Do you know, it’s illegal to do any business in Nigeria without due registration with the Corporate Affairs Commission of Nigeria (C.A.C)?
C.A.C is a government agency that’s authorized by law to register and issue certificates of registration to all legitimate businesses operating in Nigeria.
Thumbs up, if you have already registered your business! Having a firm that’s duly registered with the Corporate Affairs Commission means that: You can now do business in Nigeria without any hindrance.
You will no longer find it difficult to obtain loans from banks and other financial institutions in the country.
Also, those big companies and Government ministries which in the past have turned down your application for contracts simply because you didn’t register with C.A.C will no longer do so.
Therefore, if you want your business to be seen as legitimate, please, go to the nearest offices of the Corporate Affairs Commission and get it registered fast.
There are different categories of businesses you can register with the Corporate Affairs Commission and these are as follows.
Types of Business Registration with (CAC) In Nigeria
BUSINESS NAME REGISTRATION.
The name you give to your business is what people will know it for and it is what they will use to identify it in the marketplace. Choose a name that’s unique and it should be market-friendly.
Also, don’t just stop at having a good business, try as much as possible to get it registered with the Corporate Affairs Commission, or else someone may take it up and start using it to make money.
The benefit of registering your business name is that no other person can take up the name you have invested a lot of money, time and effort to promote/advertise over the years. And whoever steals your business name can be sued in the law court and you can claim some damages.
Registering your business name in Nigeria is very cheap, easy, and simple. With at most N25, 000 you can get your business name registered either as an enterprise or a venture. Business name registration does not require the services of a lawyer and within three weeks your certificate will be out.
Requirements for Business name Registration:
1. One passport-size photograph.
2. Two names you want your business to bear.
Please NOTE: The two names you have chosen for your business must be unique. Not common names other people have used before, names like Yemi Enterprises, Divine Ventures, etc.
Submitting names others have used may lead to your application form being rejected at the C.A.C office, thus resulting to delay.
So try as much as possible to come up with unique names that will not be rejected.
Also make sure the two names you are submitting to C.A.C are not related to any certain professional disciplines like engineering, consulting, finance, etc; you may be required to provide a professional certificate to back up your application.
COMPANY REGISTRATION ( Limited Liability)
Registering your business as a company with C. A.C is also very important if you want to transact real business with governments, financial institutions, and other big companies in Nigeria. Having your business registered as a company means that your company has become a separate legal entity that can sue and be sued for damages in the law courts.
REQUIREMENTS FOR LIMITED LIABILITY COMPANY REGISTRATION
After purchasing the company registration form, you will need to provide and include the following information in the form for official use at C.A.C.
Three possible names, you have chosen that your company will be called and they must be stated then in their order of priority.
Provide the names and addresses of two people (minimum) you have chosen to be directors in your company.
The registration form must be signed by you and the two directors.
After which, you can now submit the completed form to the C.A.C office for processing and in 30 days your certificate of incorporation will be ready for collection by you.
COST REQUIREMENT FOR BUSINESS REGISTRATION
The most important factor that determines the amount of money to be paid as fees for registering a company at the C.A.C office in Nigeria is the total number of share capital you want to register.
For example, registering a limited liability company with a share capital of 500,000 to Eight million units will cost you between N100, 000 to N350, 000.
The cost includes Corporate Affairs Commission charges, stamp duty fees, fees for a name search, and professional handling fees a lawyer will charge you.
I will like you to know that in company registration, the services of a lawyer are highly needed to help draft and process relevant legal documents.
In this article, I have stressed the need, importance, and benefits of business registration in Nigeria and I strongly believe that any serious entrepreneur who wants to succeed in business will not take registration of business for granted.
I urge you once more to start processing your business registration NOW! Failing to do so will mean that nobody will take you and your business seriously.
And don’t complain when entrepreneurs like you, obtain loans from banks and get contracts worth millions of Naira from big companies in Nigeria.
For expert registration service and other inquiries, please, email me at email@example.com or simply call 08081632025.
Also, please, help me share this important information with friends on Facebook, Twitter, and all other social media. I want you to know that as you show others the way, you too will not be stranded in life.
I wish you forward every movement in achieving your set goals in life.