The need to be your own boss, pursue a passion and attain financial freedom has motivated many to start one form of business or the other. In Nigeria, to give a business a legal status, it has to be registered with the Corporate Affairs Commission (CAC).
This registration can be carried out in 5 simple steps on the CAC’s website www.cac.gov.ng. However, before you can perform any action on the website, you need to create an account with CAC after which you can proceed with the following steps.
5 Easy Steps to Register a Business
- Conduct a public search for the intended business name.
- If the name is available, you can proceed to reserve it for 60 days. After the expiration of the 60 days, the business name if not registered, will no longer belong to you. Availability and Reservation of name can be done here. It will cost N500 only. This process takes less than 24 hours
- After reservation of name, an available code will be given to you. Then you proceed to fill form CAC BN1 by inserting your availability code. After filling this form, the sum of N10 000 will be paid which is the registration fee.
- At this stage, you will be required to download and print your Form CAC BN1, sign, date and attach passport at the provided spaces. You are to download your name reservation slip and business registration payment receipt too.
- Finally, you scan and upload the documents printed in stage 4 on CAC document upload portal. Your means of identification will be scanned and uploaded too at this stage. If you are a foreigner, you will be required to scan and upload your residency permit.
And that’s that. If you follow this process and fill the correct information, your business registration certificate should be ready in two weeks and the E-Copy will be sent to you.
The payments are being made via remita portal so remita charges will apply. This will bring the total amount spent to approximately N11 000
The good news is, as a proprietor (owner) of a business, you can register your business by yourself without acquiring the services of a Legal Practitioner.
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