How to Register your Business Name Online in Nigeria

Step by step guide: How to register a business name online in Nigeria through CAC PREAMBLE A s an entrepreneurer, registering your business ...

Step by step guide: How to register a business name online in Nigeria through CAC

PREAMBLE

As an entrepreneurer, registering your business name and promoting it is one of the essential requirements for starting a successful business.

I guess you will also want to learn how to promote your business in 10 effectives way

Investors will only be interested in a business that is registered. Not only that, to make your business eligible for some specific benefits from the government, it has to be registered.

In the past, business name registration was very hard. It takes several days and weeks with a lawyer or an accountant before you can figure it out.

It’s no longer hard to register a business, you can register a business online at the comfort of your home with your laptop, internet connection and by following the steps in this article.

The institution that is responsible for business registration in Nigeria is the "Corporate Affairs Commission" (CAC).

In this article, I will be giving you a step by step guide on how to register a business name online in Nigeria through the Corporate Affairs Commission (CAC).

But first, I will like to share the benefits of registering a business name with you because this is a question many business owners ask.

What Are The Benefits Of Registering a Business Name?

Some Nigerians fail to register their business name due to ignorance while some people see it as a way to avoid tax.

You should understand that the benefits of registering your business name is far greater than any perceived disadvantage.

I have compiled 8 benefits of registering your business name below:

1. You can easily apply for loans and grants when your business is registered.
2. You can easily open a corporate account with your registered business certificate.
3. Potential customers feel more comfortable paying into a corporate account because they know their money can be traced.
4. You will gain trust from customers because they will see you as legit and reliable.
5. You will have better access to investors.
6. With a registered business, you can easily obtain a visa and travel to any country for business purposes and conferences.
7. It Protects your business name and trademark.
8. Certificate of incorporation by corporate affairs commission (CAC)

Steps To Register Your Business Name Online

Without taking much of your time, let’s take a deep dive into the reason why you are here "Process to registering for a business name in Nigeria with the CAC.

Note that this process does not require a Lawyer, Chartered Accountant or an Agent, you will, however, need a MasterCard and an Internet Connection.

This is what they call (DIY) "Do It Yourself". So go ahead and Register your Business Online by yourself.

To register a business name, the following are the steps to take:

STEP 1: Create your account online

Connect to the CAC Company Registration Portal (CRP) at services.cac.gov.ng

• Click on "Register" on the home page of the Portal.
• Complete the forms displayed

After creating an account, go-to your email to verify your account and then login

After this step one, you can thereafter transact business with the corporate affairs commission using your profile without any interruption.

STEP 2: Check Availability

Checking availability simply means checking if your business name is not in use by someone else. You will not be able to use it if someone is using it already.

Before you proceed to check the availability of your business name please perform a public search by clicking HERE to check if your name is available.

This will prevent you from choosing a name that is already taken, the payment you will make is non-refundable, so you should ensure your name is not already taken before proceeding.

Login using your profile details and then select NEW NAME RESERVATION. All fields with red starts are compulsory and must be filed.

How To View Your Availability Approval

1. Log in to your profile.
2. Click on ‘’ACTION" button on the name you already reserved.
3. Click on "DOWNLOAD OF NAME APPROVAL’".
4. The system will download the document at the base of your computer system.
5. Click on the ‘’OPEN’’ option, the approved availability will be displayed.

NOTE: This is where you will also find the availability serial number that is required for registration.

STEP 3: How To Register Your Business Name

1. Reserve name
2. Log in with your profile
3. Click on "REGISTRATION"
4. Select your classification, that is "BUSINESS NAME" or "COMPANY" or "INCORPORATED TRUSTEE".
5. Enter the availability serial code. (The one you got in step one when you downloaded the availability approval).
6. Click on continue.
7. Enter the details of the PROPRIETOR, DIRECTORS, TRUSTEES, SHAREHOLDERS, SECRETARY (depending on whether you are registering a BUSINESS NAME, COMPANY, or INCORPORATED TRUSTEE).
8. Select the ‘’DROP OFF and PICK UP STATE’’ (this is where you will pick your stamped business certificate)
9. Click on continue until payment is made.
10. Select ‘’GET STAMP’’ to stamp the document electronically.
11. Make payment for electronic stamping.
12. The system will automatically affix the electronic stamp duties on the documents (Form CAC1.1, and Memorandum and Article of Association).

STEP 3: How To Download and Print Your Stamp Documents

1. Select "REGISTRATION".
2. The system will display all the list of companies registered.
3. Under "DOCUMENT"
4. Click on "DOWNLOAD DOCUMENTS".
5. Download it and print it out.

HOW TO UPLOAD DOCUMENT ON DOCUMENT UPLOAD INTERFACE

• The documents already printed must be signed by the directors or subscribers
• Go to the commission’s web site https://docupload.cac.gov.ng/docUpload/
• Enter the company/Business name/Incorporated Trustee ‘’AVAILABILITY CODE’’.
• Select the ‘’ORIGINATING OFFICE’’ (THIS IS WHERE YOU WILL PICK UP THE CERTIFICATE).
• Select ‘’I AM NOT A ROBOT’’ then follow the instruction.
• Click on BEGIN
• Select the type of document to be attached one after the other and attach each one after properly identifying same.
• After attaching all the documents click on submit.

Please note that Documents to be uploaded for Business Name Registration are as follows:

1. Business Name Registration Form (Form BN1)
2. Proficiency Certificate (Where Applicable)
3. Residence Permit (Where Applicable)
4. Means of Identification
5. Payment Receipt

The Next Step After Uploading

The CAC will rely on the uploaded documents to treat your application. The certificate will be generated by the CAC and all relevant documents will be certified.

You don’t have to come to the CAC to follow up on the status of your application, you can check the status of your application on the portal.

There is a column that reads STATUS on your profile. This will show the state or status of the application.

It will show "NOT SUBMITTED" or "SUBMITTED" or "PENDING APPROVAL", or "APPROVED" depending on the stage the application is.

When the status reads APPROVED and the registration number is displayed, then you can approach the office where you had selected as the DROP-OFF/PICK UP OFFICE with the original copy of the document that you had earlier printed and uploaded.

You should submit the originals in exchange for the certificate and CTC’s.

Immediately a certificate of incorporation is generated in the CRP, a tax identification number TIN will be issued and sent to your email address from the FIRS/JTB through the Integrated Stamp duty System (ISDS) Portal.

I hope this article has helped you register your business name online in Nigeria.

Business Name Registration Frequently Asked Questions (FAQ)

How long does it take to register a business name in Nigeria?

Business name registration is faster. If the applicant provides all the required information, it takes just within 48 hours to register a business name in Nigeria.

The cost of business name registration in Nigeria

For business name, the official fee is N10,000 (Ten Thousand Naira Only). But if you are registering a company, the price will be different and it depends.

If you are using an agent, the agent will also charge a professional fee for the services to be rendered.

Do you have any other question about how to register your business name in Nigeria? Please drop your question in the comment box below.

CONCLUSION

With the above step by step guide, I believe you are now fully equipped with the knowledge on how to register a business name in Nigeria.

As you can see, you do not need the services of a chartered secretaries, lawyer, legal practitioner or any other third party to register your business name.

In addition, get your unique tax identification number (TIN), as every business in Nigeria must pay tax. This will help you avoid any hassles while trying to raise capital for your business.