Key Requirements For Business Name Registration In Nigeria
Are you planning to start your own business but you don’t know how to go about registering your business name, you are at the right place as we will be walking you through key requirements in registering your business name in Nigeria.
The benefits attached to having a legal name for a business, such as accessing government and banking loans, have made entrepreneurs embrace the need of registering their business.
You may also want to read CAC Launches Electronic Portal For Company Registration
So we advise any entrepreneur venturing into a new business should first visit the official portal of the Corporate Affairs Commission (CAC) to register his/her business name, due to its advantage.
Benefits Of Business Name Registration With CAC
Below are the benefits of registering your business with the Corporate Affairs Commission (CAC):
1. It’s one of the eligibility requirements to apply for a government or banking loan for your business. That’s why some SMEs were disadvantaged during agric loans by the federal government during the post-pandemic credit facility.
2. Your business name gives you a legal identity
3. With your business name, it becomes easier to attract foreign and indigenous partnerships with companies.
4. It makes others and institutions want to do business with you.
5. It creates a sense of responsibility on the part of the business owners
6. It enables you to set up a corporate account with a financial institution. This way, you’ll be able to separate your business expenses from personal spending.
7. Registering your business name with CAC gives you uniqueness. This means that no one can ever use the same name again.
You may also want to read CAC Unveils New Forms Of Business Registration
Key requirements For Business Name Registration In Nigeria
Below are the key requirements for business name registration in Nigeria:
1. Proposed Name. It’s advisable to get at least two business names set.
2. Details of your business that is office Address
3. Phone number
4. Active email address.
Note: When filling in details of your company, ensure that you clearly state-building number, street name, town/village, Local Government Area, and the state of operation.
EG No. 10, Ikelobi Road, BTS Town, Collabo Local Government, Success State For the section for the proprietor’s details, it must contain the following:
6. First Name
7. Other Names
8. Date of Birth (Day/Month/Year)
9. Contact Address
10. Phone Number
11. Provide a means of identification. This could be any of the following: the National ID, Permanent Voter’s Card, International Passport, or Driver’s License
12. Signature of the proprietor
13. Passport Photograph of Proprietor
Note: Under the proprietor’s details, clearly state details of other proprietors.
14. The last section is the nature of your business where you are expected to state business objects like business classification and explain what exactly your business will be doing.
Documents You Need to upload
While you need the above requirements, it’s important to note that the documents you will need to upload on your CAC business registration dashboard are:
Append your signature on a plain sheet and scan it
Means of Identity (Voter’s card, National ID, International Passport)
Cost of registering a business name in Nigeria
You can complete the registration process by yourself and get your certificate with less than N15,000.
Things To Pay
Reservation of Name: N500
CAC official filing fee: N10,000
How To Print CAC E-Certificate Online
1. Visit the CAC account creation page to set up a user account
2. Fill the form and hit register
Kindly note that you will be a director, trustee, or proprietor/partner during the registration process. You are advised to provide the necessary details.
3. Confirm your email by validating the mail that would be sent to you
4. Now login to the business registration form page to make payment for the business name.
5. Make payment for registration of the company through Remitta using your Debit Card on the payment page.
Note: You can keep your payment receipt if you like. Upload the necessary documents including your signature. Make sure the right file size is used to avoid queries.
6. If your application is approved, the CAC E-certificate will appear on your dashboard with a download button.
7. Click the register
8. Navigate to the download green button and click it, it will automatically download on your device and print