This guide will help you register a Business Name with the Corporate Affairs Commission in Nigeria.
Some of the main benefits of having a registered business name in Nigeria include the following;
In terms of opening a Corporate Account in any Commercial Bank in Nigeria, a registered Business Name will be required of you.
Having a registered Business Name will also increase the level of trust from potential clients or customers.
Having a registered Business Name is also a requirements for getting loans and grants from many organisations for Business expansion.
To register a Business Name with the Corporate Affairs Commission, either as a single person, such as a sole proprietor and by a maximum of two people. Apart from your personal and business details, you will need a coloured passport photo and a valid mean of identification (eg. National ID card, International Passport, Voters Card or Drivers License).
The first step is to check the availability of the name you intend for your business by visiting cac.gov.ng and following the prompt. That is how to check if a company is registered in Nigeria before you carry out a CAC name reservation.
Then create an account on the CAC Company Registration Portal (CRP) via cac.gov.ng/signup with your correct details and valid email address. Check your mail inbox after creating the account to activate it.
Next step is to reserve your desired business name by supplying the name and one other alternative to CAC for approval and reservation. This process costs N500 excluding bank charges.
When approved, you will receive a notification for you to proceed with your business name registration. Note that the CAC reserves the right to reject any name submitted to them for approval if they find that the name doesn’t meet the requirements for registration.
Complete the business name pre-registration form (CAC-BNo1) online and pay your filing fee which is the cost of registering a business name in Nigeria. The fee is N10,000
Download and sign scan a copy of your pre-registration document and attach your passport photograph.
Upload the scanned pre-registration document along with the filing fee receipt and means of identification on the CAC document upload portal for processing. You will be notified when your business name registration is ready.