How to Register Your Business Name in Nigeria (2022)
How to Register Your Business Name in Nigeria (2022)—This article discusses the process of registering a business name in Nigeria in 2022. If you are a business owner seeking guidance on how to register a business name with the Corporate Affairs Commission (CAC) in Nigeria, this article is for you. It will walk you through the step-by-step process of registering a business name in the country today.
Nigeria, as Africa’s most populous country, has an abundance of people resources, which has aided in the formation of several enterprises throughout the federation. Additionally, the country is a leading investment destination in Africa, all of which contribute considerably to the expansion of the continent’s largest economy.
Apart from the abundant human resources, Nigeria has a wealth of natural resources, which contribute significantly to the flow of money throughout the country and have enabled people to start enterprises in the mining sector. Whatever type of business you intend to run, whether small or large, a good business name will serve you well, and registering it with the relevant registration agency in the country will ensure that anyone doing business with you is dealing with a reputable corporation.
If you’re looking to register your business with the Nigerian Corporate Affairs Commission (CAC) in the shortest amount of time and with the least amount of stress, we’ve defined the processes for you as we continue.
HOW TO REGISTER YOUR BUSINESS NAME IN NIGERIA 2022
The following are the step-by-step instructions for registering your business name in Nigeria in 2022:
STEP 1: SELECT AN OFFICIAL BUSINESS NAME
To begin the process of registering your business in the country, you must first choose a business name. Choosing a name for your business is critical for the type of business you wish to enter, and it may be very tough to come up with one. Take your time and carefully craft a name that fits your brand perfectly, one that concisely expresses what your firm is all about.
Additionally, you can conduct an online search to determine whether your business name is available or has been taken by another party so that you can prepare to choose something else that is connected to what you had in mind and accurately represents your firm.
STEP 2: VISIT THE COMMISSION ON CORPORATE AFFAIRS (CAC)
In Nigeria, the Corporate Affairs Commission (CAC) is the government agency responsible for the registration of new businesses. Once you’ve decided on a business name, you can contact the CAC to check on its availability. You will be handed a business name form (Form 008) to complete at this point. Complete the form completely and give all relevant information before submitting it.
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Once that is completed, you will be needed to pay a small cost of 500 or so (price changes with time), at which point you can submit and leave.
Form 008 also serves as your application for business name registration, which is why it must be completed carefully. After submission, the CAC will process your application and contact you within fourteen (14) days. It normally takes less than 14 days, although 14 days is the industry standard. If the business name is not available, you will need to come up with another one and restart Step 2 to fill out another form entirely, but if the business name is available, you should proceed to the third step.
STEP 3: VISIT THE COMMISSION ON CORPORATE AFFAIRS A SECOND TIME
Your second visit to CAC is to finish the registration procedure for your business, which occurs after your business name is confirmed to be available. You will be handed a form (Form 001), titled Registration of Business Name, to complete, and caution should be shown when completing it. Fill it out correctly and avoid making errors that could cause you trouble in the future. Make an effort to ask the CAC authorities any questions you have while filling out your form so that they can assist you.
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After completing the form 001, you will be needed to pay a charge of 10,000 to submit it. After that, you will be provided with attestation and affidavit forms. You must visit a court in your vicinity and pay N500 for the court’s magistrate endorsement.
To avoid unnecessary stress when registering your business name, you could inquire about the requirements from people you know who have previously registered their business names and were successful.
STEP 4: COLLECT YOUR CERTIFICATE OF REGISTRATION FOR YOUR BUSINESS NAME
After successfully completing your form and paying the requisite fee, as well as submitting your attestation/affidavit form, you will be set and will need to wait a few weeks before returning to the Corporate Affairs Commission (CAC) for business name certification.
You should receive your certificate within a week or two, but it is not uncommon to wait approximately one month for your certificate of registration of the business name, as this is dependent on the location of certain Corporate Affairs Commission offices throughout the country. Once you’ve obtained your certification, you can begin setting up your firm.
This article has been helpful in discussing how to register your business name in Nigeria in 2022. It is critical that you choose an appropriate business name and verify that it is not already in use by another party before moving to the CAC. If you do not follow these instructions and advance to the CAC, your registration will be delayed and you will be required to re-register until you get it right. Bear in mind that using someone else’s business name incorrectly can have legal ramifications in the future, as it may result in difficulties registering other businesses associated with your brand.