CAC Business Name Registration In Nigeria
This detailed writeup is for people who are seeking direction or knowledge concerning the CAC Business Name Registration. This post will elaborate more on registering a business entity following Part B of Companies and Allied Matters Act in Nigeria; called Business Name Registration. This registration is found among the best three overall company entity a person can enroll in Nigeria. These entities include;
- Business Name
- Incorporated companies
- Incorporated trustees
Registering under a Business Name has its advantages and disadvantages which is different from other entities. To know more on this Click Here to see details on the differences between Limited liability and Business Name.
Steps In CAC Business Name Registration In Nigeria
Below are simple steps on how to register a Business Name in Nigeria:
Selection and Reservation Of Name
The primary step is to determine what title to utilise to register your business; the method is performed on the internet. You appeal to the CAC and propose two substitute titles for your business. The CAC examines its database to guarantee that the title is not being used or there is no related name now in use as a Business Name.
If the CAC recognizes the name, then it maintains the title for you for 2 months which is 60 days. During this time it is expected that you finish the enrollment steps for your business name.
Finish the Business Name Registration Applications
Just with step 1 earlier, this is also performed online. The details needed to be performed comprises:
- Established Name of the Business
- Overall Nature of the Business
- Location of the Business
- Name, Address, Occupation and other items of the Possessor of the Business
- Signature/ Stamp of the Possessor
Payment of CAC Application Fees – The cost of the fees can be completed on the internet or can be done in a commercial bank.
Presentation of Forms
Once the fees are paid and confirmed, you may then present the forms on the internet, the Corporate Affairs Commission evaluates the forms, and if all documents are approved, the CAC then informs the applicant that the request has been accepted, and the Business Name Certificate is now ready.
The complete procedures should usually take about a week or 2, depending on the amount of work on the desk of the CAC firm that moment.