Did You Know? You Can Register Your Business Name with the CAC for ₦5000

The Corporate Affairs Commission recently extended the
deadline for accessing its discounted business registration fees. The new
deadline, set for August 13, will allow more micro, small, and medium
enterprises to register
their business names for ₦5000.

The reduced fee was first introduced last year under the
Business Incentive Strategy (BIS) initiative, designed to make it less costly
for MSMEs to formalize their businesses. The commission says this measure
should enable them to set up proper company accounts with banks, access
loans, and benefit from government intervention programs.

It was originally slated to last until December 31, after
running for 90 days (three months). This first deadline was stretched by a
further three months to May at the request of state governments. The
latest extension, which sets the last day for registering business
names to August, was fixed at the orders of the Vice President, Yemi Osinbajo.

If you’re a solopreneur or a small business owner and you
haven’t registered with the CAC, you have the chance to do so now. The ₦5000
fee that’s on offer is a 50% reduction on what you would usually have to pay to
get your business name registered with the commission.

Besides this fee, there’s also a prior ₦500 charge for
securing a business name with the CAC. Taken together, you’ll be spending a
total of ₦5500 on getting your company officially recognized by the government.

This recognition gives you access to a wide range of
benefits. Financial institutions will require evidence that you’re a registered
business as a precondition for granting you a loan; you can’t secure a contract
with government without it; and you’ll need it to get your venture listed with tax
authorities.

You can register your business name on the CAC’s website, or
at any of the organization’s offices closest to you.

Here’s a quick run through the online process:

1. Log on to the CAC’s website.

2. Search for the availability of your business name, to see
if there’s still room for that name to be registered. You will be expected to
provide two names. The CAC will search its records to determine that the names
aren’t in use or aren’t similar to ones already being used.

3. Once it’s been determined that the names are unique enough to be registered, the CAC reserves your business name for 60 days, within which you are expected to complete the process of registering the name.

4. Fill the business name registration forms on the website. The forms include:

•The approved name of the business, as confirmed in the
previous stage.

•What the business is and does.

•The business’s address.

•The particulars of its proprietor(s), including their name,
address, occupation, and other relevant information.

•Two passport-sized photographs of each applicant (proprietor).

Note that if you’re running a one-person enterprise, you are the sole proprietor or applicant. 

5. Pay the CAC filing fees online or at a bank.

6. As soon as the payment is approved, you should submit the forms listed in (4) to the CAC online. The commission will notify you when they have approved your application, and issue you with a Business Name Certificate.

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Read latest news in Nigeria, football and other sports news. Get latest and updated jobs, recruitment and postcodes in Nigeria. You can play mobile friendly The Cube and Tetris games online free.