CAC business registration

Registering A Business Name in Nigeria: Cost Implication and Requirements

Last updated on November 28th, 2023 at 04:05 pm

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With N25,000, you can register a Business Name (BN) in Nigeria. This cost covers charges for the Tax Identification Number (TIN) and the service charge of an accredited CAC agent handling the process for you.

In case you want to bypass a CAC agent, you can also use the CAC pre-incorporation portal to reserve your business name.

If you are handling the registration process by yourself, less than N12,000 should complete the entire process, but may pay more if you keep getting errors.

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This post explains the necessary documents you need for a business name registration in Nigeria. Also, we’ll tell you the importance of registering your business.

Today, the official portal of the Corporate Affairs Commission (CAC) is the first stop for every prospective business because they know that doing so comes with lots of advantages.

Benefits of registering your business name

1) It’s one of the eligibility requirements to apply for a government or banking loan for your business. That’s why some SMEs were disadvantaged during agric loans by the federal government during the post-pandemic credit facility.

2) Your business name gives you a legal identity

3) With your business name, it becomes easier to attract foreign and indigenous partnerships with companies.

Do you remember the partnership between Payoneer and Kuda bank? No foreign company would come sign partnership papers with a company that isn’t registered. It gives you an edge.

Also Read:  Church Registration in Nigeria: Cost and Requirements

4) It makes others and institutions want to do business with you.

5) It creates a sense of responsibility on the part of the business owners

6) It enables you to set up a  corporate account with a financial institution. This way, you’ll be able to separate your business expenses from personal spending.

7) Registering your business name with CAC gives you uniqueness. This means that no one can ever use the same name again.

Requirements to register Business Name

1) Proposed Name. It’s advisable to get at least two business names set.

2) Details of your business that is office Address

3) Phone number

4) Active email address.

Note: When filling details of your company, ensure that you clearly state-building number, street name, town/village, Local Government Area, and the state of operation.

EG No. 10, InfomediaNG Road, BTS Town, Collabo Local Government, Success State

For the section for the proprietor’s details, it must contain the following:

5) Surname

6) First Name

7) Other Names

8) Date of Birth (Day/Month/Year)

9) Contact Address

10) Phone Number

11) Provide a means of identification. This could be any of the following: the National ID, Permanent Voter’s Card, International Passport, or Driver’s License

12) Signature of the proprietor

13) Passport Photograph of Proprietor

Note: Under the proprietor’s details, clearly state the details of other proprietors.

14) The last section is the nature of your business where you are expected to state business objects like business classification and explain what exactly your business will be doing.

It is imperative to note that the above details will appear on the CAC E-status report formerly called CAC Forms 01.

Also Read:  CAC Re-validation Is One-Time - Registrar

Required documents to upload

While you need the above requirements, it’s important to note that the documents you will need to upload on your CAC business registration dashboard are:

  • Append your signature on a plain sheet and scan it
  • Passport photograph
  • Means of Identity (Voter’s card, National ID, International Passport)

Note: For Limited Liability Company registration, check out the guide at: https://infomediang.com/company-registration-cac-nigeria

How to register your Business Name in Nigeria

This screenshot shows the home page of CAC portal where a business owner can create an account on the CAC pre-incorporation portal and register their business
  • Use CAC pre-incorporation portal at pre.cac.gov.ng/login for a fresh account, select sign up
  • Confirm your email by validating the mail that will be sent to you
  • Enter the necessary details as mentioned above
  • Reserve a name for your business
  • Pay via Remita
  • Check to be sure all details are correct because, after submission, you will not be able to make corrections.
  • Click on the submission button
  • When your name reservation is approved, you can then proceed with the registration.
  • That’s all.

Keep checking your portal, a link to download the e-copy of CAC certificate will be available if your submission is not queried and abides by the registration guidelines.

NOTE: You will be a director, trustee or proprietor/partner during the registration process. You are advised to provide the necessary details.

Are you ready?

You head to the CAC portal to begin the process.

Do you want an accredited CAC agent to handle the process for you?

With sound knowledge of the registration process, we’re ready to assist you and ensure that the entire process including your e-certificate is ready within seven business working days, check our contact us page to reach out.

Also Read:  Cost of SCUML Registration in Nigeria And The Required Documents

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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