It is largely known that Nigeria is an entrepreneurial country with a huge labour force and a lot of business opportunities.
The registration with CAC gives businesses legal personalities and legal ownership to the business owners thereby enforcing brand credibility and visibility. Business Name registration is the easiest and less expensive type of business registration in Nigeria.
What are the benefits of Business Name registration in Nigeria
- legal recognition of the business
- Complete control over the business
- The profits and losses are acquired solely by the proprietor.
- business decisions are borne privately by the sole proprietor
- Business starts off immediately as it requires few documents
- Personal attention to the needs of the different consumers
- Personal income tax is only accrued.
What are the procedures for Business Name Registration?
- Conduct a search for the availability of the Business name you chose via the CAC portal (https://www.cac.gov.ng/)
- Choose the name you want to register as the Business after confirmation of availability on the CAC portal
- Fill in the required information on the registration form.
- Upload the required documents and click submit.
- Make payment via the CAC portal.
What are the requirements for Business Name Registration?
- Valid ID
- Detailed address of the registered office
- Details of head office and branch office (If there is any)
- Details of Proprietor (Home Address, Phone number, email address, Nationality, Date of Birth)
- Nature of Business
List of documents to Upload for CAC Business Name registration
- Valid ID Card
- Passport Photograph of proprietor
- Proprietor's Signature
To view the article in full click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.