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Procedure For Business Registration In Nigeria

Procedure for business registration

There is a procedure for business registration in Nigeria, and navigating the process can be daunting. That’s why ReDahlia is here to make your business registration and tax compliance seamless. Reach us at 08188122223 or 08038874148.

See Also: Everything you need to know about business registration in Nigeria.

Indeed, understanding the Corporate Affairs Commission (CAC) and the Companies and Allied Matters Act (CAMA) is crucial for entrepreneurs looking to formalize their businesses in Nigeria.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

See Also: How to transition from a business idea to having a registered business in Nigeria.

The CAC, an autonomous body, is charged with regulating the formation and management of companies. Established under the CAMA in 1990 and updated in 2020, the CAC ensures that businesses comply with legal and regulatory frameworks, setting the procedures for various types of business registrations in Nigeria.

See Also: Benefits of business registration with CAC.

This article will examine the procedures for registering a business name and incorporating a limited liability company in Nigeria. Adhering to these procedures and registering your business will lay a solid foundation for your enterprise.

And as mentioned, you don’t have to do it alone; reach out to ReDahlia at 08188122223 or 08038874148 for your business registration and tax compliance services.

See Also: How to choose the right business structure for your business

Procedure For Business Registration in Nigeria

We will look at the procedure for business registration in Nigeria- business name registration and limited liability company registration.

Requirements for Business Name Registration

  • Proposed Names: Submit two proposed names for your business. The CAC will conduct a search to ensure your preferred name is unique and not similar to an already registered name.
  • Business Objectives: Clearly outline the objectives of your business. What services or products will you offer?
  • Owner’s Details: Provide personal details of the business owner(s), including full names, physical address, and identification (National ID, Passport, Driver’s License, or Voter’s Card).
  • Passport Photographs: Recent passport photographs of the business owner(s).
  • Signature: A sample signature of the business owner(s) will be required.

Procedure For Business Name Registration:

  1. Name Reservation: Apply for the reservation of your business name online via the CAC website. This step is crucial to ensure your desired name is available and reserved for you. ReDahlia will take over this process for you. Talk to us at 08188122223 or 08038874148.
  2. Application for Registration: Once your name is approved, fill out the necessary forms on the CAC portal, providing details about your business and its proprietor(s).
  3. Document Upload: Upload the required documents, including identification and proof of address, on the portal.
  4. Payment of Fees: Pay the stipulated registration fees online.
  5. Approval and Collection of Certificate: After processing, you can download your Business Name Registration Certificate from the CAC website.

See Also: Different types of business structures in Nigeria.

Requirements For Limited Liability Company Registration

  • Company Name: Similar to the business name registration, propose two unique company names.
  • Registered Address: The physical address of the company’s office.
  • Memorandum and Articles of Association (MEMART): Detailing the company’s objectives, governance, and share structure.
  • Directors and Shareholders: Personal details of the directors and shareholders, including their identification documents.
  • Share Capital: Private companies must allocate a minimum share capital of N100,000, and they must provide details on how they distribute these shares among shareholders.
  • Company Secretary: We recommend that private companies appoint a company secretary, although it remains optional.

See Also: Choosing a legal structure for your business with CAC.

Procedure For Limited Liability Company Registration

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days
  1. Name Reservation: Begin with reserving your company name through the CAC portal.
  2. Preparation of Documents: Prepare the MEMART, which outlines the rules governing the company. Legal advice is recommended for this step. Talk to ReDahlia at 08038874148 or 08188122223.
  3. Registration Form: Complete the Form CAC1.1 on the CAC website, providing detailed information on directors, shareholders, and company secretary.
  4. Upload Required Documents: Submit your MEMART, proof of address, and identification documents of the directors and shareholders online.
  5. Payment of Fees: The registration fee depends on the company’s share capital. After payment, submit the application.
  6. Approval and Collection: Upon verification and approval, collect your Certificate of Incorporation, showing your company is legally recognized.

See Also: Advantages of registering your business with CAC.

Conclusion on the Procedure For Business Registration in Nigeria

We have examined the procedures for business registration for both business names and limited liability companies. Registering a business in Nigeria, be it a business name or a limited liability company, involves a direct yet careful process. It begins with verifying the uniqueness of your business name and culminates in the submission of specific documents required by the CAC.

By following the steps detailed above for each type of registration, entrepreneurs can achieve compliance with Nigerian business laws, paving the way for successful business operations.

Remember, the key to a seamless registration process lies in thorough preparation and strict adherence to the CAC’s guidelines. With your business legally registered, you’re not only setting the stage for operational success but also laying the groundwork for sustainable growth in Nigeria’s vibrant market. Talk to us today about your business registration and tax compliance needs on 08038874148 or 08188122223.

How We Can Help You Register Your Business And Comply With Taxes Monthly

Send us a message on WhatsApp- 08188122223 or 08038874148 to help you with your business registration and tax compliance.

Our Essential Compliance Service Covers:

  • Initial Registration for VAT/TIN Certificate: Complete facilitation of your initial VAT/TIN registration process with FIRS and LIRS.
  • Initial Registration for PAYE, Business Premises, and Development Levy.
  • Monthly PAYE: Computation of PAYE deductible, remittance of PAYE, and filing of monthly returns.
  • Monthly VAT: Computation of VAT payable, remittance of VAT, and filing of monthly returns, taking cognizance of applicable tax laws.
  • Annual Business Premises and Development Levy Renewal

On-Demand Premium Services

  • Should your business require our ProMAX Compliance Service, which includes account preparation, auditing, and TCC filing, please contact us directly. This premium service is tailored to your specific needs and billed upon request.

Why Choose Our Compliance Services?

Peace of Mind: With our expertise, you can rest assured that your compliance needs are in capable hands.

Cost Efficiency: Save on potential non-compliance penalties with our cost-effective services.

Expert Guidance: Our seasoned professionals keep your business compliant amidst regulatory changes.

Get in touch today by clicking the Contact Us page or sending us a message on WhatsApp: 08038874148 or 08188122223.

How We Can Work with You to Start And Grow Your Business

If you want to work with our founder- Florence Chikezie to start a profitable and sustainable business, then enrol in the Start Your Business in 30 Days Program. She will take you from idea to starting your business in 30 days. At the end of the program, you will get a registered business with CAC, logo and brand assets, admin set-up, one-on-one consulting sessions and more. Click here to enrol.

Every week, she teaches practical business lessons that have helped thousands of entrepreneurs start and grow their businesses. If you want to benefit from her teachings, click to sign up for the weekly business lesson here.

She is an internationally trained award-winning entrepreneur running three profitable businesses and a member of the prestigious Forbes Coaches Council. 

She also works with companies and established corporations to scale their impact and revenue. Reach us at Business@entrepreneurs.ng if you would like to transform your business.

See the different ways we can help increase your business success.

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