A COMPLETE GUIDE ON HOW TO REGISTER A BUSINESS NAME WITH CORPORATE AFFAIRS COMMISSION (CAC) IN 2022

A COMPLETE GUIDE ON HOW TO REGISTER A BUSINESS NAME WITH CORPORATE AFFAIRS COMMISSION (CAC) IN 2022

A business name is registered in Nigeria under Part B of Company and Allied Matters Act. Registering your business name certifies your business as a legal one. It also adds a cloud of professionalism to your business. Your business name is your identity. It’s usually a unique name with which your business is known. However, whatever name you give your business, you can only claim full ownership when you register it.

REASON WHY YOU SHOULD REGISTER YOU BUSINESS NAME

PROTECTION OF BRAND IDENTITY:

Registering your business name with the Corporate Affairs Commission ensures uniqueness of your business and protection of your brand name.

FOREIGN INVESTORS AND GOVERNMENT CONTRACTS:

Before you secure any fund, foreign investment or loan a registered business name evidences the reality of your business for approval. Thus, your business name registration certificate is what gives you a better chance.

CREATING BUSINESS BANK ACCOUNT:

A business account separates a personal transaction from the business. This is proof of ownership and legitimacy to remote customers that your business is real. Thus, if your business name is not registered you can not open a business bank account.

GOOD REPUTATION WITH CUSTOMERS:

When you register your business name, it gives a high level of assurance to your customers.

REQUIREMENTS TO REGISTER A BUSINESS NAME N NIGERIA:

● The applicant must be at least 18 years of age. There can be an exception to this rule if 2 or more persons are shareholders in the business.

● The applicant must have 2 proposed names for the business. The second name will be an alternative in case the first name is not available.

● The applicant must briefly state the business objectives.

● The applicant must clarify the nature of the business. It can be a company limited by guarantee, a private limited company or private unlimited.

● The address of the business should be filled.

● The applicant must have a valid means of identification. This can be a NIN, driver’s license, international passport or voter’s card.

● Each shareholder/partner must be stated and the shares held by each of them.

STEPS TO REGISTER A BUSINESS NAME IN NIGERIA

CHOOSE AND RESERVE A UNIQUE NAME: This is the first step you need to carry out. You have to suggest two names because it could be a challenge to find out that your esteemed business name has already been taken by another person. To do this, you have to create an account on the CAC website and follow the procedure as stated on the website.

PAYMENT OF CAC FILING FEE: To get your data filed, you have to pay the processing fee, then your receipt will be issued to you after payment.

UPLOAD ALL REQUIRED DOCUMENT: At this stage, you will need to upload a signed copy of the pre-registration document to the website. These document include:

● Application form

● Filing fee receipt

● Passport
● Means of identification which could either be Nation ID Card, International Passport, Driver’s License, or Voters Card.

On this note, in order to protect your business and to also attract foreign investors, remote customers you need to register the business name to prove its genuineness.

NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com

WRITTEN BY CHAMAN LAW FIRM TEAM

EMAIL: chamanlawfirm@gmail.com

TEL: 08065553671, 08024230080