How to register a Business Name in Nigeria: Corporate Affairs Commission

This article will walk us through How to register a Business Name in Nigeria: Corporate Affairs Commission. Gone are the days when getting registered is a hassle but it is no more like that. Anyone can now successfully register their Business Name in a few easy steps.

Also, starting a business in Nigeria can be a daunting task, but with the right knowledge and resources, it can be a rewarding and fulfilling experience.

However, one of the first steps in starting a business in Nigeria is to register a business name.

This process is governed by the Corporate Affairs Commission (CAC), which is responsible for regulating and supervising the incorporation and registration of businesses in Nigeria.

Furthermore, it is important to note that registering a business name does not automatically grant you the right to conduct business in Nigeria.

You will also need to obtain any necessary licenses or permits before you can begin operating your business.

In addition, registering a business name is an important step in the process of starting a business in Nigeria, as it establishes your business as a legally recognized entity and helps protect your brand and intellectual property.

Below you will read the step-by-step guide on how to register a business name in Nigeria online successfully:

How to Register my Business Name in Nigeria

How to Register a Business Name Online in Nigeria

How Much to Register a Business Name in Nigeria

How to Register for CAC in Nigeria

What is Corporate Affairs Commission?

According to Corporate Affairs Commission’s official website HERE. It says the Corporate Affairs Commission was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.

However, the establishment of the Corporate Affairs Commission as an autonomous body was a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry.

A department within the Federal Ministry of Commerce and Tourism was then responsible for the registration and administration of the repealed Companies Act of 1968.

It carries out its functions through accredited members of the Association of National Accountants of Nigeria, the Institute of Chartered Accountants of Nigeria, the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), and the Nigerian Bar Association (NBA).

In addition, it is headed by a Registrar-General. Prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968. (CA 1948)

Functions of Corporate Affairs Commission

The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, include the following:

• To administer the Act, including the regulation and supervision of the formation, incorporation, management, and winding up of companies
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• One of its functions is also to establish and maintain companies registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with the responsibility.
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• Another well-known function is that the commission arranges and conducts an investigation into the affairs of any company where the interests of the shareholders and the public so demand.
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• It also undertakes such other activity Brand which is necessary or expedient for giving full effect to the provisions of the Act.
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• The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services.
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Requirements for Registering a Business Name

• Proposed Business Name.
• Means of identification (Driver’s license, National ID card, or others).
• Debit card for your payments.
• Passport Photograph.
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Why You Should Register Your Business

The reasons why you need to register your brand name on the Corporate Affairs Commission and get their certificate is below.

1. Registering your business will help you secure your business name before it is taken by someone else. Once you have successfully registered with the CAC the name of your company, no other organization can legally use the same name to function in Nigeria. This name is reserved for you and you alone.
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3. Only if your business name is licensed will you be able to open a corporate account, and of course, you know the importance of having a corporate current account, it makes people feel more comfortable when interacting with you.
4. Your company registration adds to your business value and credibility.
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6. This makes you feel more involved in setting up the company and working harder. Business partners are going to take you more seriously. If you have not registered your company, a good majority of large firms or individuals will be unwilling to work with you.
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8. It saves you from personal responsibility: this is probably the biggest reason that a lot of people have to register their company. You could lose your business and personal property without the legal protection of limited liability if something goes wrong (say someone sues you for heavy damages).
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10. Receiving bank credit and investment from investors is simpler. For banks, there are essentially two loan categories; personal and business loans. They are completely different from each other and one can not be used to represent the other. As a result, most banks will gladly provide you with money to buy a new car or house, but none will give you money to fund a non-registered business. The Number 1 and non-negotiable condition to applying for a business loan is that the company must be registered.
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12. Save yourself from abuse, humiliation, and threat, POLICE, SARS, EFCC, or any other force.

Steps involved in How to register a Business Name in Nigeria

The steps involved in how registering my business name in Nigeria are kinda easy and anyone can get it done as soon as possible.

Step 1

Visit the website HERE and register on the website with your email.

Step 2

After successful registration, click on your dashboard section. From your dashboard, you will be able to know if your name has been taken or not.

Write your proposed business name in the Search section. From there you will be able to know if your proposed name is available or not.

If your proposed name is not available for use then you have to choose another business name. However, if your proposed business name is available (I.e If you can use the name) then you can proceed to the next step.

Step 3

Go back to your dashboard and click on the reservation and go ahead to fill out the form and submit it. After submission, you will have to pay ₦‎500 (five hundred Naira) which can be done with your debit card.

After the payment, your business name will be reviewed for approval. Name approval doesn’t take ages.

Step 4

You will receive an email from the commission confirming your business name. At this point, your business name has been reserved for only you but the reservation elapses after 60 days.

The mail will also come with an availability code which you can use to proceed with your registration. Finally, log in to your CAC account and click on the reservation, there you will see your business name has been reserved for you.

Read the full article at How to register a Business Name in Nigeria