How to register your business in Nigeria

Due to its fast-growing economy, Nigeria is a thriving place for business. It’s not surprising that the country is listed among the best countries in Africa for investment. Are you looking to start a business in Nigeria? First, you need to register it with Corporate Affairs Commission (CAC). This article explains how to register your business in Nigeria. Let’s briefly consider the benefits of registering your business.

The benefits of having your business registered are numerous. They include:

• Protecting your business name and trademark 
• Easy access to loans from banks
• Business credibility
• Helps you get financing for your business 
• it makes it easier to obtain a travel visa to any country for business purposes and conferences.

A step-by-step guide to registering your business name

The first step required from every business owner in Nigeria is to register their business. This can be easily carried out online through the Corporate Affairs Commission (CAC) website. The Corporate Affairs Commission has simplified the process of business registration on their website, hence reducing the stress of having to go to the CAC office to carry out registration.

The Corporate Affairs Commission is a government-approved agency responsible for registering companies in Nigeria

Your business name can be registered either as a business name or as a limited liability company. A business name can be registered by one or two people, while for a limited liability company, you need at least 2 directors and a secretary in your business to be able to register. Here’s a breakdown of the necessary steps you need to undergo to get your business registered under the Corporate Affairs Commission(CAC) in Nigeria.

1. Choose a business name and check for its availability. If it’s available, reserve it.

2. Complete the business name registration form.

3. Payment of the filing fees

4. Submission of forms 

STEP 1: Choose a business name and check for its availability 

 The first step in your business registration is to decide on what name to use for your business registration and check for its availability; this can be done online. The Corporate Affairs Commission, through their website, has made it easy to search for name availability and the process is absolutely free. On the Corporate Affairs Commission website, you will be given two alternate name options for your business name. The Corporate Affairs Commission will then search their database to ensure that another company or business doesn’t take the selected names. If anyone of the names is available, it will be approved and reserved for you for a duration of sixty(60) days. You need to pay a sum of five (500)hundred naira to reserve the name, but if none of the names is approved, you must obtain another reservation form and apply again. After the name approval, you are then expected to complete the business registration during the sixty(60) days period.

STEP 2: Complete the business name registration form. 

This can be done online. You will be required to submit two passport photographs and to complete the listed information.

• Nature of the business
• Approved name of the business
• Means of identification
• Address of the business
• Name, Address, occupation and other details of the proprietor/ proprietors of the business 
• Signature of the proprietor/ proprietors

STEP 3: Payment of Corporate Act commission filing fees

This payment is usually around ten(10,000) thousand naira. This payment is made online through their website. However, if you are going through an accredited agent, you will be required to pay a professional fee charged by the agent for their service.

STEP 4: Submission of form

Once the payment has been approved, you can then submit the forms on the website. After you complete payment, the Corporate Affairs Commission will review your application, and if all is in the right order, you will be notified that your application has been approved.

How long does business registration takes in Nigeria?

Once you provide all the required information, the registration should take about 48 hours.

There are certain restrictions in registering a business name in Nigeria, they include:

• Your business name must be unique and specified to what service or product your business is offering
• The name must not contain certain terms such as Federal, Chamber of commerce, National, State, Regional, Government, Municipal, Chartered, Group or holdings, Cooperative, Building society. 
• Your businesses name must not be offensive 
• The business name must not be contrary to the public policy 
• The business name must not violate any existing trademark or business name unless permission is gotten from the original owner

What if you decide to change your business name after you have completed registration?

It is possible to change your business name after completing registration; you just have to follow some procedures to do so. They include;

• Check for the availability of the business name you want to change to on the Corporate Affairs Commission website. If it’s available, then reserve it.
• Once you are sent approval of your reserved name, write an application stating why you want to change the business name along with your signature. If it’s a limited liability company, you need to submit the signatures of the two directors in the company. 
• Once the application is submitted and approved, you have to submit the original certificate of the business name for cancellation.
• You are then required to pay the filling form, which costs about five(5,000) thousand naira.
• You will then be sent a stamped memorandum bearing the new business name.

Now you know how to register your business in Nigeria. We hope you found this information helpful. Do not forget to drop us a comment in the comment section below.