If you are thinking about starting a business in any country, the first and foremost step that you have to go through is business name registration. This article will walk you through the process of registering the company name in Nigeria with all the required documents and the cost incurred while completing the whole process with CAC in Nigeria 2020.
Registering a business name in Nigeria is a very easy process as the Corporate Affairs Commission (CAC) in Nigeria has simplified the procedure by introducing its website with certain search tools and online portals which minimizes the wastage of time of going to the CAC office and carrying out the procedure there. To know how the CAC Nigeria online name search works and how the whole business name registration process in Nigeria goes, read the full article as a step to step guide is described below.
Three (3) Easy Steps to Register Your Nigeria Business Name
The steps to register your company name in Nigeria are simple and straight forward. They are as under:
1. Search for Name Availability
The initial and most important step for company registration in Nigeria is to register a business name. In this step, one must decide a name for their business and then check with the Corporate Affairs Commission (CAC) if it’s available or is already in use. For this search process, CAC has their website where one can go and check for availability. CAC’s website has a public search tool which is free of cost. Once the name is decided, the business name registration in Nigeria is a very easy-going process. If the website search confirms that there is no pre-existing business in the same name, then the incorporator, as a next step, must conduct an official search using the CAC online portal. This search costs N500 (Five Hundred Naira) and it confirms the name availability and permits reservation of business names in Nigeria for 90 days.
2. Apply for Business Name Registration
Once the business name is approved and reserved, the incorporator, as a next step, shall submit the duly completed statutory forms. Here, the incorporator must attach two passport-sized photographs along with the form. If the company is in partnership, then each applicant’s photographs must be attached with the form. This step can be also completed online and requires you to fill the following information:
Approved Name of the Business
General Nature of the Business
Address of the Business
Name, Address, Occupation and other details of the Proprietors of the Business
Signature of the Proprietors
On the other hand, if the name does not get approved then the incorporator must obtain another reservation form and re-submit it along with it 2 business name options and wait for the approval.
3. Pay the Applicable Fee
Once all the application forms are submitted, the incorporator must pay the applicable fees for registering a business name in Nigeria. The breakage of the total fees that must be paid to the CAC is given below:
Reservation of Name N500
Business Name Registration Form N250
Fee for Registration of Business Name N10,000
Restrictions in Registering a Business Name in Nigeria
While registering a business name in Nigeria, one must keep in mind that no rules are being violated, as there are certain pre-defined restrictions one must follow. They are:
The name should be 100% unique.
The name must not contain terms like Chamber of Commerce, Federal, National, State, Regional, Government, Municipal, Chartered, Co-operative, Building Society, Group, or Holding.
Names must not contain terms which in the opinion of the Commission has the capability to mislead the nature or extent of its business activities or is undesirable.
The name must not be offensive to the public policy.
The name must not be in contrary to the public policy.
The name must not, in the opinion of the Commission, violate any existing trademark or existing business name in Nigeria (unless consent from the owner is obtained).
How to Change Your Company Name in Nigeria?
If you are wondering whether a person is allowed to change the names of companies in Nigeria, the answer is yes.
Anyone who is willing to change their company name must follow a streamlined process, and the problem is sorted. If you are one of them, and looking for a guide to take you through the procedure of changing a business name in Nigeria then you are on the right platform.
A step by step procedure is stated below.
Procedure for Changing a Business Name in Nigeria
Check for the availability of the desired name with the help of the CAC name search, if it’s available then reserve it until the whole documentation and payment procedure gets completed.
Once the CAC Nigeria name search confirms that the desired name is available then prepare an application stating the reasons for the change in the business name along with the signature of two directors.
State a special resolution explaining the desired change along with the signature of two directors.
Once the application is submitted and approved, surrender the original certificate of incorporation for cancellation purposes.
The next step is to do the payment of filing fees.
Check whether the annual returns are up to date.
Get the stamped memorandum and articles bearing the new name
Documents Required for Changing a Business Name in Nigeria
A board resolution stating the approval of name change
3 copies of memorandum and articles of association using the new business name
The original certificate of incorporation
Cost of Business Name Registration in Nigeria
Reservation of business name N500
Filing of notice regarding the change of business name N5,000
Filing of annual return N1,000
Delayed annual return penalty N100 per day
The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.
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