The government regulates business transactions like an umpire. Such regulation covers matters like business name registration, routine inspections, and others.
Nigeria is one of the nations with a strong business culture, and the government has outlined procedures for confirming the legitimacy of companies with the appropriate organization.
In Nigeria, the agency in charge of registering private businesses is very different from the one in charge of corporate business.
The Corporate Affairs Commission (CAC) is the authority responsible for registering corporations in Nigeria.
Before the creation of the Corporate Affairs Commission, the organization in charge of corporate business registration was the former Company Registry, a division of the Federal Ministry of Commerce and Tourism.
In Nigeria right now for a company, business, firm, etc. It must be able to fulfill the fundamental requirements for such registration in order to register with the Corporate Affairs Commission; operating an unregistered business in Nigeria is against the law and subject to legal repercussions.
Follow the instructions in the steps below if you want to register your business name with the Nigeria Corporate Affairs Commission.
Search for names
The first step in registering a business name is to run a name search to see if the intended business name has already been registered by another entity. One’s CAC-CRP account can be used for this procedure.
If the business names you want to register are already in use, you might think about changing your business name or adding a few letters or numbers to make it stand out from the ones that have already been registered.
Complete the registration form
Complete the registration and legal forms required for the issuance of a certificate of incorporation in Nigeria.
In addition to filling out the form, the applicant must include two recent passport-sized photos.
Remit filing fees
Find out the costs associated with filing and obtaining a certificate of incorporation, then proceed to the Corporate Affairs Commission to pay the filing fees and submit the statutory application form with the business name on it.
Keep in mind that there might be additional small fees associated with the certificate of incorporation. Get the information from the authorities and make payments to the designated bank accounts.
Notes: Individuals who want to register their business name with the Corporate Affairs Commissions may do so without a lawyer, chartered secretary, or accountant’s help.
You must do this to keep access to the CAC customer registration portal secure.
Make your registration access portal secure, supervised, and private; otherwise, it will become a matter of public record.
If there is a problem with your login, use email rather than sharing your password or security questions with anyone.
When you can no longer remember your password, use the forgotten password feature on the portal.
You are advised to use an antivirus-equipped computer to prevent information loss that might occur as a result of a virus.
Businesses in Nigeria should be registered with the appropriate government agencies.
This will give the company legal protection and make things simpler for the owners when applying for a loan from a bank or other financial institution or when conducting international business.