I earlier started to show you “How to register your Business Name with Corporate Affairs Commission of Nigeria for LESS THAN $50 (#20,000)” in a previous post.
Let’s now continue and conclude with the expositions.
Step 2: Purchase and Completion of the Application for Business Registration form – [CAC/BN/1]
This form currently costs #250.
In this document, you will list the nature of the business and the address of the business. You will also write down the owners of the business name.
You may either register the business as a sole proprietorship or as a partnership with another individual.
You will have to complete the form as appropriate with two passport-sized photographs of each applicant attached to the form (if it’s a partnership).
Proprietors of a Business Name
Anyone can be a proprietor or owner of a business name. Even you!
Any company or individual can be an owner of a business name. Even underage people can own a business name, however this requires special permission. If the owner is a minor, the CAC would ask for an attestation from a magistrate, legal practitioner, or a police officer of a certain rank.
Company as an Owner
A company can also own a Business Name. In this case, the CAC would ask for an attestation from the company director or company secretary.
Owners of a business name can be a mix of individuals and companies.
Requirements for Business Name Registration
Normally, below are the requirements for the business name registration form:
- The approved business name.
- The business address.
- The name of the sole proprietor or partners.
- The address of the owner(s).
- Two passport photographs of the owner(s).
- General nature of the business.
The CAC staff might present a document to you containing the categories of business names. From the list, you will choose the categories that matches your kind of business
Step 3: Filing
Once you’ve completed the Business Name Application, you then have to file at the Corporate Affairs Commission, and pay the necessary fees for filing.
The filing fee – presently – is #10,000.
No stamp duty is required.
Registering a business name requires having a valid, nationally recognized form of identification such as International Passport, Driver’s License, Permanent Voter’s Card, or a National ID Card.
These can sometimes take months to obtain, but if you’re in a hurry, they may accept a “Declaration of Age”, which you can easily obtain at a magistrate court of law.
The entire process for registering a business name normally takes 2 to 4 weeks, depending on the caseload of the CAC and other factors.
The commission will register the name after satisfying that the necessary documents and information are in place.
And you’ll be asked to come for your “Certificate of Registration of Business Name” when it’s ready – in 2 to 4 weeks.
You do not need a lawyer to register a “Business Name”, however, if you want to register a “Company”, you need the services of a lawyer or other accredited agents.
The grand total amount you’re spending on this exercise is #500 + #250 + #10,000 = #10,750…
But a lawyer would tell you to pay #25,000 to #30,000!
A difference of about #14,250 to #19,250!
Read the Corporate Affairs Commission (CAC) website on their Official Guidelines on this…
…or, you could even download and read up this Official PDF Guide from the Corporate Affairs Commission (CAC).
And that makes a conclusion to the topic of discussion.
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