Things have gotten really better now in Business name registration. Registering your business as a “Business Name” (good for sole proprietorship and simple partnership) now costs you just N10,500.
Yes. And it’s still online without requiring the help of a lawyer.
Gone are those days when you have to physically visit the Corporate Affairs Commission to register a business name. You can do everything from the comfort of your home or office.
You can even now download your Business Certificate online.
So how can you register your business by yourself?
It is simple and I will give you a quick tutorial on how you can do it, but first let me say something important. Today is Monday, April 17, 2023.
This tutorial works as of today.
I do not know what will happen tomorrow. The management of the Corporate Affairs Commission (CAC) can decide to change the process of registration.
They can decide to change the fees. I cannot control that.
However, I believe you will adjust accordingly quite easily no matter the changes if you know what you are doing.
Alright… let’s roll.
The first thing you need to do is visit the website of the Corporate Affairs Commission.
The next is to click on Register and fill in all your details.
After confirming your email, you can go ahead and log in at https://services.cac.gov.ng/login.
Search to find out whether the name you want to call your business exists.
Two different companies cannot have the same name so you have to search for availability of your desired name.
A quick tip here is that you should not use very common names. They would have been taken.
It costs N500 (Five Hundred Naira) for a search. Rather than keep trying to register common names that will surely get rejected, why don’t you pick something unique?
Forget about trying to register God’s Grace Enterprises or Ultimate Entertainment.
Think about something unique and stop wasting time and money.
Click “Name Reservation” to get started. Follow all the prompts and it leads you to the payment page.
Learnt somewhere that you can now get your name approved within 4 hours – unlike before that was 24 hours – as long as you submit before 2 pm on a business day.
Once you have an approved name, you can start the registration process.
Log back into the CAC website and follow the steps required.
They include The presenter’s details, Business details, Particularly the proprietor, the Nature of the business, etc. You then review all you have filled and you will proceed to payment.
After completing the payment, you will have to upload some documents into a portal for review and approval.
Don’t worry, you will be logged in to where you will be asked to upload things like:
- Your ID Card
- Your Name Reservation Approval (can be found in your account)
- Your Payment Receipt (can be found in your account)
- The Form You Filled (out can be found in your account)
The CAC will review the documentation and if all is in order, you will get a notification that the application has been approved, after which your Business Certificate will be ready for printing.
The following documents would be available on the CAC website for download:
- Original Certificate of registration of the business name
- CTC of the Application for the Registration of the business name
Note: It is important that you download the documents immediately (or soon) and keep them safely where you can subsequently access them.
This is because the CAC charges for subsequent downloads after an initial period.
Now you know how to register your own business as a Business Name.
I want you to take action right now.
Go to the website of the CAC right now. Create an account and reserve a name.
It is very okay to start with a Business Name.
When you want to upgrade to a limited liability company, you will keep your name if you want.