How to Register A Company in Nigeria – Do you have a business or want to establish one? Consider registering your business name today with the Nigerian Corporate Affairs Commission.
Corporate Affairs Commission was established by the Companies and Allied Matters Act , which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.
The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible and administration of the repealed Companies Act of 1968.
You can register your business name in Nigeria with or without a Lawyer. Just follow the instructions below. After registration, your business becomes your sole property.
You should know that your registered business name is one of your most important business assets and automatically there is a trademark protection to the business in the state and federal level. No other person will be allowed to use that business name of yours for any commercial transaction without your direct or indirect consent. The process of business name registration is very simple and straight forward.
Depending on the magnitude of your business, you can register it all by yourselves without the need of a Lawyer. The categories for business registration in Nigeria are:
(a) Business Name Registration
(b) Private Limited Company (LTD)
(c) Public Limited Company (PLC)
(d) Company Limited by Guarantee (LTD/GTE)
(e) Unlimited Company (ULTD)
(f) Incorporated Trustee
Step-by-Step on How to Register a Company in Nigeria:
- Choose your business name: Take your time and be sure that your business name is highly related to the product you want to produce/sale and/or services you want to render. Choose your business name wisely. Read on How to Name Your Business
- Visit Corporate Affairs Commission (CAC): At the CAC, you will be given a business name search form (Form008). This form is used to search for business name availability. Fill in the form appropriately and submit it. Payment of filling fees at the corporate affairs commission at the time of writing this article is N500. This form acts as an application for business name registration and should clearly state the business name that you intend to register.
- Visit Corporate Affairs Commission (CAC) after some days: business name search usually takes about a week. If your business name is not available you repeat step 1-3. If your proposed business is available, Collect another form called Registration of Business Name (Form001), fill it and proceed to payment of the registration fee which at this time cost N10, 000 only. Upon payment of the registration fee, collect affidavit/attestation form and proceed to the any magistrate court nearer to you for endorsement by the court magistrate. Here you will pay N250 only as court fees.
- Collect your business name certificate of registration: You are done with business name registration in Nigeria. You can then think about incorporating it to either Ltd or PLC.