Business Name Registration In Nigeria: Cost, Procedure & Requirements For Registering A Company In Nigeria
In this article, I will explain the basic process for registering a company in Nigeria beginning with searching for a business name, the documents required, and the registration fee.
One of the particular advantages of registering your business as a company with the CAC is that it excludes you from the disturbances of the trade unions, trade associations and many others. When they find out that you’ve been incorporated, they will no longer come to you to disturb or harass you. The certificate of incorporation you’ve received has taken you out of their limits.
To ensure that your business is operated legally, follow the registration procedures as itemized in this article. I will clearly state the requirements and the full explanations of the required steps for getting a certificate of incorporation.
In as much as there are thousands of companies in Nigeria, the competition has become very high. Registering your business as a company will ensure that you have legal support. It will also increase your credibility in the sight of the potential customers. Registering as a company protects your business and helps to reserve your company name in a lifetime.
Now that you’ve decided to register your business with the Corporate Affairs Commission (CAC), you need to get acquainted with the requirements.
Here are the requirements for registering a business as a company in Nigeria:
- You must have a minimum of two members of your company, but at most 50.
- If two or more members are older than 18 years, then you may have some members who are below 18.
- Your business may not be registered by the Corporate Affairs Commission (CAC) if a report is sent from the Companies and Allied Matters Act that a member of your company is bankrupt or disqualified due to cogent reasons.
- Your business must have a minimum share capital of N10000.
You are also required to fill up the following documents:
- A notification of the registered address
- Articles and memorandum of association
- Stamp duties payment receipt
- A compliance statement by a lawyer
- Consent, list, and personal documents of the pioneer directors of the company.
Once you’ve submitted the documentation and have satisfied all the requirements of the CAC, your certificate is expected to arrive in less than 6 weeks from the date of submission.
Procedure To Register Your Business As Company With CAC, Corporate Affairs Commission Nigeria
For more emphasis, here are the basic steps for registering a company in Nigeria:
- Conduct a Search for Your Business Name:
- Register the particulars of your shareholders (If any)
- Prepare the documentation for your business registration
- Make the payment, Submit, & get your registration certificate
- Make the stamp duties paid to the Federal Inland Revenue Service (FIRS)
- Upload the signed copies of your scanned pre-registration documents
Conduct a Search for Your Business Name Search In Nigeria
In registering a business as a company, a name availability search must be conducted first. And the cause of this search is to ensure that the name you’ve chosen is available for registration. If the search is not conducted prior to registration, then you’ll be required to search first and re-register.
Once you’ve successfully conducted a search and have found a readily-available name to register, conduct a second search through the Corporate Affairs Commission’s online portal. Once you’ve successfully gone through the second search, you’ll be required to pay N500, and this name will be reserved for you only in two months.
During your name availability search, you’re not allowed to use the names that contain any of the following: “Regional”, “State”, “Municipal”, “Federal”, “Chamber of Commerce”, and many more.
As required by the laws of the land, no private company should have less than 2 members or more than 50. Any company that falls out of this law is not eligible for company registration in Nigeria.
While filing records for registration, the essential particulars to be submitted along include the shareholders’ names, mobile phone numbers, home addresses, email addresses, and occupation.
National identity documents such as the National voter’s card, National identity card, international passport, or the driver’s license will be required.
Prepare the Documentations for Your Business
While preparing documentation for registration, the requirements include a notification of the registered address, articles, and memorandum of association, stamp duties’ payment receipt, a compliance statement by a lawyer, consent, list, and personal documents of the pioneer directors of the company.
To get all these requirements, it’s accessible through the Corporate Affairs Commission’s online portal. In case your business type would require special documentation, you will need the services of a legal practitioner to ensure this is properly done.
Make Payment, Submit, & Get Your Business Registration Certificate In Nigeria
Once you’ve successfully made payment, you will need to upload the documents through the CAC’s online portal and complete your submission.
After completing your submission, the Corporate Affairs Commission will send you notifications in case they have some few questions for you. If there are no further questions to ask you, then your registration will be finalized and you’ll be asked to visit any nearby CAC office to collect your certificate of incorporation.
Make the Stamp Duties Payment to the Federal Inland Revenue Service
The Federal Inland Revenue Service is the relevant tax authority responsible for receiving the stamp duties payment. Simply locate any nearby office, walk in, and pay the stamp duties once for all.
Upload the Signed Copies of Your Scanned Pre-registration Documents
Present the signed copies of your scanned pre-registration documents as shown below:
- Articles and memorandum of association
- Corporate Affairs Commission’s form 1.1
- Certificate of proficiency (Where necessary)
- Certificate of stamp duty
- Payment receipt to the Corporate Affairs Commission
- Identification form for directors and secretary
- Signed copies of the scanned documents uploaded for immediate processing
The original copies of the documents uploaded must be submitted to the office of the Corporate Affairs Commission chosen in order to pick your certificate of incorporation. The certified copies of the documents will also be issued to you as well.