This post is for those individuals who are interested in registering their business entity in Nigeria under Part B of the Companies and Allied Matters Act. This process is known as Business Name Registration.
A registered business name is one of the 3 general company structures which an individual can register in Nigeria, the other 2 are incorporated companies and incorporated trustees.
There are many benefits (and detriments) to registering a business name as opposed to an incorporated company. To register a business name in Nigeria, the following are the steps to take:
Steps to Registering a Business Name in Nigeria
Choose and Reserve a Name – The first step is to decide on what name to use to register your business, the process is done online. You will apply to the Corporate Affairs Commission (CAC) and suggest two alternate names for your business. The CAC will conduct a search in its database to ensure that the name is not already in use or there is no similar name already in use. If the CAC approves the name, then it will reserve the name for you for a 60-day period. During this period it is expected that you will complete the registration process for your business name.
Complete the Business Name Registration Forms – As with step 1 above, this can also be completed online. The information required to be completed includes:
- Approved Name of the Business
- General Nature of the Business
- Address of the Business
- Name, Address, Occupation and other details of the Proprietors of the Business
- Signature of the Proprietors
Payment of CAC Filing Fees – The payment of the fees can be done online or can be completed in a bank.
Submission of Forms – Once the payment has been approved, you may then submit the forms online, the CAC will review the documentation and if all is in order the CAC will then notify the registrant that the application has been approved, and the Business Name Certificate is ready for collection.
The entire process should ideally take about 1 week, depending on the workload of the CAC at the time.