HOW TO REGISTER A BUSINESS NAME IN NIGERIA

As your business continues to grow in Nigeria, there is a need for structure. One of the ways of putting structure in place is registering your business name. There are different types of registration that are peculiar to your type of business. However, here is how to register a business name in Nigeria.

Benefits of Getting Registered

Before you take these steps, it is important to know why your business name is getting registered and what the business benefits from this development.

1. Branding and Credibility: Branding is more than just your logo; it is how people view your business. Registering your business name helps your customers and investors view you as credible and you gain their trust. Trust can translate to sales and investment, and sales and investment to profit. Additionally, SefrelShop gives spotlights to credible made-in-Nigeria brands that transform to direct sales and higher visibility, but you must be registered.
2. Legal Protection: As your business grows, you’ll deal with different kinds of people and situations, some smooth, others challenging. Registering your business name in Nigeria gives your brand legal protection and prevents costly disputes. It also strengthens your position in court if issues like unpaid debts arise. In short, business registration saves you stress and safeguards your future.
3. Access to Funding: Registering your business name gives you an upper hand in receiving funding. SefrelShop won a 5 million naira grant out of 200+ businesses who applied. We wouldn’t have been considered if SefrelShop wasn’t registered. Registering your business gives you access to loans and grants from the government, and to open a corporate bank account. It positions you for financial and mentorship opportunities as you are seen as reputable.

How to Register Your Business Name in Nigeria under CAC

The CAC (Corporate Affairs Commission) allows individuals or proprietors to register their business names without the services of a legal practitioner. The process is easy and swift.

1. Creation of Account: First of all, create an account on the CAC portal. Your personal details will be required. Then search and see if your business name is available. This is important because it helps you confirm that no other business has registered its name with your proposed name.
2. Name Reservation: On your portal, click on New Name Reservation. Then fill in the details of your business. It is advisable to have two proposed names in case the first isn’t accepted. Go ahead to make payment for the name reservation, using any of the different payment options. In all, reserving your business name won’t cost more than eleven thousand naira.
3. Name Registration: After reserving your business name and receiving an AV code (Approval Validation Code), it’s time to register it. More details about your business and yourself will be required. You have to upload a means of identification (passport, national ID, driver’s license etc), a passport photograph, and a signature. Preview all the information you’ve provided and then proceed to payment.
4. Track Application Status: Approval takes hours to a few days. If pending, wait a minute and refresh the page. If queried, check Action to resubmit the application. If approved, download your certificate and Status Report. It is advisable that you download your certificate within 7 days to avoid extra cost.

Beyond Business Name Registration

As stated earlier, one of the ways of putting structure in place is registering your business name. Another important way of putting structure in place is putting that name on credible platforms that showcase you to a global market.

SefrelShop is a platform that allows you to showcase your Made-in-Nigeria products to a global audience. It’s a marketplace exclusively designed for made-in-Nigeria product brands that allows them to scale faster without social media hassle. Let’s help you get onboarded here.