Business name registration is indeed a convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name is less tasking compared to the procedure for a company registration in Nigeria. The advantages of registering a business name include simplicity in registration, and affordability, as there is no need to pay stamp duty.

A lawyer may also be hired to carry out the registration, especially where the business involves more than one proprietor and a partnership deed stipulating the agreements between partners or proprietors required to be drafted and duly filed with the CAC.

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The notice of a meeting shall specify the place, date and time of the meeting, and the general nature of the business to be transacted in sufficient detail to enable those to whom it is given to decide whether to
attend or not, and where the meeting is to consider a special resolution, set out
the terms of the resolution.

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provides all the required information, it takes just within 48 hours to register a business name in Nigeria

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(1) On receipt by the Registrar of the statement of particulars required to be furnished under section 815 of this Act, he shall, subject to subsection (2) and to the provisions of any regulations made under this Act,
cause to be entered in the register the business name of the individual, company or firm and file the statement.
(2) The Registrar shall add to the business name in the register the identification letters of the State which shall be in brackets at the end of the business name, and these shall form part of the business name.

817.—(1) On the registration of any individual, firm or corporation under this Act, the Registrar shall issue a certificate in the prescribed form containing
the business name of the individual, firm or corporation.
(2) On the registration of any change in the particulars registered in
respect of any firm, corporation or individual, the Registrar may in his discretion
either amend the certificate previously issued or issue a fresh certificate.

(3) A certificate issued under this section shall be sent by registered post or delivered to an individual, firm or corporation registering, who shall thereupon exhibit and thereafter maintain the same in a conspicuous position at the principal place of the business.

Get your Tax Identification Number and Clearance certificate from us today.

Do you know 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.

It is important to note that the requirements for registration of an enterprise differ from that of a limited liability company.

Capacity of Individual to form a Company

No. 3 Companies and Allied Matters Act, 2020
20.—(1) Subject to subsection (2), an individual shall not join in the formation of a company under this Act if he is—
(a) less than 18 years of age ;
(b) of unsound mind and has been so found by a court in Nigeria or
elsewhere ; (c) an undischarged bankrupt ; or
(d) disqualified under sections 281 and 283 of this Act from being a director of a company.

(2) A person shall not be disqualified under subsection (1) (a), if two other persons not disqualified under that subsection have subscribed to the
memorandum.
(3) A corporate body in liquidation shall not join in the formation of a company under this Act.
(4) Subject to the provisions of any enactment regulating the rights and capacity of aliens to undertake or participate in trade or business, an alien or a foreign company may join in forming a company.

Business name can be lawfully turned into a company by simply closing the business name's record in CAC and opening/registering a new company with same name, if available.

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PROCEDURE FOR THE REGISTRATION OF BUSINESS NAME IN NIGERIA

The first important thing to do before proceeding with a registration of the business name is to gather the necessary requirements or documents to b used for the registration. The requirements for registration of business name are minimal and simply involve names and identification of the partners or proprietors of the business, where more than one person is to register the business name.

The requirements may also include a partnership deed where necessary.
The procedure for how to register a business name in Nigeria or how to register a business enterprise in Nigeria with the Corporate Affairs Commission (CAC) includes few steps, which must be adhered to strictly in getting the desired results. These steps include

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STEP ONE

• 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.STEP ONE

• 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.

MEETINGS AND PROCEEDINGS OF COMPANIES

(1) Every public company shall, within a period of six months from the date of its incorporation, hold a general meeting of the members of the company (in this Act referred to as “the statutory meeting”).

(2) The directors shall, at least 21 days before the day on which the statutory meeting is held, forward to every member of the company a copy of
the statutory report.

STEP TWO

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.

CONCLUSION

Business name registration is indeed a convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name is less tasking compared to the procedure for a company registration in Nigeria. The advantages of registering a business name include simplicity in registration, and affordability, as there is no need to pay stamp duty.

A lawyer may also be hired to carry out the registration, especially where the business involves more than one proprietor and a partnership deed stipulating the agreements between partners or proprietors required to be drafted and duly filed with the CAC.

All businesses transacted at annual general meetings are deemed special business, except declaring a dividend, presentation of the financial statements and the reports of the directors and auditors, election of directors
in the place of those retiring, the appointment, fixing of the remuneration of the auditors, appointment of members of the audit committee and disclosure of remuneration of managers of a company, which are ordinary business.

Business name registration is indeed a convenient and fastest means of setting up a small business in Nigeria. The procedure for how to register a business name is less tasking compared to the procedure for a company registration in Nigeria. The advantages of registering a business name include simplicity in registration, and affordability, as there is no need to pay stamp duty.

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We are Chartered CAC Accredited Agents. We are into registration of your Business Name, Company (Private Limited Company and Public
Limited Company), Incorporated Trustee as Foundation, NGO, CLUB, Association, Churches, Mosque etc, with CAC. We also undertake the rigorous process of your CAC post registration services such as Annual returns, change or correction of name, change of address, change of directors, change of nature of business etc

For more enquired: Reach us on 07033097160 or 08146494702.

There is a lot of benefit from have your business registered. Register your business with us and gain legal and formal representation.

Please be well informed the under listed processes have been deployed and are active on the Companies Registration Portal (CRP):

1. Alteration of Memorandum & Articles of Association for Companies (MEMART).

2. Amendment of Constitution for Incorporated Trustees.