Step-by-step Guide to Registering a Business Name in Nigeria
Registering a business name in Nigeria is not just a bureaucratic procedure. It’s an important step in setting up a business or trade that could be used to protect your assets.
A business name is a name you will use to conduct your trade or business. It can be used in any form of communication with customers, suppliers, and employees. A good example of this is when you order something online and it comes with your company’s logo on it. You are using the product or service as part of your brand identity; therefore, you must have registered that brand first before using it anywhere else (e-commerce websites, etc.).
Benefits Of Registering A Business Name In Nigeria:
- Protects from legal challenges by competitors who may want to use similar names for their businesses without being authorized to do so by law authorities such as Immigration & Customs Service (I&C) at ports across Africa especially Lagos which has been identified as one where most foreigners come into contact with locals through retail stores located within its boundaries because they don’t want them getting any ideas while shopping around town – they prefer keeping things simple so they can easily remember what items were sold under these labels instead of having trouble remembering names too quickly like those found inside grocery stores where everything seems expensive enough already without adding extra fees too soon after purchasing anything worth paying attention towards anyway!
Step 1. Choose a Name for your business
The first step is to choose a Business name; you are required to submit your application online to the CAC with your business name and suggest two other alternative names for your business. The CAC will then search its database to ascertain that the name is not already taken and also confirm that there is no similar name. However, once your business is approved, you are expected to complete the registration within 60 days as the name will be reserved for only 60 days.
Also read: Factors to consider before choosing a business structure
Step 2. Complete the Business Name Registration Forms
To complete the business registration, you will be required to complete all the business name registration forms. This can be completed online, therefore, the information that is required to complete the forms includes
- Approved Name of the Business,
- General Nature of the Business,
- Address of the Business,
- Name, Address, Occupation other details of the Proprietors of the Business
- Signature of the Proprietors and passport photographs.
Step 3. Payment of CAC filing fees
After you’ve registered your business name with the Nigerian Ministry of Justice and Peace, it will be published in the Official Gazette.
You should then send an official letter addressed to the Chief Registrar of Business Names at the Ministry of Justice and Peace Office (CAC), which is located in Abuja, Nigeria from where all letters should be served.
The fee for this service is N10, 000 (N10K). This can be paid through bank draft or cashier’s cheque only; however, there are no restrictions on when payments must be made once they have been approved by CAC.
- Reservation of Name — N500
- Business Name Registration Form — N250
- Fee for Registration of Business Name — N10,000
Step 4. Submission of Forms
At this stage, you can proceed to submit all forms online once the payment is approved. In addition, CAC will then review the documentation for approval or rejection; you will be notified once the application and the Certificate are ready. The process should take about one week depending on the applicant and the workload of the CAC.
In conclusion, the process of registering the name is easy given that each step is carefully followed. If you do not follow each step accurately, it might cause a delay in your application process.
Step 5. Opening a business bank account.
A business bank account is a must for any business. It allows you to access your money, pay suppliers and take out loans. You will need to open a business bank account with the following documents:
- Your CAC payment receipt (if applicable)
- ID card and passport
Your business name certificate
These five steps would help you register a business name in Nigeria successfully
- Choose a unique business name.
- Complete forms correctly and pay fees accurately to avoid delays in the registration of your business name with the registrar of companies, according to his/her directions.
- Submit the forms properly and within the time limit set by CAC so that you are not delayed further in getting registered as a sole proprietor or partnership firm respectively depending on what type of company you choose for registration in the first place before proceeding further with other steps outlined below under this one particular section hereon after which we will cover more things like opening bank account etc.
The above steps are easy to follow and will ensure that you successfully register your business name in Nigeria.