"I Just Started a Business. How Can I Legally Register My Business Name?" Expert Explains
- A Nigerian farmer has written to Legit.ng asking how he can legally register his business name for long-term success
- Getting the right information and gathering the correct documentation to proceed to the CAC can be very challenging
- Olawunmi Akinbola, a business consultant, responds to this question with detailed steps on how to go about it
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Legit.ng reader, simply identified as Folarin, has asked for advice on how to go about registering his business name in Nigeria.
Source: UGC
An anonymous reader asks:
"I recently started a fish farming business in Lagos, but I have been told that I need to legally register the business to be able to access government grants and other incentives. Please how can I conveniently and efficiently do this?"
Olawunmi Akinbola is an entrepreneur with over 14 years of experience as a business consultant dedicated to empowering small enterprises with invaluable insights and resources for exponential growth. He is the founder of Let's Go Foundation, an initiative he uses to mentor and equip aspiring entrepreneurs across Nigeria.
CAC responsible for registering business names
Thank you for your question. Firstly, you need to understand that in Nigeria, the Corporate Affairs Commission (CAC) is the official agency with the authority to legally register businesses.
The body is saddled with the responsibility of regulating the formation and management of companies in Nigeria.
Benefits of registering your company name
Registering your business name is crucial, particularly if your enterprise is poised for expansion. Doing so safeguards against legal repercussions and potential litigation down the line.
Registering your business name with the CAC offers several key benefits. Firstly, it provides legal protection, preventing others from using the same name, which enhances your brand identity and reputation.
Additionally, registration establishes credibility and trust among customers, partners, and investors, which signifies a commitment to professionalism and compliance with regulatory standards.
Moreover, registered businesses gain access to various governmental services, grants, and contracts, facilitating growth and expansion opportunities.
Overall, registering with the CAC safeguards your business and opens doors to a range of advantages vital for long-term success and sustainability.
Steps to register your business name
To register your business name, you can employ the services of a professional, or you can do it yourself, especially if you have some time to spare.
Registering your business name with the CAC involves several key steps.
Firstly, conduct a name search to ensure the availability of your desired business name.
Then, complete the registration form, providing the necessary details about your business. Next, pay the required registration fee and submit the form along with supporting documents to the CAC office.
Upon verification and approval, you'll receive a certificate of registration confirming your business's legal status.
Finally, ensure compliance with any additional regulatory requirements and maintain updated records with the CAC to keep your business in good standing.
List of documents needed for registration process
You would be required to show a few documents for the registration process. These documents include but are not limited to the following:
- The chosen name of the business.
- The nature of the business.
- Form CACC 1 showing the reservation and availability of the name.
- Statement of the authorised share capital.
- Two recent passport photographs of every director and authentic means of identification.
- Statutory declaration of compliance by a legal practitioner.
- Full address of the principal place of business and every other subsidiary place of business.
- Filing with the Federal Inland Revenue Service for the purpose of tax.
Once payment is made and the documents have been submitted, the CAC will review and possibly approve your application if all is in order.
You will be notified of the approval and also be informed that the Business Name Certificate is ready for collection.
Note: To learn of the updated fees for the registration process, I would kindly advise you to visit the CAC office or website.
Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.
Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.
CAC moves to delist 100,000 registered companies
Meanwhile, Legit.ng earlier reported that the CAC announced plans to remove 100,000 registered companies from its records.
Garba Abubakar, registrar-general and chief executive officer of CAC, disclosed this during a training session on using the beneficial ownership register.
Abubakar disclosed the Commission's intention to delete 100,000 registered firms from its database for failing to meet statutory requirements.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
