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How To Register Your Business In Nigeria

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How To Register Your Business In Nigeria
« on: July 03, 2018, 07:13:31 AM »
 

apeiron24

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How to register your business in Nigeria is very easy, simple and something you can do by yourself. I will give you a step by step guide on how you can register your business in Nigeria from start to finish.

The Corporate Affairs Commission (CAC) is the Agency empowered by the Company and Allied Matters Act 1990, Pursuant to section 659 to register businesses operation in Nigeria.

It is a must to register your business name if you want to run a legal business in Nigeria, do business with government parastatals and go into partnership with some big companies here in Nigeria. The benefits of registering your business with CAC cannot be over-emphasized. We are all praying that our business should expand and grow big. If you are planning to go big, you need to register your business in Nigeria.

Most business owners and intending entrepreneur assume business registration is a difficulty task and at the same time costly BUT this is a wrong notion.

Registering a company is Easy, Fast and Cheap if you have the know-how, you don't need the service of a Lawyer/Agent before you can register your business, you can register yourself'.

Either you want to know how to register an enterprise in Nigeria, registration of business name, cac registration form, explain the procedure and requirement for registration of a business name, business name registration form, how to check if a company is registered in Nigeria and how to register a school with cac. This is the article you need.

Before paying the Corporate Affairs Commission a visit, you’ve to determine the type of business to register. Are you going to register just the business name or a company that’s limited by shares? Before you register your business, consider the type of registration to go for. Below are categories of business registration.

Business Name Registration
Private Limited Company (LTD)
Public Limited Company (PLCC)

There are so many other categories, but the above is the most popular and commonly used by prospective entrepreneurs. Now you’ll be wondering, what are the benefits that comes from registering a business? Why should you register your business?

REASONS WHY YOU MUST REGISTER YOUR BUSINESS

• ESTABLISHING BANK ACCOUNT – Before you can open a bank account for your business here in Nigeria, your business must first be registered. Registering your business gives you the privilege to have a business bank account, instead of giving your personal account to customers which is very unprofessional.

• GETTING LOANS – When you register your business, you’ll look serious especially when seeking for a loan from an investor or the bank. Presenting your business registration certificate is prove that you’re a certified business and not an illegitimate venture.

• CUSTOMER ASSURANCE – Nobody might want to do business with a business that’s not really recognized as a business. One of the reasons why you must register your business is because of the impression it will create on potential customers.

• ENHANCE BRAND IMAGE – Your brand is not really a brand if it has not been registered as a business. Big companies like Google, Dangote, Apple etc are registered businesses.
 
• LEGAL LIABILITY PROTECTION – When you register your business, it becomes a separate entity which means, you can’t be sued as a person. If there’s any defaults that arises in the cause of business operations, only the business can be sued. For example, if you had taken a loan from the bank in the name of the business, the bank will not cease any of your property because you’re not the business. They can only cease the business’s assets.

• BUSINESS TRIPS – If you register your business, it will makes going on business trips easier. As a business, acquiring visa to other countries will become easy cause every nook and cranny of the world are looking for potential investors to come in and help the economy.

There are countless benefits to derive from registering your business. It can’t be overemphasize.

READ ALSO: Popcorn Business In Nigeria

STEPS TO REGISTER YOUR BUSINESS

1. CHOICE OF NAME/NAME SEARCH
Before you began this step, you must have first discover the name your business will answer. Go for a name that can be branded and at the same time, memorable. If that has been taken care of, then visit Corporate Affairs office nearest in your state.
 
You’ll be required to purchase and fill Availability Form (AC1) which isn’t up to N500. Fill in all the appropriate spaces like your name, address and the name your business intend to answer. If the form looks confusing, contact one of their staff to help you out. They will be glad to.
 
This stage is where they check if your business name is available or not. That’s why I advice going for abstract or unique business names. Popular phrases are hardly available. Make sure your form is photocopied before submitting cause that’s what will be used to find your original form when you return. You’ll be told to come back in three (3) days time to know if your business name is available or not.

2. REGISTER YOUR BUSINESS
After three days of filling the Availability Form, go back to the agency to find out if the proposed business name is available. If it’s not, you’ll have to repeat the above process. However, if the business name is available, then go ahead and register it immediately. As of the time of writing this article, registering a business name cost N20,000. This price is not ultimatum, it can change. For a limited corporation, the price is higher.

3. TAKE FORM TO HIGH COURT
Take your form to the federal or state high court for attestation. When you reach the premises, ask for where attestation can be made. It’s very important you do this yourself so that you won’t be overcharged. Once you have the attestation letter. Head back to the Corporate Affairs Commission and submit. This process is easy as you will be guided on the steps to take by their personnel.

3. CERTIFICATE OF REGISTRATION
After you have registered your business, the finally step is getting your business name certificate of registration. This should be ready after a week or more. It will be delivered to your doorpost if your business registration is a limited corporation.

You can read more from the Official CAC website here

[SOURCE]


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Re: How To Register Your Business In Nigeria
« Reply #1 on: July 11, 2018, 05:37:58 PM »
 

Awele

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i used to think the process will be complicated. I don't know its this simple
 

 


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