Getting your business name registered can be expensive most especially when you are using a third party agent. In this article am going to show you ways How To Register A Business Name In Nigeria Online by yourself.
Before we drive in they are many reasons why you should register your business name with the Corporate Affairs Commission (CAC) of Nigeria. Except being recognized as a legal entity, you have so many other benefits which I would unfold below:
Benefits Of Registering Your Business Name in Nigeria with CAC
They are lot of benefit on why you should register your business name in Nigeria with CAC, below are the following reason why you should:
1. Your Business would be recognized as a legal entity
What this means is that whatever causes your business may have done you would not be affected by it. This simply means if any industrial accident occurs leading to property damage or lost, you would not be held accountable for it as the business owner even if a petition is been sent.
But for business owners who have not registered their business name, would be greatly affected by any problem that arises during their business days.
2. Have access to loan Services
Registering your business name with the CAC gives you the opportunity to obtain loans from banks and also receive government loans.
Without Registering your business name financial institutions may not grant you loans or government grants so in other to benefits from these loans you need proof of business ownership which is obtained from registering your business name with CAC whereby you would be given a certificate of ownership.
3. Can Open Corporate Bank Account
Getting your business name registered to give you the opportunity to open a corporate bank account. As some customers may not feel alright paying to your personal bank account.
Using a corporate bank account increases your business credibility. This helps you to open a separate bank account with your business name which is registered.
If your business name is not registered you can’t open a corporate bank account which limits your business.
4. Access to Online Payment Integration
When you are selling services or products online that require buyers to make a deposit using an online payment system such as Paystack. You are mostly required to submit your business certification of incorporation which is obtained after registering your business name to enjoy the full benefits which if you don’t have you may not enjoy the services fully or have some limitations.
5. Social Media Business Account Verification
Verifying your business account on Facebook or any other social media requires you to submit your business certification of incorporation obtained by registering your name. This verification can help you gain strong social credibility and help keep your business account separate from other business accounts that have little difference with your business name.
In Facebook or Twitter for instance you would receive a blue thick mark after verifying your business profile which one of the requirements is to submit your business certification of incorporation.
People often trust businesses on social media which have a blue tick mark as it shows they have gone into a long process of getting their business verified.
6. Winning Government Contracts
Getting your business name registered gives you the opportunity to win and bid for government contracts.
This is a number one requirement before securing any Government Contracts. Playing deaf ears to this could make your business ineligible to bid or win Government Contracts.
So what are you waiting for grab the opportunity Now and follow this step by step guide on How To Register A Business Name In Nigeria By Yourself.
They are many benefits you can get from registering your business name with CAC. So let drive into the step by step guide on how to register a business name in Nigeria online by yourself.
How Much to Register a Business Name in Nigeria
The cost of registering a business name in Nigeria varies and depends if you are using third parties such as agents or lawyers. This can make you spend more money than the official price of Registering your business in Nigeria.
If you can register your business name by yourself it would be easier for you to determine the price. Which you would be guided step by step on how to register a business name online in Nigeria by yourself without any added fees or pay extra fees.
The Corporate affairs commission of Nigeria has official prices of registering your business name on their official website.
Price for the application forms
The price for the application form is ₦500.00.
They are there (3) form obtainable to register your business and company in CAC these includes:
- Form application for company registration
- Form application for business name registration
- Form application for incorporated trustee registration
The form needed to register your business name is the Form application for company registration and the Form application for company registration. Others go for big businesses. As a new business, all you need to pay Is ₦10,000.00 you can pay more if the need arises.
Requirements To Register Your Business Name In Nigeria
In 2020 the Company Allied and Matters Act (CAMA) where amend and a lot of requirements have been developed to register a business today in Nigeria which is:
- In other to register a business you must be at least 18 years except if you have 2 olders shareholders in the business.
- You must propose at least two names for the business name registration.
- Your business objective must be started and must have one.
- Business Names that are already registered can’t be registered again and also business names related to government agencies would not be registered.
- The type of business you want to register must be stated it could be a private limited company, private unlimited company or a company limited by guarantee.
- The company must have a verified physical location address.
- If your business has a partner the share capital of each of the partners must be started.
- To register your business name you must have identification such as a voters card, driver license or international passport to register your Business.
- In the old Company, Allied and Matters Act before any business must register the minimum partner was 2 persons. But the current Company Allied and Matters Act have made it possible for a single individual to Register his or her business. This is to encourage Small business owners around the country so that their business can grow.
How To Register A Business Name In Nigeria online By Yourself
Steps on how to register a business name in Nigeria online by yourself online
You can register your business online using the CAC official website which I would carefully guide you on.
And this gives you the advantage to avoid travelling to a nearby CAC office to register your business while you can do it at the comfort of your home.
The CAC has laughed a website where you can easily register your business online instead of visiting the CAC office for registration. Below are the steps to take:
1. Name Your Business
Naming is an important step to take towards registering your business, you should have a business name that represents your business. The CAC law allows you to create 2 minimum names for your business in which one would be chosen. This is done so if the other name is taken you can go with the other name.
When naming your business it is important you choose wisely if you are consulting naming services like
or think wisely if you are naming your business by yourself.
It is important your business name meet the niche business you are Registering this would also help you in Branding and marketing.
For example, if you look at the concept from these brands, Opay, Shoprite, Paystack you’ll observe that these brand names represent what their business is all about.
So you should consider naming your business according to your niches.
This would make your business name search engine friendly and recognisable.
2. Verify your Chosen Business Name
Verifying if your business is unique and not used elsewhere would help make your business name unique and help you get smooth registration on the CAC website.
To check your desired business name availability you can search the business name you have chosen on the CAC search Portal to see if your Chosen Business Name has been taken or not.
How To Check Your Business Name availability On The CACC Public Search Portal
To check your business name availability on the CACC public Search Portal type in your desired name for your business.
Which will state if the business is available or not.
If your business is not available and used by another company the information of the company would show. Which means that you can’t use the same because two different business can’t use the same name.
If your business name has been taken it has best to look for another name that is not taken and proceed to the next step.
3. Create an account on the CAC website
After clicking on the signup link you would be presented with a form to fill. which would request your personal information, which must fill to proceed to the next step.
Take note the email address you provided would be used to send a confirmation mail to you. So ensure you fill in the correct details to avoid any issue with registration.
Once you have successfully confirmed your registration through the email sent to your email address. You would be pointed with a successful congratulation message from there you can then proceed to the next step.
4. Reverse your Business Name
To reserve your business name select the reservation option on the dashboard through the menu bar.
Once the menu has load click on the New name reservation option.
After clicking on the new page you would be redirected to a page where you will be given instructions to fill such as:
- Choosing your business name and the type of your business.
- Listing your business objectives.
- Listing your presenter details.
- Reviewing your application.
- Making the payment.
- Choosing your business name and the type of your business
For choosing your business “Name and Type”, check the image below and fill the form.
Make sure you read the instructions above the form before filling the form.
Once you have filled the form you can proceed to the next step Listing your business objectives.
Listing your business objectives
You are required to list your business objectives. On the list select the option that is most suitable for your business.
After that, you will be given a box where you will type short details describing your business.
Furthermore, you can now proceed to the next step.
List your presenter Details
The presenter details contain the information of the business owner or owners.
Ensure you cross-check the presenter details you have filled in.
Reviewing your application
This displays all the information you have filled in so far in respect to your application, including your:
If you found any mistake you easily change it by selecting the tab where the information is and correct the mistake.
So if your information has been corrected or mistake you can now proceed to the next step and make payment.
The price for reservation of a business name is ₦500.
To make the payment, you are expected to use the Remita payment option by selecting the Remita button below.
After this, you’ll be redirected to the payment page of Remita automatically to make your payment.
After you had made the payment successfully, the application for your business name or company name reservation would be submitted for approval.
Take note after summiting your application you have 60days periods to reserve your business if not you would have to start again.
Generate Your Payment Receipt
After you have successfully completed the payment you are required to print out the receipt. This can be done by clicking on the print option on the website. If you have a printer connected you can easily print out the receipt if not you can just take a screenshot of the receipt and take it to a nearby printer and print it.
Take note after you have summited your application for verification. It can take some time to be verified. While waiting you don’t have any other thing to do order than to keep checking if your application is verified.
5. Generate Your Availability Code For Your Business
The availability code is the code that’s used to register your business name. The code is generated by the CAC along with your name approval for your business sent in your email.
All you have to do is to ensure you have received the email and take note of the code and the business name.
6. Registration of your Company
To register your company you need to login into the website of the CAC and select company registration which is found on the menu bar.
You can follow these steps for an easy guide:
Select here or https://pre.cac.gov.ng/login so that you can log in to your CAC account.
Once you have a login to your account, select the “Company Registration” option.
Once you have arrived on the next page you will find the “You have no company registration” option, Select it and Register a company using your availability code.
Input your business availability code in the form where the new company registration is stated.
A result would be shown which will contain your business name and personal information.
You will be needed to fill in this section as the same as registering your business name.
- Your Presenter details
- Your Business details
- Nature of your business
- Required Documents
- Reviewing your application
- Make Payment
Just as you did on the business name Registration you are required to pay with Remita, you also need to generate and print your receipt after making a successful payment.
10,000 naira would be a charge for Registering your business name.
Get your Business Certification
Once you have summited your application you will have to keep checking the CAC website to see if your application has been approved.
When approved an email would be sent to you on where to collect your documents.
This location would be the CAC beach where you chose when registering your company.
Hope this article has helped you on How To Register A Business Name In Nigeria online By Yourself, note that you don’t need to pay extra fees when you are not using third parties follow the step on How To Register A Business Name In Nigeria online By Yourself carefully and your business name registration would be done.
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