How to Register your Business in Nigeria with the Corporate Affairs Commission

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Whether you are a seasoned entrepreneur or an aspiring entrepreneur, a small and medium scale business or a large enterprise; registering your business is very essential for the long term growth of your business. The agency responsible for regulating the formation and management of companies in Nigeria is called the Corporate Affairs Commission.

You might be wondering why should I bother registering my business, here are some reasons why you should register your business with the corporate affairs commission:

  • Perception is Everything
    When your business is formally registered, you are perceived as a serious organization to do business with.
  • Opening a corporate Account
    To open a corporate business account where your customers/clients can you for your products and services requires you to register a business account. To register a business account, you have to have a registered business name or corporation registered with the Corporate Affairs Commission of Nigeria.
  • Taxation Purposes

One of the ways in which the government gets things done/projects done is through the tax businesses pay, you are probably wondering: why should a small business like me pay taxes? The Answer is simple: It is the right thing to do, even if it looks hard especially in this part of the world, where corruption is the order of the day. For your business to be taxed, you will need to have a Tax Identification Number (TIN), which you collect from the Federal Inland Revenue Service pf Nigeria or your states Inland Revenue board ( For Example in Lagos: Lagos Inland Revenue Board)

 

There are two ways in which you can register your business with the corporate affairs commission either:

  1. Through a Lawayer/An Accredited Agent
  2. Self-Service (Registering your self)

There are different types of organizations which you can register through the Corporate Affairs commission: A Business Name, Limited Liability Company (LLC), Non-Governmental/Not for Profit Organization (NGO) among others. This article is on how you can register your business with the corporate affairs commission.

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Registering Your Business Name Involves:

  • Going to the Corporate Affairs OfficeDepending on your location in Nigeria, walk into any of the branches:

Corporate Headquarters – CAC Nigeria

Plot 420, Tigris Crescent,
Off Aguiyi Ironsi Street,
Maitama
Abuja.
email: cservice@cac.gov.ng

Lagos (Alausa Office)

PLOT 7, OTUNBA JOBI FELE WAY, BEHIND MKO GARDENS,
ALAUSA, IKEJA,
Lagos State
Nigeria
email: oregun@cac.gov.ng

Lagos (YABA)

No. 17, Aje Street,
Yaba
Lagos State
Nigeria
email: yaba@cac.gov.ng

To View other Corporate Affairs Commission Offices all over Nigeria Visit: http://new.cac.gov.ng/home/state-offices/

  • ¬†Ask for a Business Name Reservation FormThe name reservation form cost 500 Naira (around $3.5 as 2014), the form is used to chack the availablility of your intended business name.

The Corporate Affairs Commission Availability and Reservation of Name Form as the following fields:

Your Name:
Your Address:
Your City:

Proposed Name of Company/Incorporated Trustees:
Option One
Option Two

NB: You are required to search for two names of your choice, keep it professional for the long term vision of your brand.

The Name is to be used for:

Private Limited Company (LTD)
Public Limited Company (PLC)
Unlimited Company (ULTD)
Company Limited by Guarantee (LTD/GTE)
Business Name
Incorporated TrusteesChange of Name.

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Fill the form correctly by choosing the appropriate business type you want to regiter, in this case : Business Name.

The name may be rejected if it does not meet some of the laid down business objects: Most businesses fall into one or the following, if it is not then use : General Merchandise

  • Advertising/ public relations Agricultural produce
  • Agricultural machines and allied products
  • Alter native medical practice
  • Aluminum manufacturing
  • Architects/town planners
  • Auto dealers Auto mechanics and rewiring services Auto spare parts dealers
  • Bakery and fast foods
  • Beautify industry (salon, pedic, manic, barbing etc)
  • Bookshops/stationery stores
  • Car washing services
  • Carpentry/Woodwork
  • Chattered secretaries
  • Commission agents
  • Computer training, sales and services
  • Cosmetic manufacturers/dealers
  • Daycare centre
  • Dealers and distributors
  • Electrical/electronics equipments dealers
  • Entertainment industry/events managers
  • Estate agency/maintenance
  • Fashion Designers
  • Fish farming/fisheries
  • Food products and processing
  • General construction (build/civil engr . contractors)
  • General contracts
  • General merchandise/ trading
  • General tax consultants
  • Guidance and counseling
  • Gymnastics and stress management
  • Horticulture/land scaping /equipment
  • Hospitals/ clinics Hotels and hospitality industry
  • Human resources manager
  • Import and export of goods and services
  • Interior and exterior decorations
  • Internet service provider (cyber cafe)
  • Jewelers
  • Land and Quantity surveyors
  • Laundry and dry cleanining services
  • Legal practice and consultancy
  • Livestock management
  • Management consultants
  • Maternity homes
  • Mechanics and weldering
  • Medical and pharm. Products (manufucturing sales and services)
  • Medical services and laboratory
  • Others Patient medicine store and chemist
  • Petroleum product sales and distribution
  • Pharmaceutical manufacture and services
  • Photography and photo equipments
  • Plastic manufacturing
  • Poultry farming
  • Printing and publishing
  • Restaurants and catering services
  • Road transportation Schools (nursery, primary and secondary schools)
  • Supermarkets and departmental store
  • Textile manufacturer and distributors
  • Travel agents
  • Veterinary clinic /services
  • Waterworks and borehole drillers

Your name might not be approved the first time for the following reasons:

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  • Your proposed name does not fall into one of the above mentioned objects.
  • someone else is bearing the name, the name is homophonic – sounds like another business name.

After verifying the availability of the name, you would need to pay for registering the business. Here is a break down of the business types and the amount you are expected to pay to the Corporate Affairs Commission:

  • Business Name Reservation : 500 Naira
  • Registration of Business Name: 10,000 Naira
  • Business Name Registration Form: 250 Naira
  • Change of Name: 2,000
  • Change of Partnership: 1,000
  • Change of Address: 1,000
  • Certified Original copy of Business Name Certificate – 1,000 Naira
  • Filing of Annual Returns: 300 Naira

 

After reserving the name, you can then proceed to getting the business name registration form (250), you would be required to pay the 10,000 Naira for Registration of Business Name money into a bank account that would be provided for you.

NB: The prices above gets reviewed with time for example -Registration of Business Name used to be 4,000 naira as at 2012 while name reservation form used to 200 naira.

It usually takes up to 7-10 days before the name reservation goes theough while it takes up to 21 days before the business name is fully registered. It depends on the route you are following, one of the reason you might consider using an accredited agent or lawyer.

As someone who have registered some couple of business with the Corporate Affairs Commission, I would advice you do the business name registration your self for adventure or experience sake but if you intend registering a Limited Liability Company or an NGO would advice you use a lawyer or an accredited Corporate Affairs Commission Agent.

All the Best in your entrepreneurial journey, Don’t Settle: Live with passion.

According to the CAC Website, Fees for some services include:

Registration of Business Name =N=10,000.00

Change of Name =N=2,000.00

Business Name Search =N=500.00.

Change of Partnership =N=1,000.00

Change of Address =N=1,000.00

Certified True Copy of a Business Name Certificate =N=1,000.00

Filing of Annual returns =N=300.00

Business Name Registration Form =N=250.00

– See more at: http://www.spreadmediang.com/register-business-corporate-affairs-commission-cac-21-days-lawyer-n10000-part-1/#sthash.vY6LTZ2h.dpuf

According to the CAC Website, Fees for some services include:

Registration of Business Name =N=10,000.00

Change of Name =N=2,000.00

Business Name Search =N=500.00.

Change of Partnership =N=1,000.00

Change of Address =N=1,000.00

Certified True Copy of a Business Name Certificate =N=1,000.00

Filing of Annual returns =N=300.00

Business Name Registration Form =N=250.00

– See more at: http://www.spreadmediang.com/register-business-corporate-affairs-commission-cac-21-days-lawyer-n10000-part-1/#sthash.vY6LTZ2h.dpuf

 

 

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