Now that you have created you have identified your source of funds, it is time to register your business name.
Registering a business name in Nigeria is not as difficult as people think it is. You really don’t need to consult a Lawyer or an accountant before you register your business name.
You might be wondering that why do I need to register a business name, the thing is, in this part of the world, people like ‘packaging,’ and your business name is a huge part of that packaging.
No one will take you seriously if you have not registered your business name and some people even prefer to pay into a corporate account rather than paying into a personal account. It all starts from somewhere, you might be thinking, my small business, no business is small.
Your N10,000 per month profit business is going to become a multimillion naira company one day, so don’t underestimate your big idea.
Three Steps to Register Your Business Name
Step 1: Walk into any Corporate Affairs Commission office near you, and ask for name reservation form.
It costs about Five Hundred Naira only. You will be given a receipt and a form. On the form, you will be asked to fill in a few details. The details include your name, your address, your desired business names, type of Business You Want to Register, (Choose Enterprises/Business Name).
You will be required to choose two business names. Ensure that you choose a unique name for your business. Submit the form and wait for the results to come out. Basically, if your business name is approved, you can proceed with your registration.
Step 2: It takes about 2 weeks to get the results, while you wait, prepare your passport photographs, your partner’s passport photographs (if you have one), details of the business and your own personal details. This is the time to clarify and be sure of what will go on record. Once the results are out, study the registration form and fill your registration form.
Even on the CAC Website, it is clearly stated that ‘Individual/Proprietors can register business names without the services of the legal practitioner, chartered Accountant or Chartered Secretary.’
On the website http://new.cac.gov.ng/home/summary-of-fees-and-forms/, Fees for some services include:
|S/N||SUBJECT||FEES in Naira (₦)|
|50||Reservation of Name||500|
|51||Registration of business name||10,000.00|
|52||Filing of notice of change of business name||5,000.00|
|53||Filing of notice of change in business address||1,000.00|
|54||Filing of notice of change in proprietorship||1,000.00|
|55||Filing of annual return||1,000.00|
|56||Filing of notice of cessation of business||1,000.00|
|57||Filing of other documents (miscellaneous)||1,000.00|
|58||Search on business name file||1,000.00 per business name file|
|59||Certified true copy of business name certificate of registration||5,000.00|
|60||Certified true copies of other documents||2,000.00 per document|