To start with, let me clarify that there are three main categories when it comes to registering a business name/company in Nigeria.
1. Business Name e.g Tayo Enterprises, Services, or Ventures
2. Private Limited Companies e.g Tayo Nigeria Limited, LTDs
3. Incorporated/Public Companies e.g Koko Water Nigeria PLC
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The requirements for registering each differ and each can be upgraded to the next.
Steps
1. Choose your intended Business Name: This is the name you want your business to bear, its your brand and it differentiates your business from every other and makes it stand out as a separate legal entity.
Because it must be unique and no other business must have the same name, the next step as highlighted below is to perform search to be sure it doesn't already exist or someone else has already chosen that name in which case you just have to crack your brain and coin out another name.
2. Search: For a business name, as in the other two categories, to register requires you visit the nearest CAC office to you, obtain a 'Search Request Form' for a few bucks (less than $2), thats about N300.00 and fill it out with your intended information like proposed business name and your personal info as the registrant.
Submit it back to CAC and CAC will perform the 'search' which lasts for less than 2 weeks. If the result is negative, please think of an alternative. But if approved, the next step is...
3. Register your business/company: For ordinary business name, simply obtain another documentation form for about $3 and put all info necessary. At this stage, you shall have to choose the businesses' 'statement of object' by which I mean the type of businesses you intend to do with the business name. You can take a max of 3 options but ensure its wide enough to cover all your business deals. This has legal implications but do not panic, you can always alter this later on if things change by a simple board resolution and proper processing thereafter at CAC.
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After filling out the documentation form together with all documents required for each category as dictated by CAC in Nigeria, you pay the necessary registration/documentation/incorporation fees and your certificate will be processed and issued in the shortest possible time. The fee for business name shouldn't be more than N5,000 but other categories are higher.
Points to note: There are further legal steps required for the other two categories not mention here. Our articles in the future will deal with that. Please note too that there is an annual fee payable to CAC for each business/company, and do not forget to pay your taxes.
Hoping you have picked one or two information from my post? Please add more info by replying below, ask questions too and correct me where am wrong. Thank you.
:w':
