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How to Register A Business Name In Nigeria


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 Registering a business name is as essential as setting up a business, Proper registration is important but entrepreneurs and small little business owners neglect this to their detriment. good number of this small business owners think it’s not important and some who think it’s important also assume it’s a difficult task. But the truth is that the importance of registering a business can never be over-emphasized.
For individual business owners agencies, or other business owners when it comes to doing business with them will never consider you or your proposal important if your business is not a registered one.• Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.
People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
• Moreover, if you have a business idea and you go ahead and register the business name, even if you spend 2 years perfecting the plan and raising the capital, for it, those 2 years from when the business was registered can count for you as years of experience.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.

HOW TO NAME A BUSINESS
What's in a name? A lot, when it comes to small-business success. The right name can make your company the talk of the town. The wrong one can doom it to obscurity and failure. Ideally, your name should convey the expertise, value and uniqueness of the product or service you have developed.

READ ALSO: Easy Steps To Obtain An Export License In Nigeria


FACTORS TO CONSIDER BEFORE NAMING A BUSINESS

Your business name needs to be original, legally available and it must be able to represent you and what you do for many years to come. here we are going to focus on five things to consider when brainstorming your business name.
1. DON'T CHOOSE A NAME THAT WILL LIMIT YOUR BUSINESS
Are you starting your business with the intention of selling it down the track? Lots of soloists name their business after themselves but if you plan to sell, it is better to come up with a more generic name.
Another reason for using a generic name is that although you probably have a good idea what your business intends to do in its first year. My experience of dealing with businesses is that what they start doing and what they end up doing may be totally different.
Don’t limit your business to a confined geographical area, here geographical area refers to extent you desire a business to go, across a city, state, country, continents or across the globe, don’t limit your business by confiding it to a particular geographical area, example why will I name my media business which I intended to take across Africa and the rest of the world “NIGERIA BEST MEDIA” one can actually limit a business with a name.

2. THE TYPE OF BUSINESS
 Also its importance for one to grab hold of the type of business he intend before naming a business, a business name is suppose to convey the meaning, goal and aim of a particular business. Other things to consider is

3. TYPE OF SERVICE ONE OFFERS
4. TYPE OF CUSTOMERS.
All this is to be considered before naming a business.
 REGISTRATION OF A BUSINESS NAME IN NIGERIA.
Registration of a business name is done under the cooperative affair commission (cac)
ABOUT CAC
CAC logo

: The Corporate Affairs Commission (CAC) was established by the Companies and Allied matters act,which was promulgated in 1990 to regulate the formation and management of companies in Nigeria. The CAC is in charge of registering businesses in Nigeria. They have offices all over Nigeria.


READ ALSO: Trade Mark Registration In Nigeria- The Step By Step Guide


Registering a Business name
If you want to register a business name, you can do it in 2 ways.
• One is to engage the services of a lawyer and he will get it done for you with about N10,000. But for serial entrepreneurs that do have number of ideas this doesn’t work best as the amount above will be renewed anytime you want to register another name, but following the simply steps below will be a lot easier.
 • the second option is to walk into any CAC branch In Nigeria and register a name yourself. Yes you can register a name yourself but the trouble is that if you don’t know this secret am about to expose, you will spend months even years trying to register just one business name.
C.A.C FORM
Once ready to register your business name with the corporate affairs commission, the first thing you should do is to go to their office nearest to you, request for NAME RESERVATION FORM  
 which costs just five hundred naira, in this form you are required to fill in your name, address, your desired business name, and the type of business you want to  register. You will also be required to choose two business names. The reason is that if one is not available, they can reserve the other for you. If none of them is available, you will need to do it all over again. You will have to pay the N500 again.

How long does it take to reserve a name with CAC?

It takes less than 2 weeks  when you ask for a name reservation, it takes about 2 weeks before the results are returned. It is sometimes as fast as one week or 10 days but it generally takes 2 weeks. But can take longer if your required name is not available repeatedly, but one can top that from happening, and that is by choosing a name no one would have chosen and that still take me back to factors to consider before registering a business. If you choose just any name, I can assure you someone has registered it.
Names that stops with “ventures”, ”enterprise”, “consulting” and the rest have high tendency of not being available so be creative in choosing a name for your business.

READ ALSO: How to Open A Cooperate Account For Your Business


 REQUIREMENTS
_ The details of a partner (you cannot register alone, add someone…
anyone)
_ The partner’s photographs.
_ 2 passport photographs
_ Your address (you can use your home address)
_ Telephone number (use GSM)
_ Local government area and a few other requirements.

FESS FOR SOME SERVICES

Registration of Business Name =N=10,000.00
Change of Name =N=2,000.00
Business Name Search =N=500.00.
Change of Partnership =N=1,000.00
Change of Address =N=1,000.00
Certified True Copy of a Business Name Certificate =N=1,000.00
Filing of Annual returns =N=300.00
Business Name Registration Form =N=250.00
VISIT THEIR WEBSITE@www.cac.gov.ng for more information 



Over to You

That’s it from my side and if I have missed any important one, let me know through comments. If you don’t agree with any of these methods or want some proofs on how they work, let’s start the discussion now
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