Let's Handle your CAC BUSINESS NAME REGISTRATION and avoid your application being denied, avoid wasting your money paying multiple times for name reservation, avoid your registration being queried as well, and get your Name Registration and Business Name Registration Approved at once within few hours.

_Enjoy the PROMO OFFER to register your business name (this is valid only till March 31st, 2019) and get your certificate collected at CAC office in less than a week._

Contact ARKTIVE CONSULTS (RC 2738007) us on WhatsApp via;
https:///2348184355474 or Call us on 07033255396.

Or join our Premium WhatsApp Group for more engagement via https:///K3uTBjUcMhIIMWcGCKv7ox

Please SHARE with your Network!

PROMO! PROMO!! PROMO!!!

Register your BUSINESS with Corporate Affairs Commission (CAC) within 3/4 working days. Enjoy the FG'S Discount now. We're a click away;
https:///2348184355474 or Call us on 07033255396. ARKTIVE CONSULTS (RC 2738007).

We're on Instagram, Facebook and Twitter as @ArktiveEnt

Still on

GIVE YOUR STARTUP & EXISTING BUSINESS THE BENEFICIAL ADVANTAGE!

Let's help do the whole processes for Your Business Name Registration with Corporate Affairs Commission (CAC)
http://new.cac.gov.ng/home/public-notice-extension-reduction-cost-business-names-registration-50/

Grab this 50% SLASH - opportunity from the Federal Government now valid till March 31st, 2019!
Benefits of Business Name Registration for your Business are as follows:

1. Corporate Account Opening in Your Company Name.

2. Getting Governmental Loans and Grants.

3. Being on Record

4. Reputation with Customers.

5. It confers on your business legal personality status etc

Let's use our wide range of consultancy experience to *register your business name* processed in less than four working days and you go to your chosen CAC office to get your certificate afterwards.

Contact ARKTIVE CONSULTS (RC 2738007) on
07033255396 or https:///2348184355474

REGISTER YOUR BUSINESS FOR OPTIMAL VALUE - NEAR-FREE!

FG has extended the 50% discount on Business Name Registration with Corporate Affairs Commission till March 31st 2019.

Some Benefits of Registering your Business with CAC are:

1. Recognition by the Major Institutions i.e Government, Private & International Body.
2. Access to Public and Private Contracts.
2. Easy Procurement of Bank Loans.
3. Opportunity to obtain Bank of Industry MSME's Loan.
4. Ability to open Corporate/Bank Bank Account etc

At ARKTIVE Consults (RC 2738007), We're committed to give you the optimal service delivery in registering your company within few (3/4 working days). We also help register your Tax Identification Number (TIN) and other Corporate Affairs.

We're a click away;
https:///2348184355474 or Call us on 07033255396.

Please SHARE with your Network!

Welcome All!

Q & A session

Q1: What is a business name and why is it so important? 

Answer:
A business name is the name which a business trades under for commercial purposes. A business does not actually begin by formulating a business plan or opening a bank account. It starts from choosing a name. There is more to business name than just identity. A good business name is an advertising tool. Many large companies even hire expensive consultants to help them name their businesses, products and services.

Q2: I have this business name that I love so much, and I want to start a business under that name. Can I proceed immediately? 

Answer:
No. I think the next thing after you must have done a feasibility study on the business itself is to get the business name registered at the Corporate Affairs Commission (CAC).

Q3 What do you mean by Corporate Affairs Commission? 

Answer
Registration of business in Nigeria is the exclusive responsibility of the Corporate Affairs Commission, also known as CAC; which has its head office in Abuja, and branches in most states of the federation. The CAC is the federal government agency responsible for registration of all companies.

Q4: But I was told that the cost of registering/incorporating a company is expensive. Can't I go on with the business then register the name later? 

Answer
My candid advice is No! Having your business registered definitely confers some credibility on it, given that it then acquires an identity. In many important business activities or relationships you may want to get involved in, details of your business registration will be required. You do not have to wait for such occasions before getting your business into the register of companies - you may miss an important opportunity just for that omission.

Q5: Is that all? 

Answer
No. Using a business name similar or identical to that of a registered business name can land you into problems, including legal issues. Besides, if you have succeeded in doing business for several years under a name which has not been registered, that does not confer ownership of such business name on you. The CAC has to approve the availability of such a business name before you can proceed to file an application to get the name registered.

Q6: Does that mean I may forfeit a business name that I have been trading under and has become so popular in the marketplace just because I didn't register it at first? 

Answer
 Yes. Due to your negligence, someone somewhere might have registered that name or a similar one. This means you will lose all the goodwill that name garnered over the years. Do you see that this situation is more expensive?

Q7: I understand that the Corporate Affairs Commission rejects registration of some business names. What are the likely reasons for such actions? 

Answer
Good question! Officials at the CAC use their discretion in approving a business name submitted for search. Business names may be disapproved if such names existed or are similar to the ones on their database. At times, business names are disapproved due to their vague nature. Consider someone who submitted LAW FIRM as a business name!? More so, objects such as INSTITUTION, FOUNDATION and MINISTRY are not likely to be approved as a business name, except when such objects are used for registration of incorporated companies/trustees.

Q8: Do you mean business names, companies, and trustees are formats? 

Answer
Yes. It may be called business structures too. You will need to talk to an expert concerning this. However, let me give you a little of what you should know.
 
Three major classes of registration are available under the relevant law (the Companies and Allied Matters Act of 1990):
 
Registration of Business Names: This applies to sole proprietorships and partnerships. It is the simplest form of business structure. It is the one-man business, owned by a single person and called ‘enterprise' in the local parlance. The partnership applies to a business where two or more persons agree to jointly own and carry on the business. Given the fairly complex nature of partnerships, it is best to seek the services of experts to assist with the details.

Q9: How much does it cost to have my business name registered with the Corporate Affairs Commission? 

Answer
The fees depend on the accredited agent and how he bonds with you with his professional fees.
 
Q10: Do you mean having my business name or company registered with the CAC confers special rights or privileges or licenses to carry on my line of business? 

Answer
No. Registration of any business name under the Companies and Allied Matters Act only confers on the proprietor or partners thereof of the right to carry on such business under a business name, that is, a name other than their own surname or surnames without any addition other than their forenames or Names or the initial of such forename or names. It does not confer any special right or privileges or any license to carry on the business itself.

Via CAC Website

ABSTRACT, PRAGMATIC OR GENERIC BUSINESS NAMES?

As a branding creative, I found out people who often use Pragmatic names for their business usually face a painful challenge whenever they plan to scale or diversify in their business.

For instance, Business A started as a kitchen wares supplier and named their business BEST KITCHEN UTILITIES, after few years, they decided to add Homewares, Electronics and some other items. Their initial brand name became a problem after they had registered their business name and even gotten a trademark. It would have been better of as BEST HOMEWARES or BEST HOME UTILITIES which is generic.

Personally I love abstract names, look at Apple Inc. The word Apple is a fruit and has nothing to do with Tech or Gadgets.

Amazon is a river and also known as a member of a race of female warriors of Greek mythology. It has nothing to do with sales of books or Ẹ-Commerce.

There are hundreds of other examples.

Before choosing a brand name for your business, have a foresight if such name won't hinder your company's growth in the future.

Choose your business name Wisely.

©InventiveBuhari

PERSONAL PRODUCTIVITY

6 Differences between Business Name, and Company Registration in Nigeria

DIFFERENCE NO 1:

YOU WANT TO RUN A ONE MAN BUSINESS? ONLY A BUSINESS NAME WILL DO

Company: If you intend registering a company, it takes two or more persons to form the company. The popular form of company is “Company Limited by Shares”, and at least two people must subscribe to being shareholders in the company.

Business Name: If you are interested in running a one man business where everything will revolve around you and you alone, registration of a Business Name may be suitable.

Note however that you can also register Business Name where you and any other person intend to operate as partners.

DIFFERENCE NO 2:

DO YOU WANT THE VALUE OF YOUR INVESTMENT TO BE STATED IN THE PUBLIC DOCUMENTS OF YOUR PROPOSED BUSINESS? A COMPANY MAY BE YOUR BEST OPTION

Company: If your level of ownership, stake, investment, or interest in your proposed business differs from that of your co-investors and you want this to be recorded publicly, you may choose to incorporate a company (i.e. Limited Company).

Business Name: If you register a Business Name, your level of ownership, stake, investment, or interest will not be publicly recorded. If for any reason you prefer to register a Business Name and you want the extent of your ownership, stake, investment, or interest to be clearly spelt out, you can do this preparing a Memorandum of Understanding between you and your partners. You may consult your choice Legal Consultant for further information.

DIFFERENCE NO 3:

DO YOU WANT AN EXISTING COMPANY TO OWN SHARES IN A BUSINESS THAT YOU ARE ABOUT TO START? ONLY A COMPANY REGISTRATION WILL BE SUITABLE

Company: If you operate a company that is registered, and you want that company to own shares in a business that you are about to register, or you are a foreign investor with a company already registered in your Country, you may choose to register the intended business as a Company and then purchase shares for the existing company from the allotted shares of the proposed company.

If the existing company is however undergoing a process of being wound up, it cannot join in the formation of the company to be incorporated.

In a like manner, if you already have a company in operation and what you intend to register is a Business Name but you want your existing company to have a stake in the Business to be registered, you can give instruction to your Legal Consultant to record the existing company as a partner in the new Business Name to be registered.

Business Name: You cannot use your Business Name (as an entity) to own shares in a company neither can you start a partnership in the name of your registered Business Name.

For non- Nigerians (aliens) and foreign companies seeking to do business in Nigeria, once you have complied with Nigerian laws regulating the rights and capacity of aliens who want to undertake or participate in trade or business in Nigeria, you will be allowed to join in forming company in Nigeria. You may be interested in checking my article titled 5 Things That Every Foreign Investor Must Know About Doing Business in Nigeria for further points

DIFFERENCE NO. 4:

IF YOU HAVE MORE THAN 20 PARTNERS, YOU MIGHT JUST HAVE TO REGISTER A COMPANY

Company: Where a business is intended to be carried on as a partnership, and the partners are more than 20 people, the business can only be registered as a company but not as a business name.

Business Name: You can register these three businesses as a business name notwithstanding that the partners are more than 20 are;

Co-operative Societies registered under any law in Nigeria;
Partnership of more than 20 Lawyers each of whom is qualified to practice as a lawyer in Nigeria; or
Partnership of more than 20 Accountants each of whom is qualified to practice as an accountant.

DIFFERENCE NO. 5:

IF YOU HAVE MORE THAN 50 INDIVIDUAL INVESTORS, YOUR ONLY OPTION MAY BE TO START A PUBLIC COMPANY

Company: Where the total number of persons who intend to own the shares of a proposed company is more than 50 people, the company can only be registered as a public company. In other words, a private company in Nigeria must not have more than 50 shareholders.

There are exceptions to this rule; for instance, where an employee becomes a member/shareholder upon his employment, or where the employee continues to be a shareholder during and upon the expiration of his employment; his tally may not be taken for the purpose of numbering the 50 members.

Consider the following illustrations:

If AZ Private Company has 50 shareholders and Bob was given a number of shares in AZ Private Company upon his employment, he is not going to be numbered as Number 51 shareholder; rather, the number of shareholders will still stand at 50 in the eye of the law.

In a similar vein, if Bob continues to hold shares as an employee until he stops working for AZ Private Company, and he continues to own the shares after his employment, he is not going to be numbered for the purpose of counting the 50 benchmark.

Two or more people, or even an Association or a Group can invest in a company jointly. They are treated as a single member for the purpose of numbering the members of the company. It is however important that your Association or group must have been registered under the appropriate law. You may check my article titled How to Register Your NGO, Church, Mosque, and Other Associations with Corporate Affairs Commission (C.A.C.)for further information under this heading.

DIFFERENCE NO. 6:

THE STATUS OF YOUR KEY INVESTORS DETERMINES THE KIND OF BUSINESS ARRANGEMENT

Company: In a company arrangement, your shareholders are considered as the joint owners of the company. The shareholders elect the Board of Directors who are responsible for the daily affairs of the company and also give periodic account of management to the shareholders.

Note however that a shareholder may also be a director or even the company secretary.

Business Name: In a Business Name arrangement, there is no clear-cut difference between the business holder and the director because in most cases, the director is the owner of the business.

Source: Eyitayo O.

Yes

For CAC Company or Business Name registration, Foundation, Schools, Church, NGO, Trademark, TIN, SCUML, NAFDAC number etc, talk to us at www. Lawlab. Com. ng. Worried about the cost? We will do it for free. Well, almost for free.