It is compulsory to register your business name if you want to run a legal business, do business with government parastatals and partners with some companies here in Nigeria. The benefits of registering your business with CAC cannot be over-emphasized.
Most business owners and intending entrepreneur assume business registration is a difficulty task and at the same time costly BUT this is a wrong notion.
There are quite a number businesses in Nigeria running and carrying out daily transaction and affairs without the proper step of being registered with the Corporate Affairs Commission (CAC). The truth of the matter is that most of these businesses not being registered is not in any way an attempt to defraud the government or anyone neither is it an attempt to not pay taxes. The simple reason why so many businesses are not registered is because they don't know how to go about the registration.
At Learning Groove Int’l, we have uncovered the steps to register your business name and collection of your CAC Certificate within 9 Working Days with CAC in Nigeria.
Check for availability of the Business Name
Complete pre-registration form – CAC-BNo1
Pay filing fee.
Prepare the signed scan copy of your pre-registration documents for upload as follows:
Upload the scanned documents for processing.
|S/N||Subject||Fee In Naira|
|1.||Reservation of Name||N800.00|
|2.||Registration of business name||N13,500.00|
|3.||Filing of notice of change of business name||N6,500.00|
|4.||Filing of notice of change in business address||N1,650.00|
|5.||Filing of notice of change in proprietorship||N1,650.00|
|6.||Filing of annual return||N1,650.00|
|7.||Filing of notice of cessation of business||N1,650.00|
|8.||Filing of other documents (miscellaneous)||N1,650.00|
|9.||Search on business name file||N1,650.00 per business name file|
|10.||Certified true copy of business name certificate of registration||N6,500.00 per business name file|
|11.||Certified true copies of other documents||N2,000.00 per document|
|1.||Reservation of Name||Same-day for all requests submitted before 5.05 pm|
|2.||Registration of business name||Twenty four (24) Hours|
|3.||Filing of notice of change of business name||3 Working Days|
|4.||Filing of notice of change in business address||3 Working Days|
|5.||Filing of notice of change in proprietorship||3 Working Days|
|6.||Filing of annual return||3 Working Days|
|7.||Filing of notice of cessation of business||3 Working Days|
|8.||Filing of other documents (miscellaneous)||3 Working Days|
|9.||Search on business name file||Twenty four (24) Hours|
|10.||Certified true copy of business name certificate of registration||Twenty four (24) Hours|
|11.||Certified true copies of other documents||Twenty four (24) Hours|
You will attract investors and raise money for your business will be easier. Investors are likely to invest in a registered company rather than an unregistered business that has no formal structure in place. If your business is registered, you can raise money by equity financing, which involves selling shares in your business to prospective shareholders, angel investors or venture capitalists.
Your business reputation and prestige is enhanced. It gives third parties including customers, clients and contractors a sense of confidence and also may increase your business. If you are a contractor, you may also find that some government MDAs and companies will only do business with incorporated entities. People will perceive your business as being more stable than unregistered business
Registering your company gives you the ability to borrow money from institutional lenders or commercial banks to finance your business. Lenders and credit institutions will want to see proof of your business registration with the Corporate Affairs Commission as condition precedent to extending credit to your business. You can use debt financing as a tool to increase the growth of your business.
Operating a business bank account is an important asset to your business because it enables you separate personal activities from business activities. You need to provide proof that your business is registered with the Corporate Affairs Commission to open a corporate bank account in Nigeria.
Registering your company enhances your brand image credibility and perception of your business. This has the effect of improving your business future dealings with third parties, as many businesses will only hire or engage with registered companies rather than individuals.
Once your business is registered or incorporated with the Corporate Affairs Commission, your business name is protected and nobody can use the same name or even a name that is similar to it throughout Nigeria. This has the benefit of legally protecting your corporate image and business name from passoff or unauthorized use.
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Hey, We can handle all your business registration queries. We can register your business names, companies and send your documents to you anywhere in the world. Talk to us today for anything related to registering your business below:
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