Starting a new business can be both thrilling and terrifying. The feeling of what you can do with your skills/service/product against the process of registering your firm with the corporate affairs commission (CAC) can be contradictory.
We’ve put together a list of items to consider when starting a business to help you along the way.
Register your business: Most government agencies, private companies, and international organizations will only do business with Nigerian companies that are legally registered; therefore, you must register your business.
Pick the correct name: You should not only choose a decent name that fits your business identity, but you need also to make sure it is properly registered and protected in the long run. We recommend resisting the impulse to make your business name out of your name because it will be more difficult to project a professional image and generate brand awareness. Please keep in mind that using your name is perfectly acceptable.
Hire an accredited CAC consultant: Your consultant will communicate with CAC and assist you in completing the relevant forms. If you don’t have access to the CAC registrations portal, you won’t be able to check for name availability or make a reservation.
While checking for availability, we recommend having at least two different names for the intended business. Nigerian law prohibits the use of the following names:
Names that are similar to or reserved for existing names
Names that are deceiving, offensive, or misleading.
Names that aren’t in line with public policy or aren’t positive.
Names that are confusingly similar to trademarks that have previously been registered.
Gather all of your documents: The following documents are required to complete the business registration process:
Develop a business plan
A photocopy of a driver’s license.
Two passport photos are required.
Photocopies of the certificate of incorporation, board resolutions, and annual CAC returns that have been updated (in cases where incorporated bodies are involved in such registrations).
Certificates of proficiency (in cases where specialized knowledge are required)
The fees that are required.
