How to Register a Business Name with Corporate Affairs Commission (CAC) in Nigeria in 2024

Introduction

Registering a business name is an essential step in establishing a legal entity for your business in Nigeria. The Corporate Affairs Commission (CAC) is the regulatory body responsible for the registration and regulation of companies and business names in Nigeria. With the enactment of the Companies and Allied Matters Act (CAMA) 2020, the process of registering a business name has been streamlined to make it more efficient and transparent. In this article, we will guide you through the steps involved in registering a business name with CAC in Nigeria, in accordance with CAMA 2020.

Step 1: Choose a Unique Business Name

The first step in registering a business name is to choose a unique name that is not already in use by another business. The name should reflect the nature of your business and be memorable to your target audience. It is important to conduct a search on the CAC website or visit their office to ensure that the name you have chosen is available for registration.

Step 2: Complete the Business Name Registration Form

Once you have chosen a unique business name, you need to complete the Business Name Registration Form. This form can be obtained from the CAC website or their office. The form requires you to provide information such as the proposed business name, the nature of the business, the address of the business, and the names and addresses of the proprietors.

Step 3: Pay the Required Fees

After completing the registration form, you will need to pay the required fees for the registration process. The fees vary depending on the type of business and the authorized share capital. It is important to check the CAC website or contact their office to determine the exact amount to be paid. The fees can be paid online or at designated banks.

Step 4: Submit the Registration Form and Supporting Documents

Once you have paid the required fees, you will need to submit the completed registration form along with the supporting documents to the CAC office. The supporting documents may include a copy of the applicant's valid means of identification, passport photographs, and any other documents required by the CAC. It is important to ensure that all the information provided is accurate and up to date.

Step 5: Verification and Approval

After submitting the registration form and supporting documents, the CAC will verify the information provided and conduct a search to ensure that the proposed business name is available for registration. This process may take a few days to complete. Once the verification is done and the business name is approved, you will receive a Certificate of Registration from the CAC.

Step 6: Obtain Tax Identification Number (TIN)

After obtaining the Certificate of Registration, you will need to obtain a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS). The TIN is a unique number assigned to businesses for tax purposes. You can apply for a TIN online or visit the nearest FIRS office with the required documents.

Step 7: Open a Business Bank Account

Once you have obtained the Certificate of Registration and TIN, you can proceed to open a business bank account in the name of your registered business. This will enable you to carry out financial transactions related to your business and separate your personal finances from your business finances.

Conclusion

Registering a business name with the Corporate Affairs Commission (CAC) in Nigeria is now a more streamlined and efficient process, thanks to the Companies and Allied Matters Act (CAMA) 2020. By following the steps outlined in this article, you can ensure that your business is registered in accordance with the law and enjoy the benefits of operating as a legal entity. Remember to consult the CAC website or visit their office for the most up-to-date information and requirements for business name registration.