HOW TO REGISTER A BUSINESS NAME IN NIGERIA

PROCEDURE FOR REGISTRATION OF BUSINESS NAME IN NIGERIA

CORPORATE LAW PRACTICE IN NIGERIA

CHAMAN LAW FIRM

2021-01-12 3 min read

 PROCEDURE FOR REGISTRATION OF BUSINESS NAME IN NIGERIA

Step1: Search and reserve a name (Form CAC 1)

The CAC now has an online portal, which individuals can use to search for and reserve a business name or you can walk into any of the CAC offices and obtain the Reservation of name form. This will let you know if your desired business name is available.

Step 2: Business Name Application (form – CAC/BN/1)

In this document, you will list the nature of the business and the address of the business. You will also write down the owners of the business name, Proprietors of a Business Name. Where the owner is a minor, the CAC asks for an attestation from a magistrate, legal practitioner, or a police officer of a certain rank. You may either register the business as a sole practitioner or as a partnership with another individual. You will have to complete the form as appropriate with two passport-sized photographs of each applicant attached to the form (if you are starting business as a partnership).

A company can also own a Business Name. In this case, the CAC asks for an attestation from the company director or company secretary. Owners of a business name can be a mix of individuals and companies.

Note that Documents to be uploaded for Business Name Registration are as follows:

Business Name Registration Form (Form BN1)

Proficiency Certificate (Where Applicable)

Residence Permit (Where Applicable)

Means of Identification

Payment Receipt (RRR)

Step 3: Filing

Once you’ve completed the Business Name Application, it costs 10,000 naira to file at the Corporate Affairs Commission. No stamp duty is required.

After paying the business registration fee, you will be presented with affidavit/attestation form. Thereafter, you are expected to proceed to any magistrate court in your vicinity or location for endorsement by the court magistrate. During this process, you will be required to pay N250 only as fees to the court’s involvements.

Registering a business name requires having a valid, nationally recognized form of identification such as a: passport, driver’s license, permanent voter’s card, or a national ID card. These can sometimes take months to obtain. So if you’re in a hurry, they may accept a declaration of age. After getting the certification, you can go ahead and start your business.

ONLINE PROCEDURE FOR REGISTRATION OF BUSINESS NAME

Step 1: Account Creation

The first thing you need to do to create your account; go to the Corporate Affairs Commission’s website.

CAC URL, while on the website, clicks on “Start”. Fill the form as provided.

When you are done filling out the form click “Register” to submit your form.

Login to your email for a verification email that would be sent.

Click the link in your link to complete your registration that would be all. You’re done with your account creation.

The next to do is login and continue with name reservation.

Step 2: Name Reservation

Log on to your account. CAC login.

Once logged in, click “here” to proceed with your name reservation.

Step 3: Business Name Registration

Having reserved your business name, you need to get the availability code to proceed with your registration.  Here’s where you enter the availability code. After entering the available code, a form is going to open up for you to enter your details. Most of the details would already be there from your reservation. Enter “former nationality” and “former name” if any and then “Start Registration.” You’re then taken to stage 2 of the registration process. Enter the necessary fields, then save and proceed. In stage 3, please do not enter anything if you’re the sole proprietor. If you own the business with your spouse, another corporate entity or your child as the case may be, you can add “Individual, Corporate or Minor Proprietor” respectively. Otherwise, just leave it like that and click “Continue.” thereafter.

Stage 4 however, is to “Add Nature of Business.” Choose the category of your business and add the services you render or the products you provide. You can add more “Nature of Business” or just click “Continue.”

The next stage is to select where you want to go and pick up your certificate when ready. Here, do not select any additional certified true copies. This will increase your bill at checkout.

Stage 5 takes you to preview what you’ve entered. Select how you want to pay. Once you're done with your payment, print out your receipt. Log on to your account or click “Dashboard” if you’re logged in already. Then click on “Pending Approval.”

On the next page, click on your business name. You’ll be taken to a page you’re going to see “Documents” and “Payment

History.” Click on “Payment History.”

The next page is going to allow you print the receipt.

Step 4: Documents Upload

Click “Documents” you’ll be taken to where to download and print Application Form for Business Name (CAC/BN/1).

The next thing to do is to print, sign the form and affix your passport photograph.

WRITTEN BY:

CHAMAN LAW FIRM TEAM

EMAIL: chamanlawfirm@gmail.com / info@chamanlawfirm.com

TEL: 08065553671, 08024200080