Big companies are not the only businesses that can be registered in Nigeria, small businesses such as partnerships and sole proprietorship can also be covered by the Companies and Allied matters act of Nigeria. Business names or enterprise is covered by the Part B of the Companies and allied matters act. However, the process of registering a business name can be a herculean one, especially for a newbie. Therefore, it is important to know how to register a business name in Nigeria, and that is what you are about to learn in this article. Read on…
Section 571 sub-section 1 CAMA of the Nigerian constitution, requires that every corporation, firm or individual business registers a name under part B of that part of the constitution. This registration is expected to be within the first 28 days of the establishment of the business.
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Procedure for Registering A Business Name in Nigeria
Before you proceed to the office of the corporate of affairs commission to get your business name registered, it is important to know the required documents.
The requirements needed for the registration of a business name can be minimal. It only involves simple documents that identify you or the partners of the business, as the case may be. And where it is deemed necessary, the deed of the partnership may also be required.
How to register a business name in Nigeria with the Corporate Affairs Commission involve simple steps, which we will explain shortly. However, the process can become a bit complicated if you do not follow the steps strictly. These easy steps involve:
The first thing to do is to check with the Corporate Affairs Commission to know whether the name you want to register is available. You can request for the proposed business name to be reserved.
Once the applicant is sure of the availability of the proposed name, the applicant will now proceed to fill the Statutory Form, also known as FORM BN1. After filling the form, the applicant will proceed to pay the required fees.
At this stage, the applicant is required to submit the statutory form either manually or online through the website of the department. The applicant will also attach two passport photographs to the completed form.
Below are the required documents to be submitted
• Name availability print out; this is also known as the approval note
• The Statutory Form; this is also known as “FORM BN1”
• Certificate of proficiency
• Valid means of identification
• Proof of payment
Lastly, after successfully registering the business, the department will give the proprietor the following document:
• Original certificate of business name registration
• CTC of the business name registration application
How Long Will It Take to Get Your Business Name Registered by The Corporate Affairs Commission (CAC)?
The registration of a business name in Nigeria is very fast, as long as the applicant provides all the required information and documents. The entire process may be completed within two business days.
How Much Does It Cost to Register A Business Name in Nigeria?
The official fee of business name registration in Nigeria is N10,000. However, if the applicant hires the services of an agent, he/she would have to pay for the services.
The registration of a business name is the most convenient way of legally setting up an enterprise in Nigeria. The steps on how to register a business name in Nigeria are easier than you think. It is also very important to note that foreigners who intend to engage in a business in Nigeria cannot easily register the enterprise. This is because the requirements for foreigners are complicated.