Your business is not yet recognised by the government if it hasn’t been registered with the CAC (Corporate Affairs Commission) in Nigeria. Registering a business in Nigeria is quite achievable and this article will show you just how.
By the time you are done reading this piece, you would have acquired knowledge which will set your business apart from those next door, or at least ensure that your business is recognised by the Nigerian government.
Register your unique business name
Come up with a unique name you’d like your business to be identified with, then walk into any CAC office nearest to you to register it. A name reservation form is a form you should be looking for. A name reservation form costs no more than #500.
You are expected to fill in another name in the event that your first choice name has already been taken, but there will be no need to use the second name if your first choice name is unique. It takes a maximum of 2 weeks to complete registration of a business name (file-passing).
Questions to be answered in the name reservation form include:
- Full name
- Business name and second choice business name
- Business type
Getting your papers ready
While your business name is being registered by the commission, it is advised you get the following documents.
- Passport photographs
- Evidence of name of your business partner (you are required to have a partner)
- Recently taken photographs of your business partner
- Evidence of address of your business. Bank statement or electricity bill receipt should be enough for this.
- National identity card or a valid driver’s licence
With the above documents ready, your business is set to legally registered. Legal registration cost is #10,000 (I would advice you to have #15,000 at hand, if you know what I mean 😉 Knowing the country, this is perhaps the most important part, so make sure you have it before you start the process.
CAC fees to take note of
- Registration of business……….#10,000
- Change of business name……..#2000
- Business name search………….#500
- Change of partnership…………#1000
- Change of Address………………#1000
- Certified True Copy of a Business Name Certificate………..#1,000
- Filing of Annual returns……….#300
I put this last because, the online platform for business registration is not as effective as in-person. However, you can also register your business online via the CAC company registration portal here
Don’t forget to comment on your experiences and challenges registering your business in Nigeria!