One of the legal requirements for starting a business in Nigeria is to register your business names. Your business name would not only serve as a unique identity for your business, it would also enable you to open bank accounts in your business name and obtain a Tax Identification Number (TIN) which you would most definitely need in the course of running your business.
Seriously,getting your business in Nigeria is a very simple process or shouldI say- is supposed to be a very easy process but some people consider it a very cumbersome one due to lack of information. The information provided in this article seeks to simplify the process for the average Nigerian. So, here’s a step by step guide on how to register your business name in Nigeria.
There are two major ways through which you can register your business name in Nigeria;
- Engage the Services of a Lawyer/Company Secretary/ Chartered Accountant-: A lot of people go with this option because it is assumed that these professionals have some ‘tricks’ up their sleeves which they use to speed up the process.Don’t ask me what they are though.
- Do it yourself-: I would recommend this because it helps you save money and get a grip on the entire process yourself. You would also be able to avoid getting ripped off by dubious ‘agents’
So, if you’ve decided that you want to handle the entire process yourself, these are the steps to take-:
1. Locate the Nearest Corporate Affairs Commission (CAC) Office
The Corporate Affairs Commission (CAC) is the agency in charge of business registration in Nigeria. I believe that they have a branch or at least a liaison office in every major city in Nigeria. However, it is best that you first locate the closest one to you.
2. Business Name Search and Reservation
Next, you should come up with three preferred names for your business. This is because the name you want might have been taken and in that case, you can settle for any other two on the list. Once you are armed with the potential names, you should visit any of the C.A.C offices and pick up a name reservation form for five hundred naira (N500).
Fill the form and submit and hopefully, one of the three names would be available. The results should be out within a week or at most, two weeks. But if none of the names are available, you would have to repeat the entire process again.Sorry
3. Get the Necessary Fees Ready
As soon as you get an available name, you are ready to start the registration process. You would be asked to fill some forms to be submitted with two passport-sized photographs and all other details such as details of the business, address, partner’s details, phone numbers, etc.
4. Filing Fees
The official fees for registering a business name in Nigeria is N10,000. This is excluding the N500 which you would pay for the business name search and reservation and the business name application form which costs N250. Approximately, the sum of N10,750 should get your business name registered and your certificate of registration out in two weeks.