How to Register your Business Name with CAC in Nigeria
In this guide, I will be revealing to you the step by step process of registering your business name with the corporate affairs commission (CAC) in Nigeria, and less than 14 days.
Before we go any further, let me make it clear that this process is to get your business name registered and not a Limited Liability Company (LLC) or a Non Governmental Organization (NGO ).
Just as the name goes” business name” registering a business name can be very difficult if you’re unfamiliar with the necessary rules and tips. But with all the knowledge in one spot, you’re good to go. You can decide to get your business name under Global services, Ventures, enterprise etc…
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Business registration happens to be an essential aspect of business startup owing to the fact that registering a business is the passport to making it a legal entity. Of course, your business in Nigeria has to be registered with the Corporate Affairs Commission (CAC) before you can expect it to operate with limitless potential.
What is the Corporate Affairs Commission (CAC )
The Corporate Affairs Commission is the body that is responsible for registering businesses.
The Corporate Affairs Commission (CAC) is regarded as Nigeria’s incumbent corporate registry set up vis-à-vis the Companies and Allied Matters Act (CAMA). Promulgated in 1990, CAMA was enacted as a basis for overseeing company establishment and management in Nigeria.
Prior to the establishment of the Corporate Affairs Commission, Company Registry –which regulated the administration of the defunct Companies Act of 1968 –was the body initially performing the corporate regulatory functions of present-day CAC.
Company Registry, which was a department in the Federal Ministry of Commerce and Tourism, failed to discharge its duties effectively. Therefore, it is notable that the establishment of CAC as an independent body was borne out of the need for an effective alternative to the previously existing Company Registry.
Under the leadership of its Registrar-General, CAC discharges its roles through authorized members of relevant associations including:
- The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN)
- The Institute of Chartered Accountants of Nigeria (ICAN)
- The Nigerian Bar Association (NBA)
- The Association of National Accountants of Nigeria (ANA)
Functions Performed by the Corporate Affairs Commission
As per the provision of Section 7 of the Companies and Allied Matters Act (CAMA), the Corporate Affairs Commission is vested with the power to carry out the following functions:
- Establishment and maintenance of company office and registry in every of Nigeria’s 36 states wherein such office and registry are well equipped to perform the Commission’s duties, as provided under the Act or any relevant law
- Administration of the Act (CAMA) and the supervision/regulation of company establishment, incorporation, management and winding up
- Registration of Business Names and Incorporated Trustees
- The undertaking of activities considered relevant for the full implementation of CAMA’s provisions
- Providing a broad array of additional services
- The organization and conduct of inquiries into any company actions/relationships provided that such inquiries are in tandem with both public and shareholders’ interests
- Overseeing the initial stage of the accreditation process for authorized professionals and users of the Companies Registry. These professional users are precisely regarded as Chartered Secretaries, Lawyers and Chartered Accountants
- Provision of responses to grievances or questions relating to the services offered by the Commission
- Sale of the Commission’s statutory publications and forms
- Performing an oversight function over companies’ compliance with the provisions of CAMA
Types of Companies Registered by CAC
In tandem with the regulatory authority of CAC, only four types of companies can be established for the conduct of business in Nigeria. Therefore, CAC specializes in the registration of the following company types:
- Public Limited Company (PLC)
- Private Limited Company (LTD)
- Unlimited Companies
- Companies Limited by Guaranty
CAC sets a benchmark of 50 individuals as the maximum number of members for private limited companies whereas there is no limit to the number of individuals who can make up a public company. Also, for every of the four aforementioned company types, CAC stipulates the minimum membership of two individuals
If you want to register a business name, you can do it in three (3) ways.
3 ways to register your business name with CAC in Nigeria
- In any of CAC offices in Nigeria
- Online through www.cac.gov.ng
- The help of a lawyer or consultant.
In any of CAC Offices in Nigeria
The first way to register your business name with CAC in Nigeria is to go to any of the CAC offices by yourself, following these step-by-step procedures.
Step by Step Guide to Register a business name with CAC in Nigeria
When you are ready to register your business name with the corporate affairs commission (CAC).
The first thing you should do is to go to their office nearest to you.
Take a look at some of their offices.
♦List of All CAC Offices in Nigeria
Plot 420, Tigris Crescent,
Off Aguiyi Ironsi Street,
PLOT 7, OTUNBA JOBI FELE WAY, BEHIND MKO GARDENS,
52, Unity Road, off Ibrahim Taiwo Road,
Plot 332, Danjuma Drive, Trans Amadi Industrial Layout,
NO 18/20, CATHOLIC MISSION STREET,
Plot 31B, Okpara Avenue
NO 44, GODWIN ABBE WAY, OFF SAPELE ROAD, G.R.A.,
BESIDE CITY GLOBAL HOTEL, BY UMUGUMA JUNCTION, PORTHARCOURT ROAD,
No. 1 Yakubu Avenue, Behind Lugard Hall
YINGI, RAYFIELD ROAD,
AFTER MTN OFFICE BEFORE GOLD N BASE JUNCTION,
BESIDE AIRFORCE BASE,
Premium House, 1st Floor, Jericho,
opposite Evans publishing company,
151, OYEMEKUN ROAD,
AKURE, ONDO STATE
10, Adama Bola Sa’adu House 10, Ahmadu Bello way, G.R.A,
Beside O.K centre,
Ibara Housing Estate,
NO. 4, UBI INYANG STRET,
KWA IBOM STATE
38 MCC ROAD,
CROSS RIVER STATE
PLOT BNA 5366, ABU KING SHULUWA ROAD, OFF OTUKPO ROAD,
NO 3, SULTAN ABUBAKAR ROAD,
3, INTERCITY BANK BUILDING, 3RD FLOOR, (FORMER BOSSO ROAD),
OPPOSITE GOMBE LOW-COST HOUSING ESTATE,
NO 11, ASMA’U HOUSE, KIYAWA ROAD (SAME BUILDING WITH AFRI BANK),
11A, MOHAMMED BELLO KIRFI ROAD,OPPOSITE STATE LIBRARY,
NO. 5, BLOCK G, COMMERCIAL LAYOUT, GIDAN DAWA,
ALONG IBB WAY, KLP 137, KANO ROAD,
NO. 14, SULTAN ABUBAKAR ROAD, ALONG GOVERNMENT HOUSE,
PLOT 26, OKEY ANUEIAGU AVENUE (NEAR COSMILA HOTEL) OKPUNO,
NO 1, EQUITY PLAZA, SURULERE STREET, PHASE 1,
2A, SANI ABATCHA WAY,
NO 2, HOSPITAL ROAD, OPPOSITE GALBOSE HOSPITAL,
ADJACENT STARCOMMS OFFICE,
DEMBOA ROAD, OLD G.R.A.,
PLOT 74, BLOCK 11, ASABA HOUSING ESTATE,
CORE AREA LAYOUT, DBS ROAD,
PLOT 111B, ELEGHEIM LAYOUT, ALONG BCA ROAD,
19, SABON FEGI, OPPOSITE MODERN MARKET ROAD,
KILOMETRE 4, GBONGAN ROAD, NEAR FRSC, BESIDE ADE BARE SPECIALIST HOSPITAL,
OGO OLUWA, OSOGBO,
153, OPPOSITE MURI HOTEL, HAMMA RUWA WAY,
NO 444, CHIEF MELFORD OKILO EXPRESS WAY, YENEZUE-GENE,
NO 13, SAM EGWU WAY,
PLOT 4, COMMERCIAL BLOCK ‘C’ EXTENSION TO GRA ALONG NEW IYIN ROAD ( BANK/SECRETARIAT ROAD),
PLOT 565, NDOLA SQUARE, OFF MICHAEL OKPARA STREET,
ZONE 5, WUSE, ABUJA
Walk into the nearest branch to you and ask for a name reservation form.
It costs just Two Hundred Naira only ( N2k). You will be given a receipt and a form. On the form, you will be asked to fill in a few details. Details like
Your Desired Business Names
A Space To Fill The Type Of Business You Want to Register (Choose
You will be required to choose two business names.
The reason is that if one is not available, they can reserve the other for you.
If none of them is available, you will need to do it all over again.
You will have to pay the N200 again, and you will have to wait for the result.
Oops! Looks like I forgot something
When you ask for a name reservation, it takes about 2 weeks before the results are returned.
It is sometimes as fast as one week or 10 days, but it sometimes takes 2 weeks.
Now imagine if your chosen business name is not available, you have to go through that 2 week process again.
If the new one is not available as well, you have to go over the process again and again.
That is why it takes people a long time to sort out.
So How Will You Prevent That From Happening To You?
Good question, and I’m glad you asked. It means you are following me. When people are following what I write, it gets me in the mood.
So the question remains. So How Will You Prevent That From Happening To You?
You see, my friend, what you need to do is to choose a name no one else would have chosen.
Now, you have to smart and ingenious about it. If you choose just any name, I can assure you someone has registered it.
Don’t even think about registering names like these.
Emeka Okoro Enterprises
His Grace Ventures
El Shaddai International
Good News Enterprises
Mike Lawson Ventures
And all these kinds of common kinds of stuff. If you choose them, there is a high chance they have been taken.
When choosing your desired business name, you have to be ingenious.
So now, we have sorted that. You will have to wait until the result comes out. There is nothing you can do about that.
You just have to wait. All I’ll advise you to do is to get ready, so when the results come out, you will be prepared to register immediately.
Prepare 2 passport photographs, the details of a partner (you cannot register alone, add someone… anyone),
the partner’s photographs, your address (you can use your home address), telephone number (use GSM), local government area and a few other tiny bits.
Here is why I’m telling you to be prepared.
You see, we want to get your business name registered in record time, so we want to move faster than usual.
When name reservation results come out, what people usually do is to start studying the new documents they are provided with to fill.
I remember one particular occasion when I was registering one of my client’s business name.
I omitted her local government area in the form, and it was returned, so I had to go back the following day because they were about to close for the day. I wasted time and resources.
That was because I was not fully prepared before the list came out, so that the reason why I said you should be prepared.
If you prepare early, you will get your registration done once the results are out.
Here Is Something Important You Have To Prepare For
You see, the CAC requires that you state what your business is all about. You have to state at least one thing. The maximum is three.
They want to know what your business is about before they can register the name.
This Were A Lot Of People Waste Time
The first time I tried to register a company, I filled in the following as my object.
I submitted that, and it got rejected. I went back and rephrased it and submitted it again. I got rejected the second time.
I kept trying and trying, and I was getting rejected.
It was later that I discovered that there are some kinds of laid down business objects that are allowed for a business name.
It is up to you to find an object that best describes what your business is about.
Here are the objects allowed by the CAC
−Agricultural Tools, Machines And Allied Products
−Alternative Medical Practice
−Auto Mechanics And Rewiring Services
−Auto Spare Parts Dealers
−Bakery And Fast Foods
−Beauty Industry (Salon, Pedic, Manic, Barbing ETC)
−Car Washing Services
−Computer Training, Sales And Services
−Day Care Centre
−Dealers And Distributors
−Electrical/Electronics Equipments Dealers
−Entertainment Industry/Events Managers
−Food Products And Processing
−General Construction (Build/Civil Engr. Contractors)
−General Tax Consultants
−Guidance And Counselling
−Gymnastics And Stress Management
−Human Resource Manager
−Import/Export Of Goods And Services
−Industrial Chemical Supply And Service
−Internet Service Providers (Cyber Cafe)
−Land And Quantity Surveyors
−Laundry/Dry Cleaning Services
−Legal Practice And Consultancy
−Medical And Pharm. Products (Manuf, Sales And Services)
−Patent Medicine Store/Chemist
−Petroleum Products Sales/Distribution
−Schools (Nursery, Primary And Secondary Schools)
−Water Works/Borehole Drillers
Most businesses will fall under one of these; if not, just use General Merchandise.
Now You Are Prepared.
Once your name reservation is out, speak to any officer there, and you will be given a file and some documents to fill.
In some CAC branches, they would have given you this form and file right from the first day you applied for name reservation.
You can fill the form right away with the following:
-Your phone number,
-Your address including LGA,
-Your partner’s details,
-Passport photographs (you will staple it and make sure you write your name behind the passports and sign them).
After you’re done filling the documents, you can then submit for what is called “Verification.” You need to submit. It’s no longer in your hands.
Depending on the CAC branch you go to, the verification process time will vary. It is usually done within an hour, so it is something you can wait for.
You can ask them there so they can tell you how long it would take. The maximum is a day.
What they look for at the verification process are objects, how you filled the form, and so on.
If you filled everything correctly, your verification process would be a smooth, one-time thing.
Once you pass the verification process, you will be required to pay your registration fees.
As at the time of typing this, it costs N17,000 for your registration. You can ask for the current price, but I can bet it is well under N30,000.
Right at their office, you will pay the fee and obtain a receipt, and you will submit your files and documents (because they will return it after the verification).
You will be asked to come back in about one week for your certificate.
Can You Beat That? Easy Kinds of Stuff!
Just go back home or wherever and come back when you were asked to. On the day you go there, and you will be asked to sign.
They will give you your certificate as well as some other documents you can keep.
You will need such documents as when you want to open a company bank account.
That is it. Now go out there to register your business names.
You can register as many as possible, and you can even make money registering it for others for a fee of about N20,000 to N30,000 each.
Services of a Lawyer or Consultant
#Second is to engage the services of a lawyer or a consultant, and he/she will get it done for you with about 18k toN25,000 or more
The trouble is that the next time you want to register another business name, you will have to pay him/her Another FEE
You have to pay over and over again, and you don’t want that.
If you are a serial entrepreneur, and you have many business ideas flowing in you.
You will be spending too much money on registering your business name with CAC.
When in actual fact, it will cost you less than N20,000 if you follow the step by step process in the 1st way I listed above.
The trouble with this is that if you do not know the secrets of going about it, you will spend months trying to get your business name registered.
So, that why it is also good to get a consultant who is knowledgeable about the process do it for you.
♦How I can Help You Register Your Business Name with CAC
Moreover, I have helped and continue to help people register their business names with CAC, with a little fee for my services.
It is part of my portfolio.
So, if you can’t follow the step by step guide I have listed above to register, or you are too busy to do it yourself, or you don’t want a trial, you want a perfectly clean job.
You Might Also Be Interested in checking out this Detailed Step-By-Step Guide On How to Register Business Name and Company in Nigeria.
Once you’re done, endevour to drop your comments, experience and recommendations.
Then I can handle your CAC business name registration, disregarding the state you are in currently.
CONTACT ME ON
Whatapp – (+234) 8162534441
Facebook – www.instagram.com/jjoxide
Fees/Charge : 18,500
Email – firstname.lastname@example.org
Or use the contact form below.
Online Through CAC.GOV.NG
The third way of registering your business name with CAC in Nigeria is online through their website www.cac.gov.ng
This is an efficient and prominent way, but it requires you to be an expert to avoid uncertainty.
Benefits of Registering your Business name with CAC
- One of the great benefits of business registration is that you can easily obtain a visa and travel to any country for business purposes.
Every country welcomes foreign investors who are interested in doing business in their country because such suitable investments will add value to their economy.
- Do you also know that you can have access to loans and startups fund from banks when you register your business?
Because they no longer see you as an individual, but a corporate entity is doing business.
- When you register your company name, no one else will be able to register that same name at the CAC.
So make moves to register that business name today before someone else does.
- Business name registration tends to build reputations, especially from your customers and clients whom you have never done business with before.
It gives your potential customers confidence that they are dealing with a reputable entity, especially if you are an online-based business.
- Have you thought about this? It is easier to attract investors for your business when your business is registered.
It shows you are a serious business entity and not just an individual doing business.
- Registering your business name with CAC gives a unique identity for your business.
You are legally and commercially free to go ahead and design a logo, create a business card, letterheads, etc. and do anything you want with the name.
- Do you also know that you won’t be able to bid for contracts if your business name is not registered with CAC?
Usually, when bidding for contracts with the government, or private individuals, a certificate of incorporation is always asked for.
GET IN TOUCH WITH ME PERSONALLY VIA 08182534441 on WHATSAPP TO GET YOUR CAC COMPANY REGISTRATION IN LESS THAN 2 WEEKS.
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