Let’s take a deep dive into the process to registering for a business name with the CAC of Nigeria.

1. Choose a Business Name and Check For Availability

Choosing a business name can be quite tasking sometimes. Your business name needs to be identified with a brand name. It is important that you pick a name that is relevant to your business.

You should do a quick search on the internet on the names you choose and have up to three backup plans. This is to ensure you have at least chosen the names that are not in use to the best of your knowledge.

You can also use a platform like Namelix, a digital tool to help with finding a name that fits your business.

2. Complete Your Pre-registration Form to Register Your Business Name

In the past, business name reservation at the CAC took days before it came back with a result. Today, it only takes the same day if you submit your request before 5 pm and it costs just NGN500.

Once you wrap up with the name reservation, you can then proceed to the registration of your business name properly. Using the online registration portal, you will have to complete a pre-registration form (CAC-BNo1). 

3. Pay For a Filing Fee

Upon payment of the filing fee, you will receive a receipt of payment. Note, you can make Payment directly from the website portal or straight to the bank. The cost of business name registration depends on the type of company you are trying to register.Read this -  Foreign Direct Investment: Meaning, Types, and How It Impacts Economic Growth

4. Prepare Your Documents For Upload

You will need to prepare a signed copy of the pre-registration documents and upload a scanned copy to the website for processing. The following are the requirements for registering a business name.

• Application form
• Filing fee receipt
• Means of Identification for the proprietors of the business.

5. Submit the Original Copies of Your Documents

You will have to submit the original signed copies of documents uploaded in step 4 to the CAC office. You will do this in exchange for your certificate and the Certified True Copies of the documents.

How Much Does it Cost to Register a Business Name in Nigeria?

1. Registration of a private company with an authorized share capital of N1m or less, costs N10,000
2. Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company.
3. Private company registration above N500m authorized share capital costs N7,500 for every 1m shares of the company.
4. Public company registration for the first 1m share capital or fewer costs N20,000
5. Registration of a company not having a share capital costs N20,000

Source: https://www.investsmall.co/