HOW TO REGISTER A BUSINESS NAME IN NIGERIA
If you are have been managing a business that is not registered yet or you are just about to start a new business, you are in the right place because this article is prepared to guide interested individuals in registering a business in Nigeria. Do you wish to be known worldwide with what you do, then the first thing you need is a registered Business Name. A Registered Business Name is one of the 3 general company structures which you can register in Nigeria, the other are incorporated companies and incorporated trustees. Read till the end on how to Register a business name.
There are loads of benefits (and detriments) to registering a business in Nigeria. One great advantage of having your company registered with the local, state or federal government is to ensure that your company name is not registered by someone else. It is important you register that your Unique business name before someone else snaps it from you.
Benefits of Registering a Business
Before I explain how to register your company name, let’s look at some benefits your company will enjoy.
1. You will be issued a Certificate of Incorporation
The federal government agency will issue you a certificate of Incorporation appropriate. The certificate is issued through the Corporate Affairs Commission (CAC), they are government agency empowered with the ability to register companies and issue certificates.
2. Reputation With Customers
Building a strong and a long-lasting reputation with customers and clients, It is not easily done. Registering your business gives your customers confidence that they are dealing with a reputable organization. Those that wish to patronise you will feel safe and secure at any time since you are not the one they are dealing with but your business entity.
3. Your Company will be Recognised (in due time)
Your business will gain recognition because other gives organizations would be partnering with your business and also your company will be able to partner with other company. This will enhance a confidence attract investors to deal with your company
4. Legal Protection
Did you know that your business becomes an entity, meaning that you will not be charged if anything goes wrong rather your business? When you register your business as Limited Liability Company, you become a different entity from your company. You also get legal liability protection. If for example, you take a loan and you defaulted in payment, your company asset would be held responsible instead of you because you are protected
5. Easy Access to Loans
A registered company have easy access to getting a loan compared to a personal loan. Your company documents speak on your behalf since it is a registered company.
4. Continuity is Certain
A company is created to live forever even if the person that establishes is no more, having a registered your business one of the benefit you will enjoy is that your business lives on especially when you have the right structure in place.
6. Your Company will be able to Employ Staffs
An enlisted business can utilize full-time workers and pay the rates and different advantages. You have the chance to look for understudy particularly from National Youth Service Commission NYSC since your company is registered.
7. Business Trip
Another benefit of business registration is that it is easier to obtain a visa to travel to any country of your choice for business purposes.
8. Account Opening in Your Company Name
Another benefit of registering your business name is to use it to open a corporate account in your company name isn’t that sweet. Having a corporate account gives you more credibility and it increases your reputation from your customers, bank, suppliers and other business partners.
How to Register a Business Name
Below are the few steps to follow.
- Decide on a unique name you wish to register as your business name, the process can be done online.
- Apply to the Corporate Affairs Commission (CAC) and suggest two alternate names for your business in case of necessity. Corporate Affairs Commission (CAC) will conduct a search in its database to ensure that the name is not already in use. Once your submitted name is approved, it will be reserved for the 60-day period. Your registration must be completed within this period.
- Complete the Business Name Registration Forms on the CAC official site http://new.cac.gov.ng/.
The information required to be completed includes on their official site is as follows
- Approved Name of the Business
- General Nature of the Business
- Address of the Business
- Name, Address, Occupation and other details of the owner of the Business
- You are to make Payment of CAC Filing Fees – The payment of the fees can be done online with your Card or it can as well be completed in a bank.
- Submission of Forms: – Once the payment has been made and approved, you can then submit the forms online. CAC will review the documentation and if all is in the order you that application has been approved, and the Business Name Certificate is ready for collection.