Everyone is always talking about opening a business in Nigeria but no one is talking about how to register a business in Nigeria, it’s a must to register your business if you want to run a legally and don’t want government agencies to avoid going into partnership and also collaboration with big companies here in Nigeria.
You are planning to start a business in Nigeria or possibly you run a business that is not currently registered. It is advisable to quickly register your business before someone else does.
I’ll be highlighting on several steps to register your business in Nigeria. The corporate affair commission also known as CAC is the governmental body responsible for registration of businesses and corporate companies in Nigeria.
Registering a business in Nigeria is fast, cheap and very easy if you know “how-to” .You do not need the service of a legal practitioner before you can register your business– You can do it all by yourself.
The purpose of this article is to guide intending entrepreneurs and business owners who wish to register their business in Nigeria with the corporate affairs commission without spending much.
Types of business you can register in Nigeria
- Business Name: Sole Proprietorship.
- Private Limited Company (LTD).
- Public Limited Company.
- Company Limited by Guarantee.
Why is it important I get my business registered?
- You get easy access to loans and grants.
- To be able to use your business name to open a bank account.
- Top government organisations do not give out contracts to businesses that are not registered with the corporate affairs commission.
- It makes you a legitimate business owner.
- To prevent someone else from registering your business.
How to register your business in Nigeria.
You can do your business registration online or offline either way you will have to complete the final registration by visiting the office nearest to you.
Steps to register online
Surf to the corporate affairs commission website @ cac.gov.ng and search for your proposed business name you wish to use.
Click on create account to register with the corporate affairs commission website.
Log in to the corporate affairs commission portal with your username and password.
Choose a preferred name with another one in case the first is not accepted.
Fill in the business information you intend to register and submit.
After submitting you will be required to pay a sum of 500 naira for the name reservation with your visa/mastercard or through the bank. Once you have successfully made payment you will have to wait for 24 to 48 hours to check if the name has been approved .
Once the name has been approved you will be required to pay the sum which will be indicated below the final registration.