Are you a business owner who wants to register your business name in Nigeria online? CAC registration is essential to establish your business as a legitimate entity in Nigeria. However, the procedure can be intimidating and confusing for first-time business owners because there are several legal requirements and forms to complete.
Moreover, this post offers a more straightforward and easy way to register your business online with CAC.
Well, different business owners have their other starting points, but it is generally advised to register your business name. Thus, you must register your business name when starting a new business in Nigeria. But you may wonder why you even need to register your business in the first place.
You need to register your business mainly because it is legally mandatory for all firms and companies that operate in Nigeria to register with the CAC. Otherwise, you risk paying significant fines, facing legal action, and losing your company entirely.
What is CAC?
The Corporate Affairs Commission (CAC) was established in 1990 under the Companies and Allied Matters Act (CAMA). This government agency regulates the formation and management of companies in Nigeria.
In addition, the CAC registration is also responsible for providing legal protection for your company’s name and brand. Thus, this protects the intellectual property of the business owner and prevents others from using your name and logo.
What Document Do You Need to Register Your Business Name with CAC?
You must first have several documents to be eligible to register your business name with CAC. You need to have all of these documents to register your business name with CAC:
Possess a Government Approved ID
The first criterion you need to have is a government-approved ID. Thus, you can check whether you already have the following:
- NIN (National Identification Number).
- International Passport.
- Voter’s Card.
- Driver’s License.
You must have one of these to qualify to register your business name. Also, check the name on your ID and whether it matches the one you fill in the registration form. Don’t forget to check the expiry date of the ID because it may be considered invalid if it has expired.
Take a Professional Passport
The second requirement is to take a professional passport with a white background. When taking the key, ensure that your hair is tucked behind your ears and not covering your face.
Upload a Clear Picture of your Signature
You will need to sign papers online, so write your signature on a white sheet of paper with no spaces between (you can use an A4 piece of paper). Please verify that your signature is readable in its entirety.
How to Register Your Business Name Online with CAC
The fact is that CAC has made it possible for business owners to register their business name online in Nigeria within a few minutes.
Here are the steps to consider:
- Register for a CAC Account: Yes, with just your mobile phone number and your NIN, you can create an account with CAC. This will only take some minutes.
- Choose your Business Name: You can sign in and then access the CAC reserve name page to check for the business name availability you want to register with your login details.
- Fill out the Business Name Registration forms: This step is straightforward. All you need to do is complete the business name registration form online with the appropriate information.
- Pay your CAC Filing Fees: This is the stage where you need to pay the CAC filing fee online and then wait for the approval. You can visit the URL: https://www.cac.gov.ng/schedule-of-fees/ to find out the schedule fee.
- Get Approved: This is the final step; once CAC approves you, you can submit your form online. After that, CAC will proceed to review your documents, and then you will further be whether your application is approved.
And there you go! You can now collect your business name certification register with CAC.
Benefits of Registering Your Business Name with CAC
The following are the benefits that come when you register your business with CAC:
- It gives your business more trust.
- It makes it easier for you to access loans and grants. You can obtain loans for your business more easily if it has a higher reputation due to being registered.
- You can also apply for and get a visa to travel for business purposes with your business documents.
- Once your business is registered with CAC, you literarily have access to all the rights and privileges available to business owners in Nigeria.
FAQs
How much does it cost to register a business name in Nigeria?
The scheduled filing fee for the CAC to register a business name is ₦10,500. In addition, bank fees cost an extra ₦1,500, for a total of ₦12,000. You can send the needed amount to the bank or through the CAC internet portal.
Where can I register my business name in Nigeria?
The government organization in charge of registering corporations, company names, and incorporated trustees is the Corporate Affairs Commission (CAC). Although CAC’s main office is located in Abuja, it also provides the same services from smaller locations in a few other states.
How long does it take for CAC to approve a business name?
Although the CAC has stated they are dedicated to completing the procedure within 48 hours, registering business names typically takes 1-2 weeks.
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