Are you searching for how to register a business name? If yes, then this article is for you, coz we will be looking at the requirements for registering a business name in Nigeria? Businesses aren’t the only business entity in Nigeria. There are many other kinds of businesses like sole proprietorships and partnerships that are recognized by the Companies and Allied Matters Act (CAMA).
The term “trade name or business name”, also referred to as a company, is addressed in Part B of the CAMA.
A business name is the fastest and the most convenient method of conducting business as partners or sole proprietors in a more recognized format. It is possible to register a business name as a single partner or sole proprietor.
Section 574(1) CAMA makes it obligatory for any business, whether an individual or corporation who is required to register under Part B registration is required for registration to take place within 28 days from the start date of the activity.
It is vital to understand that the registration requirements for registering a business name in Nigeria are different from that for a limited-liability corporation. Continue reading our content on how to register a business name and the requirements for registering a business name in Nigeria coz everything you need to know has been clearly explained in this article.
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Requirements For Registering A Business Name in Nigeria
How to register a business name? The first thing you must do prior to completing a trademark registration is to gather the required documents or requirements that will be required for registration.
The requirements for registering a business name in Nigeria are not too complicated and only require the names and identification of owners or partners of the company if multiple people have registered to register the company name. These requirements could also include a partnership agreement if needed.
The process of applying to register a business in Nigeria or establish a business in Nigeria through the Corporate Affairs Commission (CAC) has a few steps that must be strictly followed to get the desired results. The steps comprise:
How To Register A Business Name
Step One
First, the applicant is required to apply for availability checks and the reservation of the proposed company name via the CAC Portal.
The applicant should proceed to fill in all the necessary columns correctly on the Statutory Form (FORM BN1) and submit it correctly. After completing it, the candidate has to pay the rest of the fees required.
Then, the applicant must fill out Business Name Form BNF and complete and date the necessary parts on the document.
Step Two
The applicant is now required to fill out or upload the filled-in statutory form, along with two passport photos of the same size.
Here are the documents you need to upload:
- Availability print (similar to the approval note).
- Statutory FORM BN 1
- A Certificate of Proficiency (where appropriate)
- Methods for identification
- Payment Receipt.
After having registered the company name, the following documents will be handed back to owners through the CAC:
- Original Certificate of registration of the company name
- CTC of the Application for Registration of the Business Name.
- CTC of the Request for registration of the business name
A business that is owned by more than one owner could opt to make a partnership deed available to CAC after having completed the registration procedure.
What is the time limit to register a business name in Nigeria?
After you must have read how to register a business name and the requirements for registering a business name in Nigeria in this blog, you also need to know the time limit to register a business name in Nigeria. Registering business names is faster. If the applicant has all the necessary information in just 48 hours you can apply for a business domain name within Nigeria.
What is the cost of registering a business name in Nigeria?
The CAC official fee for filing a business name within Nigeria can be as low as 10,000 Naira (Ten thousand Naira only). However, if the services of an approved agent are hired by the person applying for registration.
During the registration, the agent in charge may ask you to pay an amount that is professional for the services rendered.
Conclusion – How to register a business name
Registering your business names is the most efficient and effective method of establishing small businesses in Nigeria. The process of getting a registered name for a business is simpler than the business registration process in Nigeria. The advantages of registering a company name are the ease of registration and the cost since there is no need to cover stamp duty.
A person can register an online business name on their own through the CAC’s website due to the less formality of it. A lawyer could also be hired to assist in the registration process, particularly if the company has multiple proprietors and a partnership agreement that defines the agreement between proprietors or partners has to be written and submitted to the CAC.
It is nevertheless crucial for those who register the name of a business to know that the application for a business name will not confer a legal entity as a limited liability corporation, and any responsibility for any reason arising from conducting a business may be imposed on the proprietor or owner of the company.
In the end, it is important to note that foreigners who want to be a part of Nigeria’s business is not able to do this by way of registering an enterprise since the participation of foreigners in Nigeria’s business requires different legal requirements which don’t leave possibility for foreigners to use a company name as a method of establishment of a business.