Registering your business name in Nigeria is very necessary,now that there are so many fraud businesses and illegal business around,if you register your business name your business will be trusted.
There are many advantages of registering your business name and some of them are
:
So what are the processes in registering your business name? There are 2 process in registering your business name,the first is through a lawyer which might be expensive and i don't usually recommend it for people and the second one is by registering the business personally with the Corporate affairs commission. This could be very difficult if you can not do it and it might take you several months for your business name to be registered if not done well.
So when about to register your business name,sit down first and think about the objectives and frame work of the business so that you can pick a good name and description for the business. Don't pick a common name because if you choose a common business than that has already been registered ,you will have to wait for another few weeks to go back and apply for another name which usually takes a lot of time,so it is advised to use your name as the business names or your initials or you search the internet and make sure that your business name is not already taken.
So when you want to register ,move into any corporate affairs commission office close to you and ask for a name reservation form which usually cost about 500 naira, ask for a name reservation form and in the form you will have to fill in this:
Your name
Your address
The business names you want to register
The type of business
After doing this it will take about two weeks for them to notify you about the result of your search but some times it will be more than two weeks since it Nigeria and it happens. If after you have done this and your business name is already taken,you will have to pay another 500 naira and wait for another two weeks to search for another name so be very sure of a business name before going to register it.
If your business name is not already registered it will be given to you and after that ask for a business name registration file and it will be given to you. You will have to pay another fees for this,below are the fees for each process.
Business name search= 500 naira
Registration of business name=10,000 naira
Business name search=2000 naira
Certificate of true ownership of business name=1000 naira
Change of partnership=1000 naira
Change of address=1000 naira
Filling of annual returns=300 naira
Business name registration form= 250 naira
You wont have to pay for all the process, you will only pay for the process you want to do.
After you have found and verified a good business name ,you now have to officially register it which is usually very easy and after that your certificate of approved business will be given to you and you are done. Thats all.
The official website of the corporate affairs commission is http://www.cac.gov.ng
There are many advantages of registering your business name and some of them are
:
- People will find your business trustworthy: Imagine showing or presenting your business to a group of people and the business is officially registered,that will be an advantage over the unregistered ones and will improve the business.
- You can have a business account number: Yea,you can have an account number in the business name and it will be better to collect payments. People like making payments into an official business account instead of an individual private account,that alone will increase the level of trust of your clients.
- Official recognition: Your business will be officially recognized as a legit business and this is one of the factors of a good business.
So what are the processes in registering your business name? There are 2 process in registering your business name,the first is through a lawyer which might be expensive and i don't usually recommend it for people and the second one is by registering the business personally with the Corporate affairs commission. This could be very difficult if you can not do it and it might take you several months for your business name to be registered if not done well.
So when about to register your business name,sit down first and think about the objectives and frame work of the business so that you can pick a good name and description for the business. Don't pick a common name because if you choose a common business than that has already been registered ,you will have to wait for another few weeks to go back and apply for another name which usually takes a lot of time,so it is advised to use your name as the business names or your initials or you search the internet and make sure that your business name is not already taken.
So when you want to register ,move into any corporate affairs commission office close to you and ask for a name reservation form which usually cost about 500 naira, ask for a name reservation form and in the form you will have to fill in this:
Your name
Your address
The business names you want to register
The type of business
After doing this it will take about two weeks for them to notify you about the result of your search but some times it will be more than two weeks since it Nigeria and it happens. If after you have done this and your business name is already taken,you will have to pay another 500 naira and wait for another two weeks to search for another name so be very sure of a business name before going to register it.
If your business name is not already registered it will be given to you and after that ask for a business name registration file and it will be given to you. You will have to pay another fees for this,below are the fees for each process.
Business name search= 500 naira
Registration of business name=10,000 naira
Business name search=2000 naira
Certificate of true ownership of business name=1000 naira
Change of partnership=1000 naira
Change of address=1000 naira
Filling of annual returns=300 naira
Business name registration form= 250 naira
You wont have to pay for all the process, you will only pay for the process you want to do.
After you have found and verified a good business name ,you now have to officially register it which is usually very easy and after that your certificate of approved business will be given to you and you are done. Thats all.
The official website of the corporate affairs commission is http://www.cac.gov.ng
I was thinking to set my business in Nigeria but wan't sure of its trade name registration system.This post has just solved my problem.A very helpful post for many like me.
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