Are you a young business man that has been thinking of giving your business the legal identity it deserved? Do you find it difficult to open a current account with the bank of your choice due to the lack of a valid business name? Do you find it difficult to confused peoples and bigger organizations to do business with you just because you don’t have a registered business name? If yes, you don’t have to search further because I’m going to quickly run through a practical guide and the process involved in registering a business name in Nigeria.
Gone are the days you need an agent to sweet tongue you to help you in registering a business name of your choice. Registering a business name now in Nigeria is as easy as pie and can be done by you without the help of any agent.
The CAC otherwise known as the Corporate Affair Commission with the website www.cac.gov.ng or www.cacnigeria.org is the government regulatory body that sees to the registrations and managements of business name in Nigeria and they have branches in all states of the federation.
Processes Involved In the Registration of Business Name in Nigeria
• Take a walk into any CAC branch in your state of residence (usually in the state capital) with any 2 unique names of your choice and approach any of their staffs that you want to register a business name. The staff you meet would hand over to you an Availability Search Form for a token amount of N500 (depending on the branch) payable right there in their office. Enter in your choice name not more than two, fill-in other necessary details required and submit the form for processing. Make sure your contact details are functioning well because it is what you would be contacted with. CAC will use this form to check if your name has not been used by another person. Within the next one to two weeks you would be notified about the status of your search via phone. If the name is unavailable, you have to buy another Availability Search Form with different names and repeat the process until the search is fruitful.
• Once you are notified that the search is successful, you have to visit CAC with the receipt of payment of the form you collected previously. A printout would be given to you on availability of the name and notification that it has been reserved. Collect the Application for Business Registration Form which cost about N500 and fill-in the required details. Once this is done, the form and other details would be verified by the CAC officials. After verification, the form would be duplicated and a copy would be handed over to you to check if there are mistakes or errors. If everything perfectly done, the form for application for business would be handed over to you, then you can now pay for the certificate which cost about N5000. Keep the teller and submit the form to the official after payment.
• VIOLA you now have a business name! You would be advised to come back after two weeks for your certificate. At times you may be alerted that your certificate is ready before two weeks is complete.