There are many reasons why you should register your business name in Nigeria as no company will take you seriously when you are doing business with them. Generally, people are more comfortable paying money into a corporate bank account of a registered organization than an individual account. The following will guide you on how to register a business name with the corporate affairs commission (CAC) in Nigeria.
1. You can register a business name in two major ways: You can use the service of a lawyer with about N10,000 to have this done or you can do it yourself by going into any corporate affairs commission branch closer to you to get your business name registered. Now the problem with the second method is that if you don’t know the secrets of doing this, you could spend months or even years trying to register your business name.
2. To register your business name yourself with the corporate affairs commission, you need to walk into any branch nearest to you as earlier mentioned and ask for name reservation form with just N500 cost. Then you will be given a receipt and a form. You will be asked to fill in the following details:
– Your Name
– Your Address
– Your Desired Business Names
– A Space To Fill The Type Of Business You Want to Register
Note: Choose Enterprises/Business Name
You will be asked to choose two business names just in case one is not available the other could be used but if none of the two business names is available, you will need to repeat this process again. Surprisingly, it takes about 2 weeks for the results of your name reservation to be out.
3. It is better to choose a name no one else has chosen to avoid repeating the who process again and again by just being ingenious and creative about the whole thing. Because if you just choose any name, you will find out that someone else has already registered it. Avoid registering names like:
Peter Consulting, etc…
The probability that the above names have been taken by someone is very high and I am sure you don’t have time to waste experimenting with new names at every 2 week interval. Be patient, while you are waiting for the results to come out, prepare for registration immediately.
4. Prepare the following:
– 2 passport photographs
– The details of a partner
– The partner’s photographs
– Your address
– Telephone number
– Local government area and a few other requirements
You should prepare the above mentioned while you wait for your results to come out because you have few number of days for your name reservation before the grace period expires and you need to register your business name properly before someone else take the name up. Early preparation will help you avoid this mistake.
Note the following according to the CAC Website, Fees for some services include:
– Registration of Business Name =N=10,000.00
– Change of Name =N=2,000.00
– Business Name Search =N=500.00.
– Change of Partnership =N=1,000.00
– Change of Address =N=1,000.00
– Certified True Copy of a Business Name Certificate =N=1,000.00
– Filing of Annual returns =N=300.00
– Business Name Registration Form =N=250.00