{"id":2151,"date":"2015-03-02T16:37:15","date_gmt":"2015-03-02T15:37:15","guid":{"rendered":"https:\/\/buzznigeria.com\/?p=2151"},"modified":"2023-11-16T10:57:00","modified_gmt":"2023-11-16T09:57:00","slug":"how-to-register-a-business-in-nigeria","status":"publish","type":"post","link":"https:\/\/buzznigeria.com\/how-to-register-a-business-in-nigeria\/","title":{"rendered":"How To Register A Business Name In Nigeria"},"content":{"rendered":"
Nigeria is one of the best countries in Africa for investment. This is because it is one of Africa’s fastest-growing economies. Besides, the country is rich in mineral resources, and therefore, the flow of money is much greater compared to other African countries. The Nigerian government has also formulated friendly investment policies to attract local and foreign investors.<\/p>\n
Many people have given reasons for not registering their businesses or not doing so on time due to the endless queuing up in CAC offices or the rigorous processes involved. The commission listened to the complaints and has improved on its services over the years, making it easier for business owners to register their businesses with little or no hassles at all. With the new way of doing things,\u00a0 you do not have to queen up at their offices or use the services of an attorney. However, it may be of future benefit should your business run into legal trouble.\u00a0Here is everything you will need to know about how to register a business in Nigeria in the shortest time possible and without mistakes.<\/p>\n
To do business in Nigeria, it is important to follow the right processes, and one of these processes is to register your business name with the Nigerian Corporate Affairs Commission (CAC). CAC was established in 1990 by passing the Company and Allied Matters Act (CAMA) to regulate and supervise the formation, incorporation, and management of companies in Nigeria. Thus, registering your business with CAC grants you the legal right to float or operate a business in Nigeria.<\/p>\n
Although many people tend to neglect this process until they run into issues, it is expedient to state that The benefits of doing this can never be overemphasized.<\/p>\n
There are two ways to get your business name registered in Nigeria; the first step is the manual way, which is by visiting any CAC office nationwide or the electronic way, i.e., online registration.\u00a0Whichever way you choose to register your business, whether online or manually, you must first.<\/p>\n
Choosing a name for your business is vital and can be quite difficult. This is because it has to be unique and catchy. You also have to ensure that the name you pick is related to the products\/service your business will be dealing in. This means you have to take your time because this could be your brand and trademark. You may need to use the services of an investment expert.<\/p>\n
Registering a business name manually requires visiting any CAC office across the nation. To complete your business name registration, you will need to go through 3 stages.<\/p>\n
During your first visit, you will check the availability of your business name by filing a business name form (known as Form 008). You will need to fill in this form as accurately as possible before submitting it. In addition, you will have to pay a little fee for the form.<\/p>\n
The form doubles as an application for the business name registration, underscoring the importance of getting it right. The CAC will take one to two weeks to get back to you, although it should not take that long. If the business name is unavailable, you may have to think of another business name and fill another form altogether. If your business name is available, plan for the second visit.<\/p>\n
This second visit to CAC constitutes the actual business registration and only happens after the business name has been confirmed to be available. You will be presented with another form referred to as Registration of Business Name (Form 001). This form should also be filled as accurately and neatly as possible as any mistake can have terrible repercussions later in the life of the business after it is started.<\/p>\n
If there is anything you do not understand, do not hesitate to ask workers at CAC for clarification. After completing the form, you will be required to pay N10,000 only at this time. Alternatively, you can employ the services of a lawyer who you will pay the same amount.<\/p>\n
After paying the business registration fee, you will be presented with an affidavit\/attestation form. After that, you are expected to proceed to any magistrate court in your vicinity or location for endorsement by the court magistrate. During this process, you will be required to pay N250 only as fees to the court’s involvements.<\/p>\n
The registration form requires you to provide certain personal and business information such as two passport photographs, a stapler, the details of a partner (you cannot register alone, add someone else), the partner’s photographs, your address (you can use your home address), telephone number (use GSM) and local government area and a few other requirements. Inquire about the requirements from someone who has registered their businesses successfully before visiting CAC offices so as to avoid time wastage.<\/p>\n
After completing the form, paying the required fees, and submitting the attestation\/affidavit form, then you will have to wait a couple of weeks before checking back at the Corporate Affairs Commission for your business name certification. If everything was fine during the application process, you could expect not to wait too long or nullify your registration. While most people receive their business name certification in one to two weeks, it is not strange to wait for about a month with some CAC centers in Nigeria. After getting the certification, you can go ahead and start your business.<\/p>\n
You would agree that this procedure is rather long and time-consuming; that is why the commission n has made things easier by introducing the online registration platform for a seamless and hassle-free registration.<\/p>\n
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With the introduction of online business registration by CAC, registering a business name has become so easy that it can be done from the comfort of your home, office, or wherever you are with the internet-enabled device(s).<\/p>\n
So for your business name registration, you will be needing<\/p>\n
To be able to register a business name or company online,\u00a0 you must first create an account on the website by visiting \u00a0https:\/\/pre.cac.gov.ng\/register\/new<\/p>\n
Fill out the necessary details on the page, including name, email, phone number, etc.<\/p>\n
After filling out your details, click on the ‘Register’ button. Once you do this, a verification link is sent to the email address you had filled out on the previous page; check your email to verify, then log back to the dashboard to begin the registration properly.<\/p>\n
After selecting done for the name or names for your business, the next step will be to check if the name(s) you have chosen is available or used by someone else. This is important because no two persons can register the same business name.<\/p>\n
Once you have established that the name you have chosen hasn’t been used or registered by anyone else, proceed to reserve the name. This you can achieve in three simple steps:<\/p>\n
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Step 4 is the Registration proper, and this can be for either a business or a company. Whichever one it is, take the following steps strictly:<\/p>\n
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The company name registration process is almost the same as business name registration but for minor changes here and there.<\/p>\n
<\/a><\/p>\n Before going ahead to discuss businesses that require SCUML registration before registering them on the CAC platform, the first question would be what is SCUML?<\/p>\n SCUML stands for Special Control Unit against Money Laundering (“SCUML”). SCUML was created under the Money Laundering (Prohibition) Act of 2004 and later amended to Money Laundering (Prohibition) Act 2011 as part of the measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering\/Combating the Financing of Terrorism (AML\/CFT) in Nigeria.<\/p>\n Under the SCUML Act, the Federal Ministry of Industry, Trade, and Investment, in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and other relevant regulatory bodies, professional bodies, and self-regulatory organizations have been given the right to register and monitor all the activities of Designated Non-Financial Institutions in Nigeria. Thus, without a SCUML certificate, certain businesses or companies are not to be allowed to be registered with CAC and subsequently operate in Nigeria, as their operation is considered illegal.<\/p>\n These businesses that require SCUML Certification before business\/company name registration are:<\/p>\nBusinesses That Require SCUML Registration<\/strong><\/h2>\n
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