Are you someone who wants to start a business in Nigeria? If you are, you might have heard that getting your business name registered with the Cooperate Affairs Commission (CAC) used to be quite difficult.
It involved dealing with a lot of paperwork and waiting for days to get approval. But the good news is that things have changed for the better now. The process has become much easier and faster… Before your continue reading, check how to get federal government loan for small businesses.
You no longer have to go through the old stressful procedures. This improvement is all thanks to the Corporate Affairs Commission, the organization responsible for managing business registrations in Nigeria.
They’ve made changes to make the registration process simpler and more accessible. So, if you’re thinking of starting a business in Nigeria, don’t worry too much about the registration process anymore. It’s much more manageable than it used to be.
Before now, business name registration in Nigeria was very difficult. It would take many days and a series of documentations to get it approved. Thankfully, things have changed, and you can no longer go through the stress of old if you want to get your business name registered in Nigeria.
For a business that wants to operate and be recognized officially, with a legal backing, such a business must be registered as an important requirement.
Another reason for this is that an investor will only agree to invest in your business if it is rightly registered with the government.
What is the body that registers a business name in Nigeria?
Please note that the government agency that is in charge of business name registration in Nigeria is the Corporate Affairs Commission (CAC). CAC was created by the 1999 constitution on the Company and Allied Matters Act to regulate and manage businesses in Nigeria.
How to register a business with CAC
Below is the process for registering a business name in Nigeria:
1. Choose a Business Name
Select a unique name that reflects your brand identity and check its availability on the CAC website.
2. Fill the Pre-registration Form
Complete the pre-registration form available on the CAC website and submit it before 5 pm on the same day. This incurs a fee of N500.00.
3. Pay the Filing Charges
After filling the form, pay the required filing fees. Payment can be made online through the CAC portal or directly at designated banks.
4. Prepare Required Documents
Gather necessary documents, including the application form, filing payment receipt, and means of identification for business owners.
5. Submit Documents Online
Scan and upload the signed pre-registration form and other required documents on the CAC portal for processing.
6. Submit Original Copies
Submit the original copies of the documents to the nearest CAC office.
7. Wait for Approval
Once submitted, wait for the CAC to process your application. Upon approval, you’ll receive your business registration certificate.
Following these steps will ensure a smooth and efficient registration process for your business with the CAC.
Cost of business name registration in Nigeria
The cost of business name registration in Nigeria varies depending on the type and size of the business. Here’s a breakdown:
- Private Company with Share Capital up to 1 Million Naira: N10,000.
- Company with Share Capital between 1 Million and 500 Million Naira: N5,000 for each one million shares.
- Private Company with Share Capital beyond 500 Million Naira: N7,500 for each one million shares.
- Public Company: N20,000 for each one million shares.
- Company without Share Capital: N20,000.
These fees cover the processing and documentation required for business name registration with the Corporate Affairs Commission (CAC) in Nigeria.
In conclusion, registering your business name with the Corporate Affairs Commission (CAC) in Nigeria is a step towards establishing your business’s legitimacy and protecting your brand. While the process may have been daunting in the past, recent improvements have made it more accessible and streamlined. By following the steps outlined in this guide, you can navigate the registration process efficiently and ensure compliance with legal requirements. Remember, official registration not only enhances your credibility but also opens doors to investment opportunities and legal protections. So, if you’re ready to embark on your entrepreneurial journey, don’t hesitate to start the registration process today. Your business’s success begins with proper registration.
Pls i pay 10000 for the registration but I don’t get any certificate yet, what should I do please.
you did not pay 10000 but 10,215. Check your dashboard to find out why you have received your certificate