How to register business name with cac with small money.
Registration of Business names in Nigeria with cac involves readiness and preparation.
Generally, you have a business idea or a small business, you have been running ,but you need to legalize its status.
As a business owner, your business is legal even without registration with cac, however you need to register with cac for many reasons.
Reasons you need to Register Your Business with Cac of Nigeria.
#1.Unregistered business names stand the risk of losing the name to a competitor.
#2.Unregistered business name is unknown to law and government agencies
#3.Unregistered business name cannot source contract from government or its agencies.
#4. Unregistered business name is not recommendable to private corporations .
#5. Unregistered business name is not seen as a formal serious entity.
#6. Unregistered business name is not verifiable for business.
#7. Unregistered business name is not part of list of registered businesses in Nigeria recommendable for investment or acquisition.
#8. Unregistered business name cannot open a business account with banks.
#9.Unregistered business name cannot be used for purpose of business visa travel.
list of documents to upload for cac business name registration,
#1. Scanned copy of means of identification such as voters’ card, driver’s license, international passport and national identity card.
#2. Scanned copy of your signature.
Requirements for registering a business name in Nigeria.
#1. Applicant must be 18 years of Age.
#2. Applicant must have means of identification recognizable and issued by federal government.
#3.Applicant must be a citizen of a sovereign country
#4. Foreign Applicant must show their international passport, or west African ecowas passport.
#5. Applicant must not be bankrupts.
#6. Applicants Must have a traceable business and residential address in Nigeria.
#7. Applicants must have email address and phone number.
#8. Applicants must be engaging in business not prohibited by law in Nigeria.
#9. Applicant Must be sane and have good mental being.
How long does it take to register a business name in Nigeria
Upon commencement, it basically takes 3 to 7 days maximum to register a business name in Nigeria.
A business name can be registered in Nigeria, from the date of approval of the name availability search, under a day for submission of filing and three days it could be given final approval, and certificate of registration issued.
Benefits of registering a business name in Nigeria.
The benefits of registering a business name in Nigeria is much but basically you have opportunities coming your way, and the valid document you need to show is your certificate of registration of business name. It is very important to show you are a valid and verifiable business in Nigeria with registration with cac.
Tax implications of registering a business name in Nigeria.
Annual return for business names in Nigeria starts immediately a year after registration with cac
A calculation of annual return fee per year is 3,000, failure to file the returns before June 30th of every year attracts penalty of N5000. to file your annual return for your business or company, please contact us.
How much to register a business name in Nigeria.
The fee for registration of business name is N20k or more where the business name has a lot of partners.
cac business name search.
Business name search are in two categories, pre-registration business name search and Post registration business name search, pre -incorporation business name search starts when you submit the proposed business name to cac for name availability and reservation ,while post incorporation business name search starts when you want to verify the business status with cac.