So Today we are going to be looking at how to register a business in Nigeria without breaking the bank. I feel this is very necessary because Nigeria as our country is a place where over 40% of the citizens survive by hustling. This simply means Nigeria is a home of Entrepreneurs.
How to Register A Business In Nigeria Today
In order to be able to register a business successfully, there are a few things you must provide and i will list these below!
1. Internet Connection
2. Passport Photograph
3. NGN 11,000 (For printing, scanning and fees)
4. A Government Issued ID (Drivers license, Voter’s card, International Passport)
5. A Laptop/Smartphone
6. You need to have at least 2 possible business names to chose from.
Steps to Register A Business in Nigeria Today
In order to register a business, you are going to ensure you follow these instructions step by step as you might spend more than necessary if you miss the steps highlighted here
CAC is an acronym for Corporate and Allied Matters Commission. It is an agency established in the year 1990 by the Nigerian Government to manage and regulate companies according to the laid down principles in the Corporate and Allied Matters Act of 1990.
As soon as the page loads completely, you are going to see a page as shown below.
Quickly start by creating an account with your email address and verify this account as you may not be able to do anything regarding business name registration without having a user account on CAC website
So let’s proceed with step 2 below
Now that you have seen the CAC Services page, the first thing you are going to do is to find out if the business name you intend to register is actually available and you can do this by clicking on “Search Now” located just below Step 1 of the cac dashboard
Remember that in step 2, you clicked on Business name search which allows you check if the business name you are about to register already belongs to someone else.
Now lets do the search properly
Lets assume i want to Register “BIDEN ENTERPRISES”
The next thing i am going to do is enter the name of the enterprise on the page that opens after i clicked on “Search Now” in step 2 above.
Now enter the business name you wish to register (Biden Enterprises)
Click on that “I’m not a robot“
After a while, you will get a page with a fields:
||DATE OF REGISTRATION
See Also: 5 Easiest Ways to Earn a Living in Abuja With Little Investment
Now if there are no entries on the fields; RC number, Company Name, Address, Date of Registration, it therefore means the business name is not owned by anyone, thus you can proceed with the registration.
Now lets proceed with step 4
Now that you have searched for the business name and obtained an empty response showing its available for registration, the next step is reserving the business name for yourself.
In order to reserve your business name, go back to CAC Website and place your eyes on the page of the dashboard that says ” RESERVE NAME”
As the page opens, you are required to;
Click on Classification field and select Business name
Click on Specific Type and select Business name (Autofills in some cases)
Proposed Names: Enter the business name you searched and found available and another one that is related to it.
Click On Save and Continue
As soon as you click on save and Continue you are going to be taken to other sections like the Objectives of your business, your personal details and finally, you are going to pay NGN600 Via Remita (You can actually pay with your bank card)
Note: Do not forget to enter the Objectives of the business you are about registering
On Paying NGN 600, you are going to receive a “Name Availability Code” which is going to be required to complete the other aspects of the registration.
This Name Availability Code comes after some hours but if you make your payments before 2pm Nigerian time, you are certainly going to get it within 4 hours.
Lets assume you have received the Name Availability Code after 4 hours, the next step is to complete the registration process.
In order to complete the process, quickly place your eyes on “Pre-incorporation section of the Dashboard as shown below
Presenter’s Data: Enter Your Bio data, contact details, etc
Business details: like the Date you started the business, location of the business (Address, Phone) etc
Particulars of Proprietors: Just enter your name if you are the sole owner of the business or the name of everyone involved in the business. Maybe your partners.
Nature Of Business: Requires you to write a brief description of what your business entails
Documents: Simply Asking you where you would like to pick up the document. You are to specify of you need extra copies of the registration papers. The number of copies you specify would determine what you pay at the end of the day.
After Reviewing, you proceed to payments via Remita
As soon as you are done paying on Remita, you are going to get some extra forms
You are to print these, fill up, attach a passport photograph and scan to your phone or email if you are in a business Centre.
If you followed these steps correctly and paid great attention to the last step so as to sign the printed document and attach your passport photograph appropriately, your certificate should be ready for pickup after a few days.
Just ensure you go to the CAC office you selected with your proof of payment and pickup your certificate.
Conclusion – How to Register a Business in Nigeria
From this small page, we have learned how to register a business in Nigeria without breaking a bank or spending much. It is however very important to remember that while others around would charge some NGN 25,000 – NGN 50,000 to do this, you could achieve same with less than NGN 16,000