HOW TO REGISTER A BUSINESS ONLINE IN NIGERIA
Nigeria established the Corporate Affairs Commission (CAC) to assist entrepreneurs with registering their business and to control the creation and operation of companies in Nigeria. The right to operate a business is granted to the proprietor or partners upon registration of a business name or company.
In Nigeria, all businesses and organizations must register with the CAC. Heavy fines, legal action, and even the closure of your business could follow failure to comply. The steps highlighted below are mandatory if you would like to register a business online in Nigeria:
1 NAME RESERVATION
When registering a business with CAC, this should be the first step that must be done. The steps that must be taken include:
- Create an account and sign up with the corporate affairs commission.
- Click on the “new name reservation” and insert your desired names for registration.
- After providing the requested information, you will be asked to pay a fee and wait for the CAC’s response.
- You can print the approval note for future use if the process is successful.
- 2. PRE-INCORPORATION
After the successful name reservation, you can then proceed to the next step which is registration. This includes filing the necessary CAC forms in the registration columns. This information includes the place of business, owner’s information, their dates of birth, the contact information, copies of their national identification cards, and other pertinent information etc. Afterwards, payment is made for the necessary registration fees such as CAC fees and stamp duty to the Federal Inland Revenue service fees.
3: UPLOAD ALL REQUIRED DOCUMENTS
CAC will request you to log in back on your CAC portal create a PDF and upload all the required documents. These documents include approval note for the name reservation, application for registration, stamp duty certificate etc. Note that all the above documents should be in PDF format and must be signed and dated.
- PAYMENT OF REGISTRATION FEES
Once you have completed the registration form and uploaded all the required documents, the next step is to pay the registration fees.
- TRACK YOUR APPLICATION
After submitting your application and paying the registration fees, you can track the progress of your application on the CAC website. You will receive updates on the status of your application, including any additional documents or information that may be required.
- RECEIVE YOUR CERTIFICATE
Upon the completion of company registration and approval by the CAC, the business’s Certificate will be available on your account, so you can easily download and print it out. The registration can be completed within two to seven working days provided there are no unexpected queries, delay or constraints.
CONCLUSION
In conclusion, there a few technicalities that must be noted when registering a business online in Nigeria.
- A business can either be registered as a business name or a limited liability company.
- Certain businesses including [Security, tour and travels, banking] can only be registered as a limited liability company.
- If your business is in certain industries, you will have to obtain SCUML certificate
- Some business industries have a minimum share capital requirements.
- A registered business needs to be kept up to date by filing annual returns with the CAC and promptly notifying them of any changes to your company’s structure or information.
For every business owner who chooses to get their business registered with Sidebrief, we have dedicated staff working to make sure you are carried along with the process. We’ll make sure your business is registered the correct way, saving you time and money by avoiding costly errors.
For further information,
Email – hello@sidebrief.com
Phone Number – +2349018081296