A business name is a unique identifier for your business. It is the name that you will use to trade with your customers and suppliers. Your business name must be registered with the Corporate Affairs Commission (CAC) before you can start operating your business legally in Nigeria.
Benefits of registering a business name
There are many benefits to registering a business name, including:
- It gives your business a legal identity.
- It protects your business name from being used by other businesses.
- It makes it easier to open a bank account and obtain other business licenses.
- It builds trust and credibility with your customers and suppliers.
Requirements for registering a business name in Nigeria
To register a business name in Nigeria, you must meet the following requirements:
- You must be at least 18 years old.
- You must be a Nigerian citizen or resident.
- You must have a valid National Identity Number (NIN).
- You must have a valid email address and phone number.
List of required documents
The following documents are required to register a business name in Nigeria:
- Completed CAC Form CAC-BN1
- Two passport photographs of each proprietor or partner
- Valid NIN of each proprietor or partner
- Proof of address of each proprietor or partner
- Proposed business name
Step-by-step guide to registering a business name online with CAC
To register a business name online with CAC, follow these steps:
- Create an account on the CAC portal.
- Check the availability of your business name.
- Complete the pre-registration form.
- Upload the required documents.
- Pay the filing fee.
- Submit your application.
CAC Fees for Company Business Name Registration
Here is the list of CAC fees for companies and business name registration in Nigeria;
Name Reservation Fee
| Type of Company | Amount |
|---|---|
| Limited Liability Partnership (LLP) | ₦500 |
| Limited Partnership (LP) | ₦500 |
| Business Name | ₦500 |
| Incorporated Trustees | ₦5,000 |
Business Name Registration Fee in Nigeria
| Type of Company | Amount |
|---|---|
| Private Business Name Registration | ₦10,000 |
| Incorporation of Company Limited | ₦20,000 |
| Incorporation of Private/Public Company Limited (Issued share capital of ₦ 1 million or less) | ₦10,000 |
| Incorporation of Private/Public Company Limited (Issued share capital above ₦ 1 million and up to ₦500million) | ₦5,000 for every ₦ 1 million share capital |
| Incorporation of Private/Public Company Limited (Issued share above ₦500million) | ₦7,500 for every ₦ 1 million share capital |
Track your application status
Once you have submitted your application, you can track its status on the CAC portal. You will receive an email notification when your application has been processed and your certificate of registration is ready.
Receive your certificate of registration
Once your certificate of registration is ready, you can download it from the CAC portal. You can also print a copy of your certificate for your records.
FAQs
How long does it take to register a business name in Nigeria?
It typically takes 2-3 working days to register a business name in Nigeria.
How much does it cost to register a business name in Nigeria?
The filing fee for registering a business name in Nigeria is N5,000.
Do I need to hire a lawyer to register a business name in Nigeria?
No, you do not need to hire a lawyer to register a business name in Nigeria. You can register your business name online on the CAC portal.
Can I register a business name online if I am not a Nigerian citizen?
Yes, you can register a business name online in Nigeria even if you are not a Nigerian citizen. However, you must have a valid National Identity Number (NIN) and a valid email address and phone number.
What happens if I use a business name that is not registered with the CAC?
If you use a business name that is not registered with the CAC, you may be liable to a fine and/or imprisonment.
Conclusion
Registering a business name is an important step in starting your business in Nigeria. It gives your business a legal identity and protects your business name from being used by other businesses. You can register your business name online on the CAC portal in a few simple steps.
