In order to function effectively in your business either online or offline in Nigeria, it is important to register your business with CAC. The good thing is, you can even do this without employing the services of a lawyer.
Yes, you heard me clearly. You might be wondering “how is it possible to do business registration without the assistance of a lawyer?”
You will learn how this works if you can relax your mind and read this full guide to the end.
When it comes to business registration, some people often feel reluctant to take that bold step while others seem confused about it. But then, if you want to buy the trust of international clients in your business believe me, you need to have a duly registered business name.
The reason why a lot of folks find it difficult to buy your products and services online is because of the fear of being scammed online. Most of them are afraid of that especially when your means of payment is not regulated or duly registered with a trusted body.
If you truly want to receive tremendous commissions or profit from your business on the internet, you need to customise a business name in line with your niche and get it registered.
By so doing, you can start making money having earned trust both locally and internationally in your business.
Before I proceed in detailing the steps to undertake in the business registration, let me answer the question in your mind.
What is the meaning of CAC?
The full meaning of CAC is Corporate Affairs Commission. It is an agency, authorized and licensed by Federal Government Of Nigeria to carry out business registrations and incorporations both for SMEs, Limited Liability Companies and other big businesses in the country thereby getting them certified and giving them a unique code which can be used to verify the authenticity of the business registration to avoid fraud.
Some Nuggets To Consider While Choosing Business Name.
Before picking a name for your business, ensure to adhere to the criteria to avoid name disapproval by CAC.
- Ensure that its not misleading or an offensive name.
- Ensure that the name is not similar to the name of an existing business.
- Ensure that the name is not contrary to public policy.
- Ensure that the name does not contain “Chamber Of Commerce”, it is limited to Guarantee companies only.
- Ensure that the name is not similar to an already registered company.
Who Is Eligible To Register A Business Name.
- This can be done by a corporate body.
- It can be done by two or more corporate bodies.
- An individual is eligible to register a business name.
- Joint registration can be done by an individual and a corporate body.
- Two persons can agree to carry out the registration.
Ten Practical Steps To Undertake For Business Name Registration.
After you must have chosen a name by following the criteria stated earlier, carefully take the steps given below to create an account with CAC and carry out the business name registration immediately.
- STEP I: Open your chrome browser in either your smart phone device or your laptop and search for www.services.CAC.gov.ng.
- STEP II: If you are making use of a smart phone device, click on the menu button at the left corner of your screen, then select ” Register”. If you are using a laptop, click on “Register” at the menu bar by the top right corner of the website.
- STEP III: Carefully fill out all the information required of you on the interface. Example, your full name, date of birth, an alphanumeric password, a valid means of identification, etc. They will send a confirmation message to the email address you provided upon registration. Confirm the message and login to your account.
- STEPIV: Now that you have logged in your account, click on “Name Reservation” at the menu bar, inside your dashboard and select “New Name Reservation”.
- STEPV: Choose your preferred company type which you want to register. Also, under classification, choose ” Company” and choose “Private Unlimited Company”.
- STEPVI: Provide the name of the business which you chose for the business in ” Option1″ column. Write “New Incorporation” under “Reason for availability”. Click on ” Save and continue”.
- STEPVII: Fill out the presenter details like, gender, address, state, etc. Click on “Save and continue”.
- STEPVIII: Take your time to review all the information you provided from the beginning to the end to ensure they are all accurate. Click on ” Proceed To Payment” button.
- STEPIX: You will be required to make payment which is the sum of five hundred naira only. Click on “Pay Via Remits” and fill out your bank details and complete your payment.
- STEPX: To check your payment status after making the payment, you need to return to your dashboard. Click on “Name Reservation” at the menu bar, choose “My Reservation” from the drop down. If the payment has been received, your name application will show download “Payment Receipt” but if your payment has not being received, your name application will display “Payment history”. If the latter shows on your own application, kindly click on payment history. It will redirect you to another tab where you can make payment or check the cause why it has not being received by the corporate body. In a situation were your name application displays ” Payment receipt” it means that your payment has been approved. Then, click on “Approval Note” located at the right corner within “My Reservation”, you will find your approved name and availability code. Copy the code and paste it your notepad or write it down in a safe book. You will use the code to run for your company registration as well.
- STEPXI: For company registration, login to your account, click on ” Company Registration “, select ” New registration”, copy the availability code and paste accordingly, fill out the information the same way you did during name registration, make all the necessary payments and submit the application.
Once your certificate is ready, you will be summoned to collect it.
CAC Office Locations In Nigeria
Lagos (Alausa and Island), Kaduna, Kano, Enugu, Port Harcourt, Owerri, Bauchi, Asaba, Ilorin, Ibadan, Abeokuta, Lokoja, Uyo, Jos, Sokoto, Abuja.
I have shown you through this guide how to register your business with CAC without employing the services of a lawyer, even at the comfort of your home.
Are you searching for how to register your business in Nigeria? I hope you find this information useful.