As an entrepreneur and business owner in Nigeria, it is important to register your business or company name to have validation. Registering your business name makes it a legal entity and also makes it look professional.
However, as simple as it may appear, registering your business in Nigeria might be pricey if you don’t know what you’re doing. It may even get more expensive if you try to hire a lawyer.
This post will teach you how to register a business name in Nigeria without using a third party. You’ll also learn how to do it and make money from home. Everything will be done online, from the convenience of your own home.
Before we begin, let’s take a quick look at CAC Business name registration for your business, how to register a business name in Nigeria, and companies that have registered their business.
CAC Business Name Registration
The Corporate Affairs Commission (CAC) is Nigeria’s regulatory authority in charge of registering, regulating, and overseeing corporations, business names, and incorporated trusts. The CAC was established under the Companies and Allied Matters Act (CAMA) to enhance transparency and accountability in the country’s commercial operations.
It was established in 1999 with the adoption of the Companies and Allied Matters Act. Registering a business name with CAC has numerous benefits. They include:
1. Registration Includes A Certificate Of Incorporation
Once a business name has been registered with CAC, it is incorporated, which might be useful for authentication purposes. The CAC also offers e-certificates, which can be used anywhere in the globe without the need for physical presence. A business owner or agent does not have to physically present themselves to receive the certificate of registration and incorporation, which can be time-consuming, inconvenient, and costly.
2. The business becomes a separate legal entity.
Registering a business name with CAC establishes a separate legal entity. This means that the business functions similarly to a legally recognized individual. The law regards the incorporated business as a separate entity that is independent of the members or people who run it. This also means that it can be sued and sued again, as well as participate in financial transactions and processes as a distinct company.
3. It Attracts Investors
When a business is registered, it has a better chance of attracting investors. Investors feel more secure investing in a registered company compared to an unregistered corporation with no legal structure. This makes it easier to raise big funds.
4. Improves a business’s reputation among customers
It can be viewed as a public relations tactic. Registration with CAC improves a brand’s image, credibility, and perception. It also increases client trust in a business since they feel more confident dealing with a registered organization that can be tracked. They feel safer and more at ease paying for services and items into a business account with the company’s name rather than a personal account.
5. Business Legal Protection
Incorporating with the Corporate Affairs Commission protects a company’s name from use by other businesses in Nigeria, reducing the risk of fraudulent usage.
Increased Loan Flexibility: Incorporating with the CAC makes obtaining loans easier. It boosts investor and lender confidence in a company by demonstrating credibility and trustworthiness.
6. Saves Business From Sanctions
Registering a business name is mandatory legislation in Nigeria that protects firms from avoidable issues such as fines and imitation.
7. Protects Businesses from Liability:
Registering a firm as a private liability company prevents owners from using personal assets to repay loans, as the company is now a separate legal entity. Businesses can be organized as sole proprietorships, partnerships, public limited liability companies, or private limited liability companies.
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How to Register a Business Name in Nigeria Online
Here are the steps to register a business name in Nigeria with the Corporate Affairs Commission (CAC) online. Additionally, there is a tutorial for this process.
- Open the internet browser.
- Launch the Google Chrome or Safari browser.
- To access the CAC Pre-Incorporation Portal, navigate to the portal using your internet browser.
- To check if your business name is available for registration, click the “Search Now” icon.
- Reserve your business name.
- Submit your proposed business name.
- Click sign up to create an account with the CAC.
- Select Create Account.
- Pay a company name reservation charge of ₦500
- Register your company using your business name availability code
- Click the Pre-Incorporation button.
- Sign into your CAC account.
- Complete the CAC business registration form.
- Pay ₦10,000 for business registration.
- Please provide original copies of your personal and business paperwork.
- Click on submit.
List of registered companies in Nigeria with CAC
The list of registered companies in Nigeria with CAC can be found in the portal. To find it, here is a set of instructions to follow:
Visit the official CAC website here
- Locate the Public Search feature.
- On the homepage, locate and click the “Public Search” link.
- Input Company Details
- Enter the company name or registration number in the search field.
- Review the results.
The search results will include the company’s name, RC (Registration Number), and status (active or inactive). However, the following are some prominent firms registered with CAC:
- Dangote Group
- MTN Nigeria
- Guaranty Trust Bank (GTBank)
- Innoson Automobile Manufacturing
- Jumia Nigeria
- Zenith Bank: Another well-known bank that provides a variety of financial services.
- Oando Plc: A significant operator in the oil and gas industry.
- Nestle Nigeria Plc
- Access Bank Plc
- Konga
This list includes just a few of the thousands of companies registered with the CAC, demonstrating the wide range of industries, including telecommunications, manufacturing, banking, oil and gas, and e-commerce.
Conclusion
How to register a business name in Nigeria takes a procedure to complete but the benefits outweigh it. If you struggle to register online, contact resources such as the CAC website, legal professionals, or Nigerian business development agencies.
