Your business has to be registered in Nigeria whether it is a company, sole proprietorship and partnership, which are covered as business names under the Companies and Allied Matters Act (CAMA). Business name, also known as an enterprise is covered under Part B of the CAMA.
The law in Nigeria stipulates that every firm, individual or corporation required to be registered under Part B, to be registered within 28 days from the date of the commencement of the business for which registration is required.
To register your business, you have to first ensure that you have the necessary documentation then proceed to the Corporate Affairs Commission (CAC) portal for application.
The first step is to choose a name and check its availability on the CAC website. In case the name is not available, you can apply to the commission (CAC) to suggest two alternate names for your business. The CAC will check its database to ensure that the name is not already in use or there is no similar name already in use. If the CAC approves the name, then it will reserve the name for you for a 60-day period. During this period it is expected that you will complete the registration process for your business name.
After confirming the availability of your business name, the next thing is to provide detailed information online. The information required to be completed includes:
- 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
After filling in your business details, you have to make the Payment of CAC Filing Fees which can also be done online or in a bank. The fees include:
- Reservation of Name – N500
- Business Name Registration Form – N250
- Fee for Registration of Business Name – N10,000
Once your payment has been confirmed, you can proceed to submission of the form. The CAC will review the documentation after which if all requirements are met, the application will be approved, and the Business Name Certificate ready.
The entire process should take about 1 week, depending on the workload of the CAC at the time of application.