If you’re thinking about how to register a business name in Nigeria online. It is important to be aware of the advantages.

In the past, it was difficult to register a business mane with CAC in Nigeria. It could take many days and lots documents to make it done.

Now, it’s not that difficult to get a business name registered in Nigeria.

If you decide to give the task to an attorney, you’ll be charged more than the legal rate. This discourages many small-scale business owners of registering their business.

If you don’t declare your business to CAC it implies that your business is not credible. In the eyes of law, this business is not a real one.

Benefits of CAC business name registration

Registration of your company’s identity with Corporate Affairs Commission (CAC) of Nigeria offers a variety of benefits that you can use to improve your business. If you do not undergo the CAC company registration process, your company may be shut out of certain opportunities.

CAC was established in accordance to the Companies as well as Allied Matters Act (CAMA) which was promulgated in the year 1990, and changed in 2020.

The commission has the responsibility of governing the way companies are created and run in Nigeria.

In addition, there are numerous advantages you can enjoy after you have registered your company trademark with CAC.

And that includes:

Opening a bank account for a company
Integration of online payments
Social media account verification
Your brand’s name is protected
Protecting your legal liability
Preventing police harassment
Government loans are available for access.
Trust of the customer
Contracts with the Government
Business continuity
Let’s go over each benefit each one in turn.

Opening a bank account for a company
Certain customers may not be at ease paying into an account at your bank.

If your business requires a bank account, having a corporate account can help increase your credibility.

To do this, you should go the nearest bank Nigeria and establish an account under the name of your business.

If your company isn’t registered with CAC the opening of an account for your company in this capacity is not feasible in Nigeria.

Integration of online payments
One thing to think about prior to bringing the business on to online operations is the method you will use to accept payments from customers online.

Offering a service or product and receiving payment from international customers can be difficult without an online payment processor.

There are many methods to accept payments from foreign customers as well as transfer money to accounts at your bank in your country.

The main issue is that if you do not register your company with CAC in order to register your business, you might not be able to complete this goal in Nigeria.

This is why it is not possible to utilize their services without having registered your company in the Commission.

Social media account verification
As a part of the benefits of registering your company in CAC in Nigeria the verification of your social media accounts isn’t possible without your business certification of incorporation.

In an effort to stop fraud through social networks, companies are required to check their accounts and websites.

Facebook for example, for instance, needs the duplicate of the certificate of incorporation you have to be verified.

The reason for this is that people feel more at ease when they come across your website and realize that your account has been verified and perfect for digital marketing. Here are top 10 digital marketing skills to make money

To take advantage of this behavior you must sign up your company with CAC and confirm your social media accounts.

Your brand’s name is protected
If your company’s name unregistered, and someone else is knowingly or in a non-sense, steals the name of your business and you do not have legal right to claim right to the brand name.

In the meantime, it’s only after you have registered an entity under your name , that you are able claim ownership of it.

In this way, any credit that goes to the company is transferred to you.

Protecting your legal liability
Another reason you should begin registering a CAC corporate or business name registration is to safeguard your legal obligation.

This could keep you from being held accountable for any civil offense that your company commits.

For instance, in the event that the industrial accident killed 7 people’s lives in Phoenix Steel Mills Limited, Ogijo, Ogun State, an array of petitions were filed against the firm.

Since the business has been established as a legally-constituted entity no petitions were directly addressed to the business’s owner of the company.

If the company is not registered, you’ll be able to determine that the owner will be in a state of desperation.

Therefore, if your business has been registered with the government, then you aren’t accountable for any legal issues that arises from the company.

Being a legal entity the company would need to address its issues by itself.

Preventing police harassment
The only thing that will make you different from a fraudster when police request you to verify your identity and claim you are an entrepreneur is the authenticity of the business that you run. If you’ve not registered your business, the claim is not a valid one by the law courts.

At the time of writing the majority of entrepreneurs have been subjected to violence from police officers in Nigeria.

If you’re operating the realm of an online based business and you are a business owner, you may be considered to be an online fraudster if your business isn’t legally registered.

You can’t claim to run a legitimate business which generates a significant amount of revenue if your business does not have a registration with CAC.

This is the view of untrustworthy security officials and you must be aware of this.

Therefore, to a great extent, having your company registered trademark with CAC is considered to be one of the best ways to stay out of police violence in Nigeria.

Government loans are available for access.
The Federal Government of Nigeria had recently launched a number of initiatives to help provide jobs to youth and create a safe economy for MSMEs within the country.

One of the requirements to be able to benefit from these programs is proving proof of ownership of your business that is easily accomplished by a business Certificate of Incorporation.

If your company isn’t registered with CAC and CAC, your company won’t be eligible for grants from the government or financial assistance in Nigeria.

Trust of the customer
Trust in your customers is crucial and you should do all you can to earn it, particularly when dealing with new customers.

This can be done by registering your company through the Corporate Affairs Commission (CAC) of Nigeria.

Therefore, any anxiety triggered by customers could be put to rest, knowing you will be able to trace an RC number.

The process of registering your business, however it can aid in gaining the trust of your customers, which will increase your credibility and image.

Contracts with the government
Before you bid on and be awarded a government contract, you must have a validly registered company identity in Nigeria.

This is the number one prerequisite for being eligible.

The chance could come up at any moment and it may be too late to start the registration procedure.

By taking advantage of this guide, and knowing the steps to file your company name with CAC will prepare you for the most lucrative possibility that lies in front of you.

Business continuity
The final but certainly not the least advantages of registering your company’s trademark through CAC for Nigeria is that it will help the business last beyond the founder.

Whatever happens to you, whether dead or ill the business will be able to survive when it’s in the hands of CAC prior to the event.

No matter if you’re a foreign as well as a local one, here are a few advantages you can reap when you register your company or company in Nigeria. Check here to know the Top 8 Reasons to Be an Internet Entrepreneur

Requirements for registering a business name in Nigeria
Since the amendment to 2020 of Company Allied and Matters Act (CAMA) which is the primary law that governs a business’s and company’s creation There have been a many new developments in the rules for registering an entity’s company’s name within Nigeria.

With the following conditions, registering a company can be as easy as it is for startup companies and young entrepreneurs across the country.

You must be as old as 18 years except where there are two or more adults having shares in the business.
You must propose two names for the registration.
You can’t register a name that is already in use by another company or a name related to a government agency.
Your business must have objectives which must be well stated.
You must indicate the type of business you want to register – be it a private limited company, private unlimited company or company limited by guarantee.
The business must have a verifiable physical address.
If you have partners, the share capital of each shareholder must be stated.
You must have a means of identification such as voter’s card, national ID, driver’s licence or international passport.
Previously, a minimal of two men and women was once required to register a company.

But now, with the provision of single-member or shareholder organizations in the 2020 CAMA, you can register a agency barring coming into needless partnership with anyone.

This is to encourage small commercial enterprise owners and make them have an enabling surroundings the place their companies can thrive in Nigeria.

How to Register a Business Name in Nigeria Online
Free CAC registration portal
Let’s take a deep dive into the manner to registering for a company with the CAC of Nigeria.

Sign up to create an account
Creating your user account on the registration portal will enable you to register your business name with CAC online.

Go to the CAC Online Registration Portal to sign up or create your account. This portal will also help you in CAC name search portal .

You’ll see a form on the next page, which must be filled with your personal information to complete your account opening exercise.

1. Choose a Business Name and Check For Availability
Free business name registration in Nigeria
Selecting a name for your business could be difficult at times. The name of your business must be identified by an established brand name. It is essential to select a name appropriate to your company.

It is recommended to conduct some quick searches on the internet for the names you want to choose and also have 3 backup strategies. This will ensure that you’ve at least picked the names that aren’t currently being used according to your ability.

There is also platforms like Namelix which is a tool for digital use to help you find names that are appropriate for your company.

2. Complete Your Pre-registration Form to Register Your Business Name
The past was when reservations for business name at CAC was a lengthy process before the CAC returned with the result.

Nowadays, it’s possible to get the name reservation the next day to make your reservation before 5pm. It costs only NGN500.

When you are done with your name registration, you are able to move on to registration of the name of your business. By using the registration online portal you must fill out a pre-registration application (CAC-BNo1).

3. Pay For a Filing Fee
After you have paid your filing fees, you’ll receive a confirmation of the payment. You can pay payments directly on the portal, or directly towards the financial institution. The cost for business name registration is contingent depending on what type of business you’re trying to create.

4. Prepare Your Documents For Upload
Here are the list of documents to upload for CAC business name, you must make a signed copy the pre-registration paperwork and upload the scanned copy to the website to process. Here are the prerequisites to register a business name.

Application form
Filing fee receipt
Means of Identification for the proprietors of the business.
5. Submit the Original Copies of Your Documents
To know how to register a business name in Nigeria online, you must submit the original , signed copies of the documents that you uploaded at step 4 in the CAC office. The CAC office will accept this to obtain your certificate as well as the Certified True copies of these documents. Do you need a freelance job? Here is a freelancing jobs for you.

How Much Does it Cost to Register a Business Name in Nigeria?
CAC Registration Fees
The prices for Business Name Registration which encompass the legit CAC rate for availability take a look at and reservation of the business name.

The registration of a private company with a share capital authorization of less than N1m costs N10,000
A private company’s registration with shares greater than N1m and up to N500m costs N5,000 for each 1 million shares owned by the company.
Private company registrations above N500m authorized share capital cost N7,500 for each 1m shares in the company.
Public company registration for the initial 1 million share capital or less costs N20,000
A company registered that is not incorporated with shares capital costs N20,000
Conclusion
Hopefully at this point, you are totally fitted with the know how on how to register a business name in Nigeria online.

The manner of the CAC company title registration has been simplified to inspire participation from potential traders and entrepreneurs. One of the perks of registering a company in Nigeria is that it makes you eligible to get monetary help from the Bank of Industry.

In addition to getting a company name, activity to get your unique tax identification number (TIN), as each and every enterprise in Nigeria need to pay tax. This will assist you avoid any hassles whilst making an attempt to elevate capital for your business. Here is a comprehensive list of 10 profitable business ideas to start.

Now that you have your commercial enterprise identify registration underneath the belt, you will want to get business insurance to assist hold your enterprise afloat even in treacherous times.

Source: https://smartbusinessinfohub.com/how-to-register-a-business-name-in-nigeria-online/