The current procedure and steps for the registration of business names and company registrations reflect the government commitment to ease the means of doing business in Nigeria as registration can be done online in the comfort of your home. Therefore an individual can register a business name online himself or herself at the CAC’s portal because of its less formality and a lawyer may also be hired to carry out the registration, especially where the business involves more than one proprietor and a partnership deed stipulating the agreements between partners or proprietors required to be drafted and duly filed with the CAC.
Section 861 of the Company and Allied Matters Act makes it illegal for a Company, Business name or Incorporated Trustee to commence operation without first being registered. However, there is an exception on the part of a business name, as the Act allows a business name to operate for a period of 28 days before registration.
The first important thing to do before proceeding with a registration of the business name is to gather the necessary requirements or documents to be used for the registration.
Requirements for Registering a Business Name include :
v Registering an individual account in the CAC Portal.
v Passport Photograph
v A government Identity card such as Drivers Licence, International Passport, Permanent Voters Card, NIN/ National ID card.
v Partnership Deed ( Where necessary)
v Proficiency certificate(Where necessary)
v First, an applicant should apply for an availability check and reservation of the proposed business name through the CAC Portal.
v In the selection of a name, make sure you use a unique name to avoid being rejected. Doing a public search on the site can assist you in selecting the right name.
v Applicant should now proceed to fill all necessary columns rightly in the Statutory Form (FORM BN1) and submit it appropriately. After the successful filling of the form, the applicant is to proceed with the payment of the necessary fees.
v When the name has been approved, go on to register the Business Name by clicking on the continue button o simply start a new registration with the Approval number.
v Applicant must fill Statutory application form on the site and thereafter submit or upload the required documents in the upload section.
Foreigners willing to do business in Nigeria cannot do so through business name registration, as foreign participation in Nigeria’s business entails different legal requirements.
If you have questions and need assistance in any area of law, please call: 0803 572 8635
Ajukwaeke Sandra, LLB, BL, AICMC
A seasoned legal practitioner with keen efforts specialized in Corporate / Commercial Services, Intellectual Property, and Property Law/Management Services.