From the end of the lockdown period till now, Nigeria has witnessed the birth of many businesses. Tons of people have gone into entrepreneurship and started their brands. However, just building a presence online on several social media platforms is not enough to make a brand official. The brand name has to be registered with the Corporate Affairs Commission (CAC) to make the business legally recognized. Thankfully the process can now be done online, so it is no longer stressful. These are the 5 steps to registering a business in Nigeria through the Corporate Affairs Commission’s e-portal.
1. Apply for an availability check and reservation of the desired business name.
You can employ the use of a digital tool like Namelix in your search for an appropriate brand name. When you have gotten the desired name, apply for an availability check with the name on the Corporate Affairs Commission’s online portal.
The business owner will be required to fill and submit the Statutory Form and the Business Name Form after the business name has been approved, and both forms are to be submitted along with two passport photographs.
2. Pay the CAC official filing fee of ten thousand nairas and download the receipt.
3. Upload the necessary documents
The necessary documents include:
- Approval note; which is issued after the business name has been assessed and approved.
- Statutory Form
- NIN or other requested means of identification.
- Payment Receipt.
4. Print out and make a copy of the issued certificate of registration.
5. Submit the original certificate of registration and the Certified True Copy (CTC) of the application for registration to the CAC
Registering a business name in Nigeria has been made easier and faster because it is now done online via the CAC portal. The procedure only takes 48 hours. Where a business is owned by a group of people in partnership, the registration process would involve signing a partnership deed to be filed with the CAC. The services of a lawyer are required for this.
Note: These steps are peculiar to registering a business name and not a company’s name.