Business name, also known as an enterprise is covered under Part B of the CAMA.
A business name is a fastest and most convenient form of doing business by a sole proprietor or partnership in a more recognizable form. The registration of a business name can be done by a sole proprietor or partners.
Section 574(1) CAMA makes it mandatory for every firm, individual or corporation required to be registered under Part B, to be registered within Twenty-Eight (28) days from the date of the commencement of the business for which registration is required.
The Corporate Affairs Commission (CAC) has extended the reduction of the cost registration of business names to N5,000 till 31st March, 2019. The Commission stated that it took this decision to deepen the benefits of its reform initiatives. The cost reduction went from N10,000 to N5000 for 90 days from October 1 to December 31 but has now been extended to March 31st.
This strategy is aimed at creating an avenue for micro, small and medium enterprises (MSMEs) to formalize their businesses which will enable them own coporate account with banks, have access to loans, grants and other government interventions. CAC added, “Members of the public are expected to take advantage of this to register their business names at a cost of N5000 after the name reservation of N500.
How do I register my business name? The following are the steps you need to take inorder to register your business name with the Coporate Affairs Commission:-
- First, an applicant should apply for availability check and reservation of the proposed business name through the CAC Portal.
- 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
• Subsequently, the applicant must print Business Name FORM BN and sign and date the required aspects of the form.
Applicant must now submit or upload the duly completed statutory form together with two sized passport photographs
Below are the documents to be uploaded:
– Availability Printout —– (It is the same as the Approval Note).
– Statutory Form (FORM BN 1)
– Proficiency Certificate (where applicable)
– Means of identification
– Payment Receipt.
Finally, after the registration of the business name, the following documents would be given back to the proprietors by the CAC:
– Original Certificate of registration of the business name
– CTC of the Application for the Registration of the business name
Meanwhile, a business name of more than one proprietor may choose to file a partnership deed with CAC after completing the registration process.
Business name registration is faster. If the applicant provides all the required information, it takes just within 48 hours to register a business name in Nigeria.
The cost of business name registration in Nigeria
The CAC official filing fee for the registration of business name in Nigeria is N10,000 (Ten Thousand Naira Only). However, where an accredited agent is engaged by the applicant for such registration, the agent will also charge a professional fee for the services to be rendered.
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