Thinking of starting a business in Nigeria? Or legalizing your side hustle and turning it into a legitimate business. This article is going to give you a step by step guide on how to register a business in Nigeria. By following and completing these steps, you are able to identify your business as a legitimate business in Nigeria.
How to Register a Business in Nigeria
How to Register a Business in Nigeria: Searching And Reserving A Name
The first thing to do when you want to register a business in Nigeria is to ensure your business name is available. This is important to prevent business name conflict. Once you have gotten a name and discovered that it is available you can then reserve the name to ensure that it isn’t taken by another individual. Searching and reserving a business name can be done online here.
Please note that there are certain restrictions put in place and they are as follows:
- Names that include “Federal”, “Regional”, “Chamber of Commerce”, “Co-operative”, “Municipal”, “Chartered”, “Building Society”, “Group” or “Holding” are prohibited from being used.
- If the commission feels a name can be misleading or the objective of the business activities is unwanted, illegal, offensive or not acceptable by the society, they reserve the right not to register the business name.
- Unless a trademark or business name owner has consented to its use, the commission shall not register an existing trademark or business name.
How to Register a Business in Nigeria: Purchasing and Completing the Application for Business Registration form
If your business name isn’t approved, you have to get a new reservation form and resubmit 2 different names. Once your business has been accepted and reserved, you have to fill and turn over duly completed statutory forms. The registration of the business name has to be done by an individual or by 2 partners.
How to Register a Business in Nigeria: Payment of Fees
Once all the forms have been filled, the individual or partners have to pay a fee to complete the business name registration. Here are the required fees to complete a CAC business name registration:
- Reservation of name – N500
- Business Name registration form – N250
- Fee for Registration of business name – N10, 000
How to Register a Business in Nigeria: Take the Acquired Form to a High Court
The form received after the registration of a business name needs to be taken to court for attestation. After the attestation letter has been collected, you are required to go back to the Corporate Affairs Commission to submit it.
After the business has been registered, a certificate of registration shall be issued usually within a week if the business is a limited corporation.