Last updated on March 14th, 2023 at 08:25 pm
As Africa’s fastest growing economies,Registering your business or company in Nigeria has a lot of benefits compared to when your business is not registered with the Corporate Affairs Commission.
The registration of your business with the Corporate Affairs Commission (CAC) is one of the requirements of doing business with a name other than your personal name in Nigeria.
The Corporate Affairs Commission (www.cac.gov.ng) is the body saddled with the responsibility of regulating the formation and management of companies in Nigeria.
For your business to be a legal entity you should consider bringing your business into existence by means of registration.
In this article we shall learn steps and procedures to register companies/business in Nigeria
Steps to Register your business/companies
1. head up to CAC website: https://services.cac.gov.ng/signup to create your account
Public Search: Search for a Name to Register
To help you reduce the time required to register a business in Nigeria; please use the public search feature to search if the business Name you are intending to register already exists. This service is offered free online via the link on CAC website.
This could help save you time and money; since you would be certain that a business with the name you intend to register does not already exist..Also avoid names that contain words like, “Chamber of Commerce”, “Federal”, “National”, “Regional”, “State”, “Government”, “Municipal” or “Chartered”, “Co‐operative” or the words “Building Society”; or “Group” or “Holding”
Step Two: Reserve a Name: Submit your Preferred Business Name
Once you have a name in mind; use the Name reservation feature to submit the Name or names. For you to proceed you would need to create an online account; or login if you already have one.
The Name reservation ends with the notification of your Availability Code; with your availability Code; you can go ahead and register your business. Remember to clarify any details from a duly accredited lawyer if you are intending to reserve special names.
Once approved proceed to step 3 but if your name is not approved , you will have to obtain another reservation form and resubmit 2 names. Once you have successfully reserved an acceptable name and it has been approved, the next step is to obtain, complete and submit the duly completed statutory forms.
Pre-Incorporation: Register a Company with Your Name Availability Code
Once you have completed all the applicable forms, you will have to pay the applicable fee for registering a business name.
There are four key steps involved: The filing of the required information online, Payment for the incorporation filing and Stamp duty (Online), Upload of the scanned documents, Receipt of your certificate of incorporation .
Note that you can achieve the first three steps in 24 hours; and also possibly receive your certificate of incorporation the same day. Payment can be across any Nigerian Bank or online using your Card details. The certificate of incorporation would be posted to your chosen Drop off Point as selected by you.
You can also read: How can Foreign nationals Establish Business/company in Nigeria
Post-Incorporation: File Changes to Your Existing Business
This feature is for existing companies. Post incorporation filings are mostly done by secretaries and accredited users authorized by the companies.
Use this feature to change your business address, file your annual returns, change and update share capital as well as shareholders, change directors etc etc.can be across any Nigerian Bank or online using your Card details. The certificate of incorporation would be posted to your chosen Drop off Point as selected by you.
What are the documents required to register your company with the CAC?
Here is a list of five required documents to register your company in Nigeria;
1.Memorandum and Articles of Association (MAA)
2.A notice of the registered address of your business
3.Statement of compliance by a legal practitioner
4. Receipt of payment of your stamp duties
5.Particulars, list, and consent of the first directors of your company.
How long does it take to register your company with CAC?
To register your business in Nigeria, it takes between seven to twenty-one working days (7 – 21 days). The number of days or weeks it takes to register your business in Nigeria depends on how fast the CAC is working and if you are working with an agent (business consultant or a lawyer) or doing it yourself.
Source:Corporate Affairs Commission