How to Register Your Business Name in Nigeria Online With CAC this Year

Starting a business in Nigeria can be exciting, but the process of registering your business can be confusing and overwhelming.

Registering your business is also a crucial step in ensuring that your business is legal and recognized by the Nigerian government.

However, it doesn’t have to be. In this post, we will provide you with a step-by-step guide to registering your business in Nigeria.

Note, at here at Hillcity Business Solutions, we can help you register your business quickly and efficiently.

You can contact us or Whatsapp us on +234813280445 or visit our office at 15 Alaafin Avenue, Oluyole Esate, Ibadan, Oyo state.

Step 1: Choose a Business Name and Type

The first step to registering your business is to choose a name and business type. Your business name should be unique and not already registered by another business.

You can check the Corporate Affairs Commission (CAC) website to ensure that your chosen name is available.

Next, you need to choose the type of business you want to register.

The next step to registering your business in Nigeria is to choose your business structure. The most common business structures in Nigeria are:

  • Sole proprietorship
  • Partnership
  • Limited liability company (LLC)
  • Public limited company (PLC)
  • Cooperative Society

Each business structure has its own advantages and disadvantages, and it’s important to choose the one that’s best for your business needs.

Here’s a brief explanation of each business structure:

  • Sole proprietorship: This is the simplest form of business structure, where the business is owned and operated by a single individual. The owner has complete control over the business and assumes all responsibilities and liabilities. For example, a freelance writer, Food Seller, Furniture, Cake baker etc.
  • Partnership: This is a business structure where two or more individuals own and operate a business. The owners share responsibilities, liabilities, and profits. For example, a law firm with two or more partners who share the workload and profits is a partnership.
  • Limited liability company (LLC): An LLC is a hybrid business structure that combines the flexibility and tax benefits of a partnership with the limited liability protection of a corporation. The owners are referred to as members, and they are not personally liable for the debts and liabilities of the business. For example, a small business that provides IT consulting services may choose to register as an LLC to limit the owners’ personal liability.
  • Public limited company (PLC): A PLC is a type of business structure where the company’s shares are publicly traded on a stock exchange. This means that anyone can buy and sell shares in the company, and the company is required to meet specific legal requirements and regulations. For example, Dangote Cement Plc.
  • Cooperative Society: A cooperative is a business structure where members work together to meet their common needs and goals. The members share responsibilities, profits, and risks. For example, a group of farmers who form a cooperative to jointly market their produce and share the profits is a cooperative.

Step 2: Start Registration with the CAC

Once you have chosen your business name and type, the next step is to register your business with the CAC. The CAC is the regulatory body responsible for registering and regulating businesses in Nigeria.

To register with the CAC, you’ll need to prepare and submit the following documents:

  • Completed CAC 1.1 form
  • Memorandum and Articles of Association
  • Means of identification (national ID, driver’s license, or international passport)
  • Passport photograph
  • Evidence of payment of registration fees

It is important to ensure that all the information provided is accurate and up-to-date. Any errors or inconsistencies can delay the registration process and may lead to the rejection of your application.

Then you proceed to the CAC website to make payment for your business registration. The cost of registering a business in Nigeria varies depending on the type of business and the authorized share capital.

For example, the registration fee for an LLC with an authorized share capital of N1,000,000 is N10,000, while for sole proprietorship may be different depending on the current fee CAC is charging when you are registering your business.

It’s important to ask expert like us the current fees for the CAC registration before making payment.

Step 3: Obtain Your Business Certificate

Once you have paid the necessary fees, you need to submit your business documents to the CAC. You can do this online through the CAC website or by visiting any of the CAC offices across Nigeria.

After submitting your registration documents and payment, the CAC will review your application and issue your business certificate upon approval. This certificate serves as proof that your business is legally registered in Nigeria.

Step 4: Obtain Other Required Licenses and Permits

Depending on the type of business you’re starting, you may need to obtain additional licenses and permits from other regulatory bodies, such as the Federal Inland Revenue Service (FIRS), Nigerian Investment Promotion Council (NIPC), and other relevant agencies.

Now that you know the steps involved in registering your business in Nigeria, you might be thinking, “This sounds complicated. Can’t someone do it for me?”

The good news is that here at Hillcity Business Solutions, we can help you register your business quickly and efficiently. Our team of experts can guide you through the registration process and ensure that you meet all the requirements for a successful registration.

You can contact us or Whatsapp us on +234813280445 or visit our office at 15 Alaafin Avenue, Oluyole Esate, Ibadan, Oyo state.

Don’t let the complexities of business registration hold you back from starting your dream business. Contact Hillcity Business Solutions today and let them help you register your business the right way.

You can reach them via WhatsApp +234813280445 or email to schedule a free consultation.

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