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How to register a name for a Business or Organization in Nigeria



How to register a name for a Business or Organization in Nigeria


The Corporate Affairs Commission (CAC) has extended the reduction of the cost registration of business names to N5,000 till 31st March, 2019. The Commission stated that it took this decision to deepen the benefits of its reform initiatives. The cost reduction went from N10,000 to N5000 for 90 days from October 1 to December 31 but has now been extended to March 31st.

This strategy is aimed at creating an avenue for micro, small and medium enterprises (MSMEs) to formalize their businesses which will enable them own coporate account with banks, have access to loans, grants and other government interventions. CAC added, "Members of the public are expected to take advantage of this to register their business names at a cost of N5000 after the name reservation of N500.

How do I register my business name? The following are the steps you need to take inorder to register your business name with the Coporate Affairs Commission:-

STEP 1: The first step is to search if your desired business name is available. Search online here and find the nearest CAC office here…

STEP 2: After you have conducted a search, and you have found your desired name, you can then proceed to reserve your business name on the CAC website. Then the applicant is expected to review the business information details, in other to complete the step, you are required to pay a sum of N500 for business name reservation online with your master card, visa or pay with bank account. The name reservation takes two working days for approval.

STEP 3: The next step is to apply for business name online, you will need to enter the availability code of the business name you want to register sent to you in the notice of approval by CAC. Also, you will list the nature of the business and address of the business. You will also be required to give the names of the owner or owners of the business name. The next step is to submit the form and pay the required amount of N5000 for the business name using your MasterCard, visa or pay with bank account. You will be given an application for registration of business name form and a payment receipt to submit to the CAC office.

STEP 3: After you have completed and downloaded the business name application form, proceed to the CAC office to make submission of your document for approval.

The documents below should be submitted for filling with the Coporate Affairs Commission,

- Two copies of all receipt of payment from remitta and CAC

- Two copies of the approval of business document

- Two copies of the form you have received upon payment with two passport photographs Also, registration of business names require having a valid national ID card, a passport, drivers license, permanent voters card. Although if you are in a hurry they may accept a declaration of age.

Why should I register my business name?

1- Getting on record: Registering your business name puts you on record and helps you lock your business name so no one can use it.

2- Reputation with customers: It gives you a good reputation with your customers or clients. It gives you credibility in the sight of your customers as it shows a sign of responsibility, trustworthiness and continuity.

3- One step ahead: After registering your business name, there is another process of registering your business. Registering your business name gives you one step ahead and pushes you forward to make your business more solid and credible.

4- Professionalism: Registering your business name makes your business more professional and gives you an edge because your business name has been recognized and registered by the government.

Finally, do not forget that the greatest disadvantage of not registering your business name is loss of identity.

You may have toiled so hard to gain recognition for your business and someone else could register a similar name and claim identity. So take advantage of the reduction in cost registration of business names and register your business name right away!

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