Before registering for a business or corporate entity in Nigeria, you firstly need to create an account on the Corporate Affairs Commission’s official website. The next step is to apply for reservation of the business name of your choice, and of course registering that business name. All these will be discussed in this guide, luckily many parts of the work is done online, on the website, so you can do all these from the comfort of your home.
Read on to find out:
- Cost and pricing
- How to Search for a name
- A detailed guide to secure business name with CAC
How to Create an Account on CAC Website
The following steps will teach you how to create an account with CAC, this account will be used to register your business name.
Step 1: Open your browser, and go to https://services.cac.gov.ng/. On the home page, click on “Register” on the top right corner.
Step 2: Fill in the form displayed. Be sure to fill the ones with the asterisk symbol (*), otherwise you can’t proceed to complete registration.
Step 3: Activate your account by verifying your email address provided in the registration form.
Now that your account has been created, log into it. However, it usually automatically log you in after activation. Now we can proceed to the second phase of getting your business name registered.
How to Apply for Business Name Reservation
Before registration of any corporate entity name reservation must be done first. During this process, the CAC will screen your name through the existing names directory to make sure there isn’t any repetition, and also endure your name of choice is in line with the CAC naming directives. Follow these steps to apply for a business name reservation:
Step 1: Log into your account (if not logged in already), on the dashboard click on “Name Reservation”, and select “New Name Reservation”.
Step 2: On the Company Type info, select “BUSINESS NAME” on both the drop down menus for Classification, and Specific Type.
Step 3: Enter the company name you wish to check, and reserve on the “Proposed Names” field, then click on “Save and Continue”.
Step 4: On selecting the reason for availability search, choose “New Incorporation”, then click on “Save and Continue”.
Step 5: Fill the owner’s details accordingly (especially fields with asterisks). If you are registering on behalf of someone, fill his/her details accordingly. Click on “Save and Continue“ to proceed.
Step 6: Preview the details you entered, correct where necessary, and click on “Proceed to Payment”. Payment is done via Remita, and the fee is ₦500. Be sure to copy the Remita Retrieval Reverence (RRR) number, it’ll be needed as we go on, you can also save it by downloading your payment receipt.
On your dashboard, go to Name Reservation >> My Reservations, to see if your business name has been approved (you may have to wait for a couple of hours before it’s approved). Once approved, the download button for your “Payment Receipt” will change to a download button for “Approval Note”. Open the approval note, and copy the availability code. This will be used to validate your business name during registration.
How to Register a Business Name on CAC
Having been approved for a business name, you can now proceed to register the business name with the CAC. You should be prepared to fill in details such as:
- Presenter’s Details
- Company details
- Details of company directors (at least two directors)
- Details of the company’s secretary
- Details of company’s shareholders (at least two)
- Declaration of Compliance
- Objects of Memorandum
- Articles of association
Steps to Get your Business Name Registered
Step 1: On your dashboard click on Company Registration >> New Registration. You will be asked to provide the availability code which was given when the preserved name was approved. Type in the availability code then click “Start Registration”.
Step 2: On the next page, fill in your business details then click “Save and Continue”.
Step 3: To proceed further you need to add at least two directors to the business i.e. you and one other (If it’s your business, if not enter the details of both directors). On adding another director you also have to fill in his/her details accordingly, when done click on “Continue” to proceed.
Step 4: Add details of the secretary of the business. This can either be an individual or a corporate. Then click on “Save and Continue” to proceed to the next step.
Step 5: This is where you add shareholders to the company. There is a total of four allotments, and you must enter/fill at least two of them to proceed. Total allotments must carry at least 25% of your share capital (minimum amount of share capital for a business in Nigeria is ₦10000). These rules are basically to make sure the business/company is already being involved in corporate practices, as such more likely to stand the test of time.
Step 6: On the next page, you will be asked to present details for declaration of compliance. Though it’s optional, and skipping attracts a fee of ₦500 only, it’s usually wise no to skip, because sooner or later, you would need the declaration of compliance documents again during the lifetime of your business/company. You can get a declaration of compliance issued by a lawyer.
Step 7: On the next page you are to add the “Objects of Memorandum”, then click “continue” to write down the article of association of the business/company being created. An article of association is a document that specifies the regulations, and operations of any corporate entity. This with the Objects of Memorandum makes up the constitution of a business/company.
Step 8: Now we are almost done! Select the documents you wish to obtain, and click on “Save and Continue”. While you must request for at least a copy of both “Application for registration” and “Article of association”, it is wise to request for two if you have a partner.
This is because all documents to be delivered are original copies, as such it is wise if both of you have an original copy to yourself.
Step 9: Preview all the details you have entered, then proceed to payment. Amount to be paid depends on the number of documents requested. However, initial amount for registration is ₦20000 for all businesses below ₦1 MILLION (as at the time of writing).
Step 10: Once payment is complete, return to your dashboard by clicking “Return to home”. On your dashboard, go to “Company Registration” >> “My Registrations”, then click on “Stamp Documents”, on the next page, click on “Request New Assessment” to pay for stamp documents.
When payment is successful, the “Check Status” button will be replaced with a “Documents” download button.
Download the stamped “Application for Registration” and “Article of Association”. Congratulations you have completed your business Registration.
How to Register An Enterprise
Are you here to learn how to register an enterprise in Nigeria? If yes, this tutorial will explain the simple but trusted steps on how to incorporate a business enterprise within a few days.
Informatively, there’s nothing better than establishing a venture and incorporating such a business enterprise with the Corporate Affairs Commission (CAC) so that it can be recognized as a legal entity in the country.
So whatever business you’re planning to venture into, you’ll the following steps to register it as a legitimate business enterprise.
Steps To Register A Business Enterprise in Nigeria
Step #1: Business name suggestion
Before you can register your enterprise in Nigeria as a legal entity, you must have find a unique business name your enterprise will answer.
Hence, it’s advisable you choose a business name that is relevant to your business brand, unique and at the same time, easy to remember and pronounce.
Once you’ve gotten a unique business name for the proposed business venture, up next is you heading to the nearest Corporate Affairs Commission (CAC) office in your state
Step #2: Visit the Corporate Affairs office
When you get to the nearest CAC office in your state, you’ll be asked to buy and fill a document known as the Availability Form (AC1) for an affordable fee not up to N500.
Kindly fill in all the required spaces with your real details like name, address, the business name your enterprise intend to answer, etc.
However, if the Availability Form looks confusing, endeavor to contact any of their staff for clarification. They will be more than glad to do so.
Step #3: Chosen business name availability
Although this step has nothing to do with you, it’s meant for the CAC officials. After you must have filled and submitted the AC1 form, they will check their database to see whether or not your chosen business name is available.
If you choose a unique or abstract business name, you wouldn’t have any problem. But if you go for the popular names, you’re likely going to repeat step 2 again and again.
Note: Make sure you photocopied your form before submitting it because that’s what they’ll use to trace the original when you return in three days’ time.
Step #4: Register Your Enterprise
After three days of submitting the Availability Form, check back with the agency to known if your proposed business name is not in use.
Should the chosen business name is available, then kindly go-ahead to incorporate it with the CAC immediately.
However, you’ll be asked to pay some amount of money for the business registration. For limited corporations, the amount is quite different from the partnership or corporative and other business entities.
Step #5: Go for Attestation in High Court
Take the form to any federal or state high court available in your state for attestation. Once the attestation letter is well received, endeavor to head back to the C A C office for submission.
Step #6: Certificate of Registration
After you must have followed all the above-mentioned steps on how to register an enterprise in Nigeria, the next cause of action is to collect your business enterprise certificate of registration. And voila…that’s all!