When starting up a business in Nigeria, one very important factor to consider is registering that business, because if you fail to do so, your business then, does not exist under the law. Registering your business is actually not a child’s play but still, it is compulsory and what makes your business or company become legal in Nigeria.
First, you need to determine your business entity. This is where you decide whether you want to go for just Business Name which is usually for sole proprietorship and partnership and the certificate would carry BN number or a company limited by share, which maybe private or public and its certificate of incorporation will have RC Number. The most popular legal entity is usually Private Limited Liability Company.
Choose a name and confirm if it not taken. You need to pick a name and go to the Corporate Affairs Commission to check if the name is not taken already. You would have to fill a form and the name can only be reserved for 60 days if approved and if it is a Private Limited Company, the name must end with LTD. If that name is rejected, that means it is already taken or violates an existing trademark, so you need to change it.
Complete pre-registration form. Once your name is approved, you have to complete the filing of your C.A.C form. If your legal entity is a business name then you have to fill form regarding it and follow certain steps, click here to view. If it is a Limited Company, there are also required forms to fill and s=certain steps to follow, click here to view.
Pay Stamp Duty. After you have filled all documents required, they have to be submitted to the Federal Inland Revenue Services (FIRS) for assessment and stamping. The stamp duty fee is charged based on the share capital of the company. This is however not applicable to business name.
Finally, filing at the C.A.C. Following the stamping of documents, they are to be submitted to the Corporate Affairs Commission for verification and documentation. If there is no problem found, you should get your original certificate of incorporation in a few weeks and can then officially be considered a registered company.