In an earlier post, I discussed the importance and benefits of registration of one’s business name and stated emphatically at the concluding paragraph that a business owner may choose to personally conduct this registration at CAC(Nigeria) or he may instruct a legal practitioner to do same on his behalf.
This post is here to guide a business owner or a layman who chooses to conduct this registration personally. But I always advise clients to employ the services of a lawyer as they will benefit more doing so. Here we go…!
STEP ONE: PROPOSE TWO NAMES
You have to think/write out two possible business names that you desire would be registered. If you are already doing business in a particular name, write out that name as your first option and think up another name as an alternative. Keep these names aside.
STEP TWO: PURCHASE THE AVAILABILITY FORM
Proceed to the Corporate Affairs Commission(CAC) and obtain the Form CAC 1(Availability Check and Reservation of Name) for N500. This form, as its name depicts, is used by CAC to search the availability of the names you chose above, on its data base of registered business names, companies and incorporated trustees.
On purchasing Form CAC 1, fill it accordingly. You are required to supply the following information:
Your full names (as the presenter), home address, city, State (not necessarily State of origin, except you are currently residing therein), telephone number, email address and postal address(if any).
The two names you wish either would be registered (see Step One above). These you enter as option one and two. NB: Insert or write the more desired name in the ‘option one’ box.
Thick the box opposite the words ‘Business name’(as that’s the purpose for the registration). NB: There are other boxes aside that of the business name e.g. private liability company, company limited by guarantee, incorporated trustees, etc.
Date and signature.
Make a copy of this form and keep it safe.
STEP THREE: SUBMISSION OF FORM
Submit this dully filled Form 1 at the appropriate section at CAC and check back after 2 or 3 days or untill CAC responds to your application. This is done by presenting your copy of the Form 1 to the CAC staff. CAC responds to your application by a notice of approval or denial. Where both proposed names are refused/not approved, your best option is to repurchase Form CAC 1 and follow the procedure in Step Two above, but this time, you need to think up two names different from the denied names( you are advised to get a lawyer at this juncture).
STEP FOUR: NOTICE OF APPROVAL
Having approved either option one or two of your proposed name, CAC will present you with a Notice of Approval with the following content: the approved name, date and time the said name was approved/reserved and the expiration date of the reservation (precisely 60 days thence). The effect of this is, CAC having approved the name will take course to reserve it for 60 days, within which period you are expected to accomplish the procedure set out in Step 5 below. NB however, that CAC is not under obligation to register this name, its approval/reservation notwithstanding.
STEP FIVE: PURCHASE THE BUSINESS NAME FORM
Armed with the Notice of Approval, as in Step 4 above, proceed to obtain the Application for Registration of Business Name Form CAC/BN/1(usually called the Business Name Form) for N250. It is a 3 page form, to be meticulously filled according, signed by you (if you are registering as a sole proprietor), with your two passport photographs affixed at the designated box. On page 3 of this form is an Attestation Clause. You are to proceed to any Court’s Registry in the same State to file and have this page stamped by the Commissioner for Oaths. Ensure that your affixed passport photograph is stamped at the Registry as well.
NB: DO NOT USE CORRECTION FLUID ON THIS FORM. CANCEL ERRORS WITH JUST A SINGLE STROKE!
Here is a checklist of information you are required to supply as a sole proprietor, while filling the business name form:
Name of business (enter the approved name stated on the Notice of Approval. See Step 4 above).
General nature of business( give a concise information about the objects and aims of the business. That is, what your business deals/will be dealing in).
Full address of the principle place of business and the branch address, if any. (NB: this should not be a postal address).
Particulars of proprietor. As a sole proprietor, fill only No. 1 in this paragraph- your names, any former name, sex, age (date of birth), telephone number, nationality, residential address, city, State, occupation, e-mail address, signature and date. Then, affix the two passport photographs.
STEP SIX: ASSESSMENT
Having been satisfied that all steps stated above (step 5) have been dully taken, submit photocopy and original of the following to CAC for assessment( ensure that you make at least 2 copies of each of the documents):
The Notice of Approval
The Business name Form
Photocopy of your qualifying certificate( where necessary).
CAC takes this step to ensure that the form is dully filled and all required documents are complete and ready for the next step. If your documents scaled the assessment stage, CAC will certify it accordingly. If otherwise, CAC will minute the error found thereon and you are advised to do the needful.
STEP SEVEN: PAYMENT OF FILING FEE
Having had all documents assessed and certified, you are thus eligible to proceed to this step, which is payment of the filing/registration fee (N10,000). Payment is made at CAC designated Banks.
NB: that the Central Bank of Nigeria now uses the services of Remita (an e-payment platform) for the payment and collection of funds on behalf of the Federal Government. The effect of this is that you are to visit Remita website, select FGN, supply your payment details and generate a code otherwise called Remita Retrieval Reference(RRR). Print out the page and proceed to the Bank. At the Bank, fill the deposit slip entering the RRR as the Account Number. Take the Remita print out, the deposit slip and the filing fee to the Teller. All the Teller does is to enter the RRR on Remita to retrieve your payment details and complete your payment transaction thereon. He prints out this page and stamps the deposit slip accordingly. These two documents mark proof of payment of your filing fee. (I must admit this process to be tiresome and stressful though, strategic and implemented in good faith, I believe). NB: that the RRR is peculiar to each transaction!
STEP EIGHT: FINAL SUBMISSION
Now, take all the assessed documents listed in Step 6 and the two evidence of payment in step 7, to CAC for final submission. Ensure that you make copies of each for keeps and as directed by CAC. CAC stamps a copy each of the two payment documents “RECEIVED”. You will be given these two stamped documents. Take them thereafter to CAC to check if your Business Name Certificate is out.
All the above steps can take, roughly, 1 month to complete. However, it could take longer, especially where you encounter hitches, as a layman. This can be 90% avoided if you employ the services of a professional.
Dear reader, I sincerely hope you find this post well detailed. Do not hesitate to ask questions if you have any or to make your contributions using the comment box. If you desire to contact yours sincerely, here is my e-mail address- jaynnora@gmail.com.
