Sunday, July 25, 2010
HOW TO REGISTER A BUSINESS NAME IN NIGERIA
Posted on 12:42 PM by Unknown
Here is the step by step guide to registering your business name in Nigeria
The Corporate Affairs Commission (The body responsible for registering of businesses) was established by the companies and allied matters act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria
The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible for the registration and administration of the repealed Companies Act of 1968.
If you want to register a business name, you can do it in two ways. One is to engage the services of a lawyer and he will get it done for you with about N10, 000. The trouble is that the next time you want to register another business name; you will have to pay him...Another
N10, 000
You have to pay over and over again. If you are a serial entrepreneur and you have many business ideas flowing in you, you will be spending too much money for this when in actual fact, it will cost you less than N5,000 if you follow the secrets I will be sharing with you here.
The second way to get your business name registered is to do it yourself.
Yes, you can walk into any branch of the corporate affairs commission and you will get your business registered. The trouble with this is that if you do not know the secrets of going about it, you will spend months trying to get your business name registered. And I've not even considered those that will be asking your for bribe before you get your business done.
The First Thing You Should Do
Once you are ready to register your business name with the corporate affairs commission, the first thing you should do is to go to their office nearest to you.
To know the closest CAC office to you just visit their website at:
http://www.cac.gov.ng/Pages/Stateoffices.htm.
Walk in to the nearest branch to you and ask for name reservation form.
It costs just Two Hundred Naira only. You will be given a receipt and a form. On the form, youwill be asked to fill in a few details. Details like...
1. Your Name:-
2. Your Address:-
3. Your Desired Business Names:-
4. A Space To Fill The Type Of Business You Want to Register(Choose Enterprises/Business Name)
You will be required to choose two business names. The reason is that if one is not available, they can reserve the other for you.
If none of them is available, you will need to do it all over again. You will have to pay the
N200 again and you will have to wait for the result.
Oh, I did not tell you...
When you ask for a name reservation, it takes about 2 weeks before the results are returned. It is sometimes as fast as one week or 10 days but it sometimes takes 2 weeks. Now imagine if your chosen business name is not available, you have to go through that 2 week process again.
If the new one is not available as well, you have to go over the process... again...and... Again. That is why it takes people a long time to sort out.
So the question remains... So How Will You Prevent That From Happening To You?
You see my friend, what you need to do is to choose a name no one else would have chosen.
Now, you have to smart and ingenious about it.
If you choose just any name, I can assure you someone has registered it.
Don't even think about registering names like these...
Emeka Okoro Enterprises
His Grace Ventures
El Shaddai International
And all these kinds of common stuffs. If you choose them, there is a high chance they have been taken. So after selecting a name and submitting it to them for confirmation, you will have to wait till the result comes out.
There is nothing you can do about that. You just have to wait. All I'll advise you to do is to get ready so when the results come out, you will be prepared to register immediately.
Prepare 2 passport photographs, a stapler (believe it, some CAC branches do not have), the details of a partner (you cannot register alone, add someone... anyone), the partner's photographs, your address (you can use your home address), telephone number (use GSM), local government area and a few other tiny bits.
Here Is Something Important You Have To Prepare For...
You see, the CAC requires that you state what your business is all about. You have to state at least one thing. The maximum is three. They want to know what your business is about before they can register the name.
This Where A Lot of People Waste Time
The first time I tried to register a company, I filled in the following as my
Object.
Internet Marketing
Information Marketing
Direct Marketing.
I submitted that and it got rejected. I went back and rephrased it and submitted again. I got rejected the second time. I kept trying and trying and I was getting rejected. It was later that I discovered that there are some kinds of laid down business objects that are allowed for a business name. It is up to you to find an object that best describes what your business is about.
Here are the objects allowed by the CAC:
– Advertising/Public Relations
– Agricultural Produce
– Agricultural Tools, Machines And Allied Products
– Alternative Medical Practice
– Aluminum Manufacturing
– Architects/Town Planners
– Auto Dealers
– Auto Mechanics And Rewiring Services
– Auto Spare Parts Dealers
– Bakery And Fast Foods
– Beauty Industry (Salon, Manic, Barbing ETC)
– Bookshops/Stationery Stores
– Car Washing Services
– Carpentry/Woodworks
– Chattered Secretaries
– Commission Agents
– Computer Training, Sales And Services
– Cosmetic Manufacturers/Dealers
– Day Care Centre
– Dealers And Distributors
– Electrical/Electronics Equipments Dealers
– Entertainment Industry/Events Managers
– Estate Agency/Maintainance
– Fashion Designers
– Fish Farming/Fisheries
– Food Products And Processing
– General Construction (Build/Civil Engr. Contractors)
– General Contracts
– General merchandise/Trading
– General Tax Consultants
– Guidiance And Counselling
– Gymnastics And Stress Management
– Horticulture/Gardening/Landscaping/Equipment Services
– Hospitals/Clinics
– Hotel/Hospitality Industry
– Human Resource Manager
– Import/Export Of Goods And Services
– Industrial Chemical Supply And Service
– Interior/Exterior Decorations
– Internet Service Providers (Cyber Cafe)
– Jewellers
– Land And Quantity Surveyors
– Laundry/Dry Cleaning Services
– Legal Practice And Consultancy
– Livestock Management
– Management Consultants
– Materninty Home
– Mechanics/Welding
– Medical And Pharm. Products (Manuf, Sales And Services)
– Medical Services/Laboratory
– Others
– Patent Medicine Store/Chemist
– Petroleum Products Sales/Distribution
– Pharmaceutical Manufacture/Services
– Photography/Photo Equipment
– Plastic Manufacturing
– Poultry Farming
– Printing/Publishing
– Restaurant/Catering Services
– Road Transportation
– Schools (Nursery, Primary And Secondary Schools)
– Supermarkets/Departmental Stores
– Textile Manufacturers/Distributors
– Travel Agents
– Veterinary Clinic/Services
Water Works/Bore hole Drillers
Most businesses will fall under one of these, if not, just use General Merchandise.
Now You Are Prepared...
Once your name reservation is out, speak to any officer there and you will be given a file and some documents to fill. In some CAC branches, they would have given you this form and file right from the first day you applied for name reservation.
You can fill the form right away with your name, phone number, and address including LGA, partner’s details, and passport photographs (you will staple it and make sure you write your name behind the passports and sign them).
After you're done filling the documents, you can then submit for what is called “Verification”.
You just need to submit. It's no longer in your hands. Depending on the CAC branch you go to, the verification process time will vary.
It is usually done within an hour so it is something you can wait for.
You can ask them there so they can tell you how long it would day. Maximum is a day.
What they look for at the verification process are things like your objects, how you filled the form and so on. If you filled everything properly, your verification process would be a smooth, one time thing.
Once you pass the verification process, you will be required to pay your registration fees. As at the time of typing this, it costs N4, 000 for your registration.
You can ask for the current price but I can bet it is well under N10, 000
Right at their office, you will pay the fee and obtain a receipt, you will submit your files and documents (because they will return it after the verification). You will be asked to come back in about one week for your certificate.
Can You Beat That? Easy Stuffs!
Just go back home or wherever and come back when you were asked to. On the day, you go there and you will be asked to sign.
They will give you your certificate as well as some other documents you can keep. You will need such documents like when you want to open a company bank account.
That is it. Now go out there to register your business name.
NOTE:
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BY
OLANREWAJU MOSHOOD
(OLAMOSH SYSTEMS LTD)
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How to Register a Business
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