How to Register Business Name with Corporate Affairs Commission of Nigeria
You had come up with a business name, and you reside in Nigeria and you are confused on how to get your business registered with the rightful authority worry no more this article is purely for you.
Getting your business name registered with relevant authority is the only legal and acceptable way to get an approved business name across the globe. In country like Nigeria, to get your business registered, you must have to get it done with Cooperate Affair Commission of Nigeria.
The registration of the business names in Nigeria has been simplified by the Corporate Affairs Commission (CAC) of Nigeria. With the introduction of CAC Nigeria website, one can now easily carry out business name registration in Nigeria via the online portal.
Cooperate Affair Commission is charged with
- To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies
- To establish and maintain companies registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with the responsibility
- To Arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand
- The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services.
- To undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.
Account Sign Up and Management
The procedure for registering your business name in Nigeria online begins with account creation. To create your account with the Corporate Affairs Commission (CRP), there are some basic steps to follow, and they are listed below;
- On your Browser, log on to https://services.cac.gov.ng/.
- Click on the Register icon at the top right end of the homepage
- Complete the form by filling your details and click on the Register.
- Login to your email to verify the link sent to your e-mail, your account is ready.
- Now, login to your CAC account with your username and password.
- Submit your credentials for registration.
Name Reservation Procedure
Before continuing with the Name Reservation, you will have to decide on what name you want to name your business/company. However, you can do your business name research online via the Corporate Affairs Commission website for availability.
Corporate Affairs Commission (CAC) Allows you to suggest two alternate names for your business/company. The commission will conduct a search in its database to ensure that the name is available for use. If the commission approves the name, they will reserve the name for you for a period of 60-days.
During this period CAC expects you’ve completed the business name registration process.
Steps for Applying Name Reservation in Corporate Affairs Commission of Nigeria
First of all, you shoul know that there are different types of Name Reservation. Which ranges from, Business Name, Private or Public Unlimited Company, Private or Public Company Limited by Shares or Guarantee And Incorporated Trustee.
The procedure is virtually the same, all you have to do is use the Classification field and Specific Type field to select the classes of business you want a Name Reservation for.
Now, Let’s use Business Name for a case study.
Steps to Apply for Business Name Reservation
There are Five (5) basic steps to follow to successfully apply for Business/Company Name Reservation.
Name and Type
- Login to Your Cooperate Affair Commission Account: Via https://services.cac.gov.ng/login on the log in page, enter your Username and Password. and Login to proceed.
- Click on Name Reservation. Then, select New Name Reservation from the menu.
- Choose Business/Company Type: Select Business Name from the Classification field and from the Specific Type, still select Business Name. But if you want to make Name Reservation for Private Unlimited Company. All you need to do is to select Company from the Classification field and select Private Unlimited Company from the Specific Type field. The same process is applicable to others.
- Enter the two proposed business names in the text fields captioned Option1 and Option2 respectively. Then click on the Save and Continue.
Objective of the Business
Click the Reason for Available Search text box, select your objective option. Then, then Save and Continue to proceed to the next step.
Presenter Details Form
Here, the Presenter fills his/her details inside all the fields marked with red asterisk (*). After you’ve completed the form, then Save and Continue with the process.
Preview Your Entered Data
Once you are done with the data entering, Corporate Affairs Commission will allow you to Preview the entered details. This is to ensure your information is correct and if satisfied click on Proceed to Payment. But if you’re not satisfied with the data, click on any of the previous steps to return to that stage to effect a change.
Making a Payment
- After you’ve clicked on Proceed to Payment, you’ll be charged a fee for Reservation Name. Click on the REMITA.
- Enter your credit card details to complete payment and click on Submit
- Click on Submit again to continue
- From the Payment Receipt, copy your Remita Retrieval Reference (RRR) number and save it in a text file.
- Now scroll down to the bottom and click on Return to Home option.
- Finally, you can view your Payment Receipt or you can click on download to download it. To view your Payment Receipt, Click on View Name Reservation option. Or click on Payment Receipt to download to your Personal Computer
How to Confirm if Name Reservation is Approved By Corporate Affairs Commission of Nigeria
It should be Noted that, you are to wait for the system administrator to approve the Name Reservation. But to confirm if Name Reservation has been approved by the Corporate Affairs Commission of Nigeria. You’ll have to do the followings:
- Login to Your CRP Account
- Click on Name Reservation
- From the dropdown menu, select My Reservation.
- If not approved Pending Approval will be displayed. But if approved, you will see Approval Note.
- Click on the Approval Note to Download it.
- Open the downloaded Approval Note and copy the Availability Code number. The Availability Code is what you will use for the Business Registration
Company/ Business Name/ Incorporated Trustees Registration
Now that the Name Reservation has been approved by the commission for your Business Name, company name, Incorporated Trustee. The next step is the company registration process.
Steps to Business Name/Company Registration
- Log in with your CRP profile.
- Click on Company Registration and select New Registration.
- Enter the Availability Code in the blank field and click the Start Registration option.
- Fill in your company details in the appropriate field and click the Save and Continue
- Click on the Add Directors button to add the directors’ list. Note A minimum of two (2) Directors is needed to proceed.
- Enter the details of the Director and click on Save and Continue.
- To Edit or Delete Director’s details. Click on Edit or delete button respectively to make changes. Then, click the Continue
- Add the company/business secretary. The secretary could either be Individual or Corporate. Tick the right one. Enter the secretary details and click the Save and Continue.
- Add Share Holder. A shareholder could also be either Individual or Corporate Shareholder. Tick the right option, and enter the details of the Shareholder. Save and Continue
- Enter the details for the Declaration of Compliance and Click on Save and Continue. Note, this is optional.
- Click on the Add Object and then, enter the Objects and Save. Then, click Continue. NOTE: You must add at least one Object.
- Click on Add Article to Add Articles of Association details and Click Save
- Click on Continue to proceed.
- Select copies of documents you wish to obtain and click on Save and Continue
Previewing Your Data Details
After you’ve completely entered your data information, the next thing is preview your data information to avoid any error, before you can continue. If you notice any error, use the Back button to go back to page and make the change. Once your data information are correct and error free, click on Proceed to Payment to make your payment.
Making Payment for Business Registration
- Select your preferred payment option. Remita or NIBSS are the only two available options. Now, fill your payment details and Submit.
- After your payment has successfully been processed, click on the Submit button again.
- Then, take a view of your payment receipt and copy out your Remita Retrieval Reference (RRR).
- Scroll down the page and click on the Return to Home option.
- Click on View Company Registration to check if it’s successful or not. Once you click on the View company Registration, CAC will send a notification indicating success or failure in transactions
- To download Payment Receipt, Click on Payment History and then, click on Download Receipt, to get it downloaded to your PC.
Stamp Duty Processing
This will take some few steps to complete. To process your Stamp Duty Payment, follow the steps below:
- Go to your CRP Profile, click on Company Registration and from the menu select My Registrations
- Now, click on the Stamp Documents.
- Click on the Check Status to request New Assessment if you have not paid for stamp duty before.
- Make payment for Stamp documents. Select one Lead Director and a Payment Gateway e.g select Remita or NIBSS which are the only available options.
- Click on the Proceed to continue.
- After reviewing your payment summary. Select click here to Continue payment.
- Enter your credit card details to proceed payment.
- Once your payment is processed, click Submit again.
- The next page will display your payment receipt. You can copy your RRR code in a text file.
- After you’ve successfully completed the payment process, click on the Check Status button. The Check status button will change to Documents.
- Finally, click on the Documents button to download your stamped Memorandum and Articles of Association Documents and Application for Registration to your PC.
Congratulations, you have successfully completed your Business/Company online registration. please leave your comments and opinion on the comment section if you find this article helpful.