One of the first things you should do as a budding Nigerian entrepreneur is the business name registration.It will help you build trust, access loans and grants, seek legal help and do so many other things.
A few years ago, the processes around business name registration in Nigeria were very complicated, and you needed to visit the Corporate Affairs Commission several times before you may or may never get approved.
This would have cost you a lot of transportation money as well as paper and printing fees, which still would not guarantee the success of the applications.
However, things are fast changing, and the CAC has introduced another way of applying for your business name registration, and you will have to sort out almost 70% of the processes online before visiting their office in your state of residency.
3 Easy Steps To Register Your Business In Nigeria
There are a few documents you need to produce in the course of the applications, and this is to help check fraud in the course of serving your customers.
Three easy steps to follow to help register your business name include:
Check for the availability of the name
There is a free tool for doing this on the CAC official website, but you have to pay the sum of ₦800 to make the search official and reserve the name for the next six months.
This will help you make sure that no one else will register the name during the pending period, and you can always continue with the process.
Apply for the business name registration
You can apply for the registration of the business name online also.
You will submit the form with two passports and the following information:
• Your approved business name
• General nature of your business
• Your business office
• Name, address, occupations and other information concerning the owner(s) of the business
• The proprietors’ signatures
Subsequently, if your business name wasn’t approved, you have to reapply and pay another ₦800 for the checking and reservation of another name.
Pay for the business name registration
Now that you are done securing the name and applying, you have to make the payments so they will begin the processing of the business name registration.
As at the time of writing this article, it will cost you only ₦18,000 and you can pay online with your atm card.
After that, the Corporate Affairs Commission will begin the processing of your application, and you will be able to pick it from your choice CAC office at the end of the processes.
There’s an option for selecting your choice location, so you can choose which office is closest to you.
Business name registration in Nigeria is very easy, and you can drop your comments if you have any issues and we’d be willing to help you out.
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