Often asked: How To Register Your Business In Nigeria?

How much does it cost to register a business in Nigeria?

Fees

Different Nigeria entity types Cost Draft invoice
Tax resident LLC US$20,000 View invoice PDF
PLC US$21,403 View invoice PDF
LLC (oil & gas services) US$44,950 View invoice PDF
Representative office US$20,400 View invoice PDF

How do I register my business online in Nigeria?

REGISTER YOUR BUSINESS ONLINE: COMPANY, BUSINESS NAME, INCORPORATED TRUSTEES

  1. Reserve name.
  2. Log in with your profile.
  3. Select ” REGISTRATION ”
  4. Select the classification that is ” BUSINESS NAME, or COMPANY, or INCORPORATED TRUSTEE”.
  5. Enter the availability serial code.
  6. Click on continue.

Can I register my business with CAC online?

An individual can now register a company online with CAC, with little or no help from anyone, except for Section E in the Registration Form CAC 1.1, which requires the signature of a Legal Practitioner and attestation by a Notary Public or Commissioner for Oaths.

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What’s the difference between registering a company and business name in Nigeria?

DIFFERENCE BETWEEN A BUSINESS NAME AND COMPANY REGISTRATION A business name can be formed by one or more persons i.e. sole proprietorship or partnership while a company needs a minimum of two persons as members as well as directors to be registered.

Can I start a business without registering it?

It is entirely legal to operate as a sole proprietorship without registering your company. Keep in mind, however, that doing so does not provide you with any form of legal protection if you experience debt or face legal action.

What is the fees for company registration?

The registration fee for organization’s whose nominal share capital is limited to Rs. 10,00,000 – Rs 2,000. The registration fee for organization’s whose nominal share capital ranges between Rs 10,00,000 to Rs 50,00,000 – Rs 2000.

Is CAC doing free registration?

The Federal Government has approved all self-employed and business owners to carry out their Corporate Affairs Commission ( CAC ) registration online free of charge.

How long does it take to register a business name in Nigeria?

The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors. You do not need a lawyer to register a business name, however, if you want to register a company, you need the services of a lawyer or other accredited agent.

What are the benefits of registering a business name?

ADVANTAGES OF BUSINESS NAME

  • Business name requires little capital.
  • Business name is easy to register.
  • Business name requires less formalities.
  • A sole person can register a Business name.
  • Profit of the business is solely owned by the owner.
  • Tax liability in Business name is minimal.
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How long does it take to register a company with CAC?

The Corporate Affairs Commission ( CAC ) has announced the commitment of the commission to register companies within 48 hours, approve names same day and ensure 5-day completion for other post-incorporation services not available electronically.

How much is CAC registration 2021?

According to the Companies Regulations 2021, the filing fees for the Statement are N5,000.00 and N10,000.00 for private and public companies, respectively.

How do you hold a business name?

A business name reservation consists of a filing with the Secretary of State’s office to reserve a business name until you are ready to incorporate your business or form a Limited Liability Company. Generally, a name reservation will be effective and the name that you place on reserve will be on hold for 30-90 days.

What is the difference between registering a business name and a company?

A Business name is a registration of a trade name for purposes of business whereas a Company of the incorporation of a separate legal entity to conduct business.

Is business name and brand name the same?

What’s the difference between a business name and a brand name? A business name is primarily used on legal documents, including receipts and contracts. A brand name identifies your line of products/services, and is used to market and sell your products/services to the general public.

Can a business name own property in Nigeria?

REGISTERED BUSINESS NAMES It does not enjoy separate legal existence nor can it own property. It is also neither capable of suing or being sued to court nor does it enjoy perpetual succession. As of right, any citizen of Nigeria can carry out business in his own name without any need for registration.

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