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How to Register a Business Name in Nigeria

How to Register a Business Name in Nigeria

Welcome to INCOME NIGERIA, Are you interested in articles about How to Register a Business Name in Nigeria, this post contains all the necessary details on Business Name Registration in Nigeria.

This article aimed to give you an entire guide on how you’ll be able to register a business name in Nigeria simply. Additionally we tend to embody additional useful details in processing different connected documents. we tend to perceive that at some extent you would like your company or business name to be correctly registered with the govt which provides you proper possession of the name wrongfully, that’s why we tend to square measure write this text to guide you on your method. not like before, business homeowners square measure currently seeing a lot’s of advantages why they have to register their business underneath the CAC in Federal Republic of Nigeria.

Business Name Registration In Nigeria

Business Name Registration: How to Register a Business Name in Nigeria, Registration form and all you Needed to Know

If you have a company or business that is un-register, it time you take a step to have it register and own the name for life. It only required one to register business name once. There is no renew of registration or expiring of business/company name registration.

Another good benefit why people as well register that name on time is for someone else not to register it before them. This has been the problem many people face when they want to register their already existing business name, finding that someone else has already registered your company name. It so good to register your business name on time,

If you have your business name registered you will able to open an account with bank using your business name which will be more of benefit to your business growth as it will bring your company more trust from from your prospective audience/customers.

Before you can open account for your company using such as My Business Name Ltd, you are required to have your business name registered with CAC. Let’s go on the process how to get your business/company name registered.

Procession Steps Recommended By Wealthresult

Stage 1 – Proceed to the Corporate Affairs Commission Office closest to you and present your business name for Name Search. Simply stroll into the place and acquire the CAC Form 1 for N200

Fill the frame effectively in CAPITAL LETTER – There is not a lot to fill, only your name, your address and The Names you expects to enroll, tick the kind of organization class you need to enlist as. You have choice one and two – Option one is your first decision name, while choice two is the option name in the event that the principal decision isn’t accessible.

Make a Photocopy of the filled frame before submitting it, the photocopy is the thing that you will take back to be utilized to find your shape.

Submit the original and go back in three days to check if your name is available. If not, you should rehash the procedure all finished until the point when you discover one that is available.

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Note: If you go for well known expressions, you have 99% probability of not having it accessible. Picked something one of a kind and phenomenal.

Stage 2 – Once you checked and your name is accessible, start the enlistment procedure quickly! Get the Business Name enrollment frame for N250 (as at February 2013) and fill it.

In the event that it is Limited Company you need to enlist, you will purchase the arrangement of Company Incorporation frames for N500. Download the PDF of the nitty gritty prerequisite for Incorporated Trustees Under Part C of CAMA No.1 of 1990.

In the event that you are confounded about what to fill in those structures, request that somebody there help you. For business name, its truly not troublesome. For Limited Liability, it can be very testing however somebody there can simply be of assistance insofar as you’ve given every one of the necessities in the PDF downloadable above.

Stage 3 – Take your finished frame to the Federal High Court or State High Court for authentication. That one cost N250 yet in the event that you don’t have the foggiest idea about your way, those folks will bamboozle you – I paid ₦800 for Palness Media. In this way, when you arrive, request where you can do authentication.

When you are through with that, arrival back to Corporate Affairs Commission office and present your finished and bore witness to frames. The main individual will see it and sign on it and request that you pass it to the following individual who will sort it into the PC and print it out for you to see and make change if fundamental.

Make your last installment for the enrollment into their UBA Bank account normally connected to all the CAC workplaces, so you don’t have to go somewhere else to make the installment.

Process Recommended By CAC Official Website

According to the the CAC website, the below guild will get should gain you success registering your company name easily.

  1. Check for availability of proposed company name (click here).
  2. Reserve a new Name   (click here)
  3. Complete pre-registration form – CAC1.1 (Online option) or (Download and fill)
  4. Pay filing fee to CAC Check the Fees for our Services here
  5. Pay Stamp duty fee to FIRS
  6. Prepare the signed scan copy of your pre-registration documents for upload as follows:
    • Form CAC1.1
    • Memorandum and Article of Association (MEMART)
    • Proficiency certificate (where applicable)
    • Recognized form of identification for Director(s)/Subscriber(s) and Secretary
    • Stamp duty certificate
    • Evidence of payment to CAC
  7. Upload the scanned documents for processing. (click here)
  8. Submit the original copies of the documents uploaded at step 6 (Form CAC1.1, MEMART, etc) to the CAC office you had selected in exchange for your certificate and the Certified True copies of the documents.
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Change of Name

  1. Availability and Reservation of new Name
  2. Application giving reasons for the change of name signed by two directors
  3. Special Resolution stating the change desired duly signed by two directors of the company
  4. Surrender of the original Certificate of Incorporation for cancellation
  5. Payment of filing fees
  6. Up to date Annual Returns
  7. Stamped memo and articles bearing the new name
  8. S.636 in case of Banks, Financial Institutions etc

Obtaining Certified True Copies (CTC) of filed Documents

  1. Completion of application form
  2. Payment of filing fees
  3. Photocopies of documents
  4. Up to date Annual Returns

Step by Step on how to Register a Limited by Guarantee

  1. Check for Name Availability   (click here)
  2. Reserve a Name   (click here)
  3. Fill CAC1.1 Form (Online option) or (Download and fill)
  4. Pay appropriate Stamp duty fee to Federal Board of Inland Revenue Service
  5. Pay filing fee to Corporate Affairs Commission
  6. Scan and save as PDF format the dully completed Form CAC1.1 together with Memorandum and Articles of Association (MEMART), recognized form of identification for Director(s)/Subscriber(s) and Secretary. Upload the scanned documents for processing. (click here)
  7. The Commission is oblidged to obtain approval of the Attorney General of the Federation before registration of the Company Limited by Guarantee.

Conversion and Re-registration of Private Company as Public

Application should be accompanied by the following:

  1. Special resolution signed by at least two directors to conver and register the company
  2. Memorandum and Articles of Association as required under CAMA for public companies
  3. Written statement by the Directors in respect of share capital
  4. Balance shet as at the date of the resolution or the preceding six months, whicevre is later
  5. Statement must show that the paid-up capital of the company as at the date of the application is not less than 25 percent of the authorized share capital
  6. Copy of any prospectus or statement in lieu of prospectus delivered within 12 months to Commission
  7. Payment of filing fees
  8. Annual Returns to be filed up to date
  9. Evidence of S.636 (in case of banks etc)

Re-registration of Unlimited Company as Limited by Shares

  1. Special resolution stating the proposed share capital and requisite alterations in the Articles
  2. Application in the prescribed form signed by at least two directors and secretary
  3. Memorandum as altered in pursuance of the resolution
  4. Articles so altered
  5. Company’s balance sheet as at date of the resolution or the precedent six months, whichever is later
  6. Statutory declaration in the prescribed form by two directors and the Company Secretary that the special resolution required by Section 50 of the CAMA has been passed, and that the company ‘s net assets are not less than the aggregate of the paid-up share capital and undistributable reserves
  7. Copy of prospectus or statement in lieu of prospectus delivered within the preceding 12 months to the Securities and Exchange Commission
  8. Payment of filing fees
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Registration of Mortgages, Debentures and Charges

  1. Completion of statutory form with instrument creating or evidencing mortgage or charge attached
  2. Payment of stamp duty to Federal Board of Inland Revenue
  3. Payment of filing fees
  4. If out of time, a court order extending the time should be attached

Re-registration of company Limited by Shares as unlimited Company

An application in the prescribed form signed by two directors and the Secretary and accompanied by:

  1. A prescribed form of assent to the company being registered as unlimited
  2. A statutory declaration made by directors of the company
  3. Stamped Memorandum and Articles of Association incorporating the alterations set out in the application
  4. Payment of filing fees

Company Searches

  1. Completion of prescribed form
  2. Payment of search fees
  3. Annual Returns to be filed up to date

Increase in Share Capital

  1. Notice of increase in share capital in the prescribed form
  2. Statement of increase in the prescribed form
  3. Payment of Stamp Duty to Federal Board of Inland Revenue
  4. Notice of increase to be signed by the company’s two directors or the secretary
  5. Payment of filing fees
  6. Evidence of compliance with S.636 where applicable

CTC OF Certificates

  1. Affidavit supporting the application deposed by a company director
  2. Application to the Commission to be signed by the chairman or two directors
  3. Payment of filing fees
  4. Up to date Annual Returns

Other Statutory Filings

  1. Annual Returns
  • Each company has to within 42, days of its Annual General Meeting submit to the Commission in the prescribed form a statement of its accounts; or a letter explaining absence of statement of accounts. Non compliance with this provision attracts penalty and the risk of having their companies struck off the companies register
  • Payment of filing fees
  1. Alteration of Memorandum and Articles
  • Special Resolution signed by at least two directors to be filed within 43 days
  • Payment of filing fees
  • Re-stamping of memorandum
  • Altered memorandum should be stamped at the Federal Board of Inland Revenue
  • Up to date Annual Returns
  • S.636 to be complied with where necessary
  1. Change of Directors
  • Special Resolution
  • Filing of new form CO7 to be supported by resolution
  • Payment of filing fees
  1. Appointment/Change of Secretary
  • Special Resolution signed by at least two directors
  • Filing of new form CO7A
  • Payment of filing fees
  • Extracts of meeting where directors were removed or appointed
  1. Allotment of Shares
  • Special resolution signed by at least two directors
  • Payment of filing fees
  • Filing of new form C02
  • Evidence of increase in share capital
  1. Filing of Statement of Affairs by Bank, Insurance Companies and other Financial Institutions
  • Every Banking, Insurance and other financial institution shall before it commences business and on the first Monday in February and first Tuesday in August of every year submit to the Commission a Statement of its Affairs.

This is the complete step how to register business name in Nigeria and also do more related document easily in Nigeria. Have you any question? then use the comment box below to ask or request.

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About Elum Kingsley

Elum Kingsley is the founder of Income Nigeria, A Business marketing website and a passionate entrepreneur with an obsession for Business Innovations. He is also hands-on Business Consultation expert with experience working with both local and International clients. Get our E-BOOK to start earning money online. If you want to GET a fully approved ADSENSE account then email admin@incomenigeria.com or call 08132097108

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