Is CAC Business Name/ Enterprise/ Sole Proprietorship & Partnership Registration really difficult and costly?
The answer is No! In this article, we shall guide you through all that is required to get your Business or Enterprise Registered and Certificate given.
What is CAC?
CAC stands for Corporate Affairs Commission. This is a body approved by the Federal Republic of Nigeria to conduct all forms of legal business, company and Association registration.
What is Business Name or Enterprises?
As the name implies “Business Name”, it is simply for Business Purpose and for small scale operation. Business name, sole proprietorship or enterprise is also known as a “one man business”.
Can any service, be registered as business name?
No! Not all services can be registered as business name: services like finance, oil and gas, higher institutions, churches, associations, secondary schools, etc. cannot be registered under business name.
How long does it take to register a Business Name or Enterprise?
Business name takes only 3-5 working days. However, some takes 48 hours if done by a professional.
Why should an Agent or Agency Register for me when I can do it by myself?
Can you actually do it, have you done it before?
If you have done it before then it will be easier for you to do it again but if you haven’t, you might get stocked somewhere, you might do what you ought not to have done and it may lead you to an unresolved query.
Therefore, it is advisable you hire a professional to do it for you.
What is the total cost?
The total charge from CAC is approximately 11,000. i.e. name reservation = 665 and filing fee = 10,250.
The service charge by NT-Plus is just 5,000 making it a total of 16,000 naira. You can get a CAC Business Name Certificate within 3 working days at the comfort of your home.
Advantages/Importance of CAC Business Name/ Enterprise/ Sole Proprietorship.
- You will be given a Certificate of Registration.
- You will be able to open a corporate Bank Account.
- You will be able to apply for grant and loan
- You will be able to obtain contracts
- No one will take your Business Name away from you.
Disadvantages of Business Name
- You will have to pay annual returns yearly to keep your Business Name active on CAC’s Website.
- It doesn’t have shares like Limited Liability.
- Not all services can be registered as Business Name. Services such as; schools, financial services, oil & Gas, hospitals and so on.
- Only one Director, except partnership.
- It doesn’t come with automatic TIN.
Details Required to Register CAC Business Name/ Enterprises/ Sole Proprietorship.
- Two proposed names
- Nature of Business (Type of Business)
- Business description
- Office address
- Commencement date
- Director’s information such as: Surname, First name, Middle name, date of birth, address, gender.
Documents Required to Register CAC Business Name/ Sole Proprietorship or Enterprise.
- Passport photograph
- Signature
- Means of identification such as: voter’s card, national id card, international passport or driver’s license
How to Register CAC Business Name/ Enterprise/ Sole Proprietorship, Partnership online.
Kindly follow this simple guide:
- Create an account & verify
- Sign in
- Reserve a name
- Start registration
- Upload documents
- Make payment
- Download certificate & status report.
Breakdown
Step 1 – CREATE AN ACCOUNT & VERIFY
Kindly visit CAC’S WEBSITE https://pre.cac.gov.ng, click on “create account” fill your information and submit. A link will be sent to your mail for verification.
Click on the link and verify.
Step 2 – Sign In
After verification, simply login with your username and password.
Step 3 – RESERVE A NAME
Click on a “New Name Reservation”
Select Business Name,
Provide two Proposed Names and proceed
Choose type of service. Then make payment
STEP 4 – START REGISTRATION
When the name gets approved, click on “start registration”, fill in all the necessary details. Business details, nature of business & director’s details
STEP 5 – UPLOAD DOCUMENTS
Upload means of ID, signature and passport.
STEP 6 – MAKE PAYMENT
Kindly make payment and download receipt for reference purpose
STEP 7 – DOWNLOAD CERTIFICATE
After approval, download your certificate and status report
To avoid errors and Queries kindly contact our consultant and we will assist you.
If you encounter any error or query, kindly contact us
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