oyo State Nigeria.
Enugu State: The CAC Office in Enugu: Plot 31B, Okpara Avenue Enugu, Enugu State Nigeria.
Others are Warri, Bunin, etc.
Step Two: Pay Filing Fees
At this stage, you are to pay the filing fees at the Corporate Affairs Commission.
Ensure that the application forms are clearly and correctly stating the name of the business.
You can pay the company filing fees to CAC online: Check the Fees for Services here
Step Three: Submit Completed the Forms
Since it’s a business name/enterprise, you are to submit the duly completed statutory forms; with two passport sized photographs of the proprietor or the proprietors.
In the case of a limited liability company, you are to submit a copy of the identity cards of the directors.
Step Four: Collect Your Certificate
Once you complete the name registration process, you will be issued a certificate to that effect – bearing the business name and its state identification letters.
On a normal day, your business name registration period is not expected to go beyond 14 business days.
Wrapping up: How to Register a Business Name in Nigeria
Individual can register business names at the Corporate Affairs Commission without the services of the legal practitioner, chartered accountant or chartered secretary.
However, the disadvantage of going this route is that the process may take you some time to accomplish.
There are also chances you could mess some important details or procedures up such that you would have to do things over again and spend more money than necessary.
After completing your registration processes, you can be able to open a Nigeria bank account with your new business name and start conducting your business.
It is that simple!
Just know that registering this kind of business is easy, fast and very cheap. Your expenses may be the cost of the forms, the filing fees, transportation and any other costs associated with name registration in Nigeria.