Nigeria is one of the best countries in Africa for investment. This is because it is one of Africa’s fastest-growing economies. Besides, the country is rich in mineral resources and therefore the flow of money is much greater compared to most other African countries.
If you have a business that you intend to register with the Nigerian Corporate Affairs Commission, you will soon find out how you can register a business in this great country. One thing you need to know before proceeding to start the process of registration is that you do not have to use the services of an attorney. However, it may be of future benefit should your business run into legal trouble. Here is how to register a business in Nigeria in the shortest time possible and without mistakes.
HOW TO REGISTER
Pick a Business Name
Choosing a name for your business is vital and can be quite difficult. This is because it has to be unique, catchy and salesy. You also have to ensure that the name you pick is related to the products/service your business will be dealing in. This means you have to take your time because this could be your brand and trademark. You may need to use the services of an investment expert.
Visit the Corporate Affairs Commission (C.A.C)
This is the body dealing with the registration of new businesses in Nigeria. You will have to visit the CAC to check the availability of your business name. Here, you will be presented with business name form (known as Form 008). You will need to fill in this form as accurately as possible before submitting. In addition, you will have to pay some little fee for the form.
Make a Second Visit to CAC
This second visit to CAC constitutes the actual business registration and only happens after the business name has been confirmed to be available. You will be presented with another form referred to as Registration of Business Name (Form 001). This form should also be filled as accurately and neatly as possible as any mistake can have terrible repercussions later in the life of the business after it is started.
After paying the business registration fee, you will be presented with affidavit/attestation form. Thereafter, you are expected to proceed to any magistrate court in your vicinity or location for endorsement by the court magistrate. During this process, you will be required to pay N250 only as fees to the court’s involvements.
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Collect your business name certificate of registration
After completing the form, paying the required fees and submitting the attestation/affidavit form, then you will have to wait a couple of weeks before checking back at the Corporate Affairs Commission for your business name certification. If everything was fine during the application process then you can expect not to wait too long or have your registration nullified.
While most people receive their business name certification in one to two weeks, it is not strange to wait for a month or so with some CAC centres in Nigeria. After getting the certification, you can go ahead and start your business. If you are more ambitious, then you can think of incorporating your business into either LTD or PLC as you desire. The entire process should not take more than just a few months and you will be ready to start a fully registered business or organization.
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