cac business name registration in Nigeria.
What is Business Name Registration ? A business name registration is the process of submitting your business Name for registration to the corporate affairs commssion for registration and afterwards getting an approval from corporate affairs commission with a certificate of registration issuance.
A business name is registered in Nigeria when the owner of the business submits the name to the corporate affairs commission, and the commission approves it, and records it in the register of businesses in Nigeria.
A business name registration requires procedures,these procedures must be duely followed to enhance the registration of the business name.
A business name is the name of your business or style of your business which you trade under, for example of a business name is : STUDIO 123 ENTERPRISES, STUDIO 123 CONCEPT,STUDIO 123 VENTURES ETC. these names are example of a business name ,for it to pass off as a registered business name ,it must be submitted to the corporate affairs commission .
STEPS TO EMBARK BEFORE YOU CAN REGISTER YOUR BUSINESS NAME IN NIGERIA
- CHOOSE A NAME YOU LIKE: in order to go ahead with the registration the applicant must first choose a name, where you have choosen a name ,you will need to do preliminary search on cac online records to find out if the name is available or has a name with striking resemblance. follow this link to get to cac search website.
- NAME AVAILABILTY SEARCH AND PRE- APPROVAL OF NAME-: An Applicant is expected to obtain an official search records from the commission by subscribing to the premium cac name availabillty name search. in this case the applicant will have to create an account on cac official website and get an individual portal.
- PAYMENT FOR NAME SEARCH AND RESERVATION: Where the applicant successfully creates an account with corporate affairs commission ,the applicant is expected t proceed to the portal and choose, name reservation, where the applicant have choosen the name resrrvation you are expected to fill the form for the name ,the category of the business and the status of the name reservation, in this case you tell cac if you are registering it new or may be doing any other search. in the process you have selcted ,you are to proceed to pay using remita payment gateway, the remita payment gateway allows you to pay via USSD,Mobile phone number,e-naira,card payment and payment at the bank,you can choose any of this options and proceed to pay.
- NAME RESERVATION: A name approved for pre-incorporation purposes has the duration /life span of 60 days,and it will expire thereafter,hence you are expected to begin the process and make your filing payment to secure this name.
- FILING THE APPLICATION: The applicant must do the needful by filling the online forms and submitting his/her resiential address,email address,phone number,identity card,nature of business and the passport photograph of the proprietor.in the course of registration of business name ,you will be needed to fill the following forms :
CAC 1 AVAILABILITY CHECK AND RESERVATION OF NAME
CAC 1 CHANGE OF NAME AVAILABILITY CHECK AND RESERVATION OF NAME
CAC 1.1 APPLICATION FOR REGISTRATION
These forms are necesary to help you getting your business name registered .
BENEFITS OF REGISTERING YOUR BUSINESS NAME IN NIGERIA
Registration of business empowers your business and gives you a legal footing ,your business name is now known to law,the business can be used to enter into business deals by the owner.
The business owner can also utilise it to open a business account in the banks across the federation.
The business owner can also use same to apply for business visa abroad,a registered business name is one of the evidence you can show case to the embassy you have a business you want to do abroad.
A registered buusiness name Protects your online status, a registered business name can help you run a business online without fear.
COST OF REGISTERING YOUR BUSINESS NAME IN NIGERIA: Registering your business name is not free of charge,it is one of the ways federal government generates money in Nigeria, therefore the cost of registering business name in Nigeria, takes from N20k to N30k. in order to keep your business name active on cac search records ,a registered business name must file her annual returns annually. failure to file annual return ,will make your business name to be categorised by the commission as “INACTIVE“.