How to go about your business registration in Nigeria for entrepreneurs. Registering your business in Nigeria is one vital decision you must make provision for before taking off properly with your dream business to avoid upheaval and disruption of any kind.
Business owners usually pay little attention to having their entities registered, experts and experienced entrepreneurs suggest they may have a lot to lose than gain for their inaction of business registration.
The first thing that qualifies you to be an entrepreneur is to own a business that legally exists. According to an expert and business analyst Mr. John Iwuoha, some persons may just be ignorant of what it means to have a registered business, while others are concerned about the cost of registering it.
“For some of these people, it’s just plain ignorance, they don’t know or understand the importance of getting a business registered. Thus the importance of this on financengr.
The truth is you can execute your registration yourself online, however will still need to appear at the Corporate Affairs Commission (CAC) Agency empowered by the Company and Allied Matters Act 1990 to register business operations in Nigeria. Registration can still be carried out through your lawyer on your behalf.
Common business registration types in Nigeria
- Business Name Registration
- Private Limited Company (LTD)
- Public Limited Company (PLC)
- Company Limited by Guarantee (LTD/GTE) etc
BUSINESS REGISTRATION: BENEFITS–
A. It gives your business a unique identity and conveys seriousness in its dealings
B. It’s used in opening corporate account which allows your clients to make payments into your company account
C. Having your business registered is a major criteria for accessing government loans and grants.
Basically there are two common business registrations in Nigeria namely Business Name Registration and Private Limited Company.
BUSINESS REGISTRATION: REQUIREMENTS–
. Valid ID card
. Passport photographs
. Utility bill for PVR (Premise Verification Report)
. Directors ID card in case of Limited company
. Three names to be searched
. Memorandum and Article of Association (MEMART)
. Fee about N20k for Business name registration while Limited company is dependent on the number of shares to the upward of N60k
BUSINESS REGISTRATION: STEP BY STEP APPROACH
1. Check the availability of the proposed name to be registered on https://www.publicsearch.cac.
2. Complete pre-registration form CAC 1. Online usinghttps://www.new.cac.gov.ng complete the forms in capital letters and avoid errors.
- 3. Make the following signed and scanned documents available for uploading: Form CAC1.1
- Memorandum and Article of Association (MEMART)
- Recognized form of identification for Director(s)/Subscriber(s) and Secretary
- Evidence of payment to CAC
4. Upload the scanned documents for processing on https://www.docupload.cac.gov.
5. Submit the original copies of the documents uploaded (Form CAC1.1, MEMART, etc) to the CAC office you had selected in exchange for your certificate and the Certified True copies of the documents.
BUSINESS REGISTRATION: HOW TO CHECK IF A COMPANY IS REGISTERED
To check if a company has been registered go here https://www.publicsearch.cac.
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Business registration is very key, having completed the process your business name should be ready within 14 days or more. It will save you a lot of stress ahead. Do not wait to have issues before you give it a thought
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.