How Nigerians Can Register a Business Name With CAC: 4 Steps to Follow
- The Corporate Affairs Commission (CAC) is the government agency responsible for registering businesses and keeping their official records in Nigeria
- Business owners must check name availability using the CAC's Intelligent Name Search tool before proceeding with registration
- Applicants are required to pay filing and statutory stamp duty fees through the CAC's integrated payment gateway to complete the process
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Many Nigerians looking to launch businesses and operate legally in the country must first complete a registration process with the Corporate Affairs Commission (CAC), the government body responsible for registering businesses and maintaining their official records.
Registering a business name grants it legal recognition and allows its owner to trade under that name. Here are the four steps to follow.
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Step 1: Choose a business name
Every business registration begins with selecting a name. Before anything else, the business owner must decide what to call the venture. The chosen name, however, must be available for registration with the CAC — meaning it has not already been taken by another registered entity.
Step 2: Check if name is available
Once a name has been selected, the applicant needs to confirm that no one else has already registered it. The CAC provides an Intelligent Name Search tool for this purpose. To use it, applicants must supply two details: the proposed business name and a link to the business. If the search confirms the name is available, the applicant can move on to the next stage.
Step 3: Register name on CAC portal
With name availability confirmed, applicants can begin the actual registration process on the CAC portal. During this stage, the applicant must select the business or company type that best fits their structure. The available categories include Private/Public, Limited/Unlimited, Mortgages Reg., and Other Statutory. After choosing the appropriate type, the applicant fills in the required information and completes the remaining steps on the portal.
Step 4: Pay the filing fees
The final stage involves settling the applicable filing and statutory stamp duty fees. The CAC accepts these payments through its integrated payment gateway. Once the forms have been submitted, the documents uploaded, and the fees paid, the registration process is complete.
CAC gives Nigerian businesses 4 important rules
Meanwhile, Legit.ng recently reported that the Corporate Affairs Commission (CAC) had reminded Nigerian business owners that paying taxes does not replace filing annual returns.
The commission warned that failure to submit the required returns could attract penalties and put registered businesses and organisations at risk of deregistration.
Source: Legit.ng
