How to Register Your Business In Nigeria
How to Register Your Business In Nigeria
To register your business is one of the most important things you must do to run a successful business in Nigeria, as it gives your business credibility and also allows you run a successful business.
Everyone one is always talking about starting a business, but no one is talking about how to register a business in Nigeria. So here we will be explaining several steps to register your business in Nigeria.
So are you planning to start a business in Nigeria or possibly running a business that is not currently registered, it is advisable to quickly register your business before someone else does.
So to register your business in Nigeria is a simple task. To get your business registered in Nigeria, you will need to go through The Corporate Affairs Commission also known as (CAC). The Corporate Affairs Commission (CAC) is the governmental body responsible for registering businesses , corporations and companies in Nigeria.
Corporate Affairs Commission was established by the Companies and Allied Matters Act , which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.
We shall go through different steps to register your business in Nigeria.
Types of Business You can Register in Nigeria
- Business Name: Sole Proprietorship (One man’s Business):
- Private Limited Company (LTD)
- Public Limited Company
- Company Limited by Guarantee etc
Reasons Why You Should Register your business in Nigeria
- So that someone else doesn’t register your business
- To become a registered and recognized business
- To be able to open an account
- You cannot get a loan without a business name
- Government and top organisations don’t give out contracts to businesses that are not registered
- It makes you a legitimate business
How to register your business in Nigeria
You can either register your business online or offline. Either of the two you will have to complete your final registration by visiting the office of the Corporate Affairs Commission (CAC) closest to you.
1. Online Registration: Visit The Corporate Affairs Commission (CAC) official website on cac.gov.ng, click on “Click here to go to Company Registration Portal (CRP)” to register on the website or click “Public Name Search” to check if your business name is available.
Please note that Corporate Affairs Commission (CAC) has the right to disapprove name(s) that are
• capable of misleading as to the nature and extent of its activities
• undesirable, offensive or contrary to public policy
• identical with or similar to the name of a registered company unless the registered company is in the course of dissolution and consents in writing
• contain the phrase “Chamber of Commerce” unless it is a company limited by guarantee
• would violate any existing trade mark or business name unless with the consent of the trade mark or business name owner
• would violate any incorporated trustee unless with consent of the trustees
Cost of Registering a Business Name in Nigeria
|S/N||SUBJECT||FEES in Naira (₦)|
|1||Reservation of Name||N500.00|
|2||Registration of private company with share capital of N1million or less||N10,000.00|
|3||Registration of private company/Increase in Share Capital above N1million and upto N500million||N5,000.00 for every N1million share capital or part thereof|
|4||Registration of private company/Increase in share capital above N500million||N7,500.00 for every N1million share capital or part thereof|
|5||Registration of Public company/Increase in share capital||N20,000.00 for the first N1million share capital or part thereof|
|6||Registration of Public Company/Increase in share capitalabove N1million and upto N500million||N10,000.00 for every N1million share capital or part thereof|
|7||Registration of Public Company/increase in share capital above N500million||N15,000.00 for every N1million share capital or part thereof|
|8||Registration of Company not having a share capital||N20,000.00|
Steps to Register Your Business Online on The Corporate Affairs Commission Website
- Search for your proposed Business Name to see if it is available
- Click on Create account to Register on The Corporate Affairs Commission’s website
- Login to the portal
- Choose your preferred names and another one incase the first is not accepted
- Fill in your business Information then submit
Note you will pay a sum of N500 for the name reservation. They have several payment options for visa, master card and even bank payment.
- Once you have successfully made your payment, wait for at least 24-48 hours to check if your name has been approved. Once your name has been approved, you will be required to pay the sum of N10,000 for the final registration.
The offline registration requires you to get a lawyer or accountant if you are registering for a limited liability company or others rather than a Business name. If you are registering for a business name, you might not require the service of a lawyer as you can just walk into any of the offices of the Corporate Affairs Commission (CAC). Pick up your registration form and pay N10,000
These rates are as at October 2016. Notes they may be subject to change