Are you considering registering your business name in Nigeria? Understanding the costs, requirements, and procedures involved is crucial for a smooth and efficient registration process.

With over 15 years of experience in regulatory compliance, we are here to provide you with an in-depth breakdown of the expenses associated with business name registration in Nigeria, along with a detailed guide on the requirements and procedures.

How Much is Business Name Registration in Nigeria

Let us begin by breaking down the costs associated with business name registration and this includes Pre and Post Registration expenses:

1. Name Reservation: The first step in registering your business name is to reserve your desired name. This process ensures that your chosen name is unique and available for registration. The fee for name reservation is 500 Naira, excluding additional Remita charges, which typically amount to N 661.25k.
2. Name Reservation for Restricted Words: If your desired business name contains restricted words or phrases, such as “bank,” “trust,” or “government,” etc, an additional fee of 5,000 Naira applies for name reservation. This fee accounts for the additional scrutiny and approval process required for names containing restricted terms.
3. Registration and Status Report of Registration Documents: To obtain a registration certificate, status report or a certified copy of your registration documents, such as the certificate of registration, the fee is 10,000 Naira. This report serves as official documentation of your business’s registration status and can be used for various legal and administrative purposes.
4. Change of Name: If you need to change your business name after registration for any reason, such as rebranding or legal requirements, the fee for this service is 10,000 Naira. This fee covers the administrative costs associated with processing the name change request and updating official records accordingly.
5. Annual Returns and Other Post-Registration Filings: Each year, businesses are required to file annual returns with the Corporate Affairs Commission (CAC) to maintain their active status. Additionally, other post-registration filings may be required for changes in business details or status. The fee for each annual return filing and miscellaneous post-registration filings is 8,000 Naira These filings ensure that your business remains compliant with regulatory requirements and maintains its legal standing.
6. Status Report/Letter of Good Standing: If you require a status report or a letter of good standing for your business, the fee is 5,000 Naira. This report certifies that your business is in good standing with CAC and can be used for various purposes, such as obtaining financing or entering into contracts.
7. Voluntary Striking-Off: In some cases, businesses may choose to voluntarily strike off their registration if they are no longer operating or wish to cease their existence. The fee for voluntary striking-off of your business name is 10,000 Naira. This fee covers the administrative costs associated with the striking-off process and the removal of your business name from the official register.
8. Same Day Post-Incorporation Filing: If you require expedited filing services for post-incorporation documents, such as changes to business details or filings for annual returns, an additional fee of 10,000 Naira This fee ensures that your filings are processed on the same day as submission, expediting the registration process and minimising delays.
9. Relisting: If your business name has been struck off the official register for any reason and you need to relist it, the fee for relisting is 25,000 Naira. This fee covers the administrative costs associated with reinstating your business name and ensuring that it is once again active and in good standing.
10. Restriction of Proprietor’s/Partner’s Residential Address: If you wish to restrict the disclosure of the proprietor’s or partner’s residential address in official documents, such as the status report, the fee is25,000 Naira. This fee ensures the privacy and confidentiality of personal information and is optional for businesses that prefer to keep residential addresses private.
11. Certified True Copy of Documents/Extract: If you require certified true copies of your registration documents or extracts from official records, the fee is 10,000 Naira These certified copies serve as legal proof of your business’s registration and can be used for various purposes, such as obtaining financing or entering into contracts.
12. Application for Cessation: If you need to cease your business name registration for any reason, such as closing down your business operations, the fee for the application is 10,000 Naira. This fee covers the administrative costs associated with processing the cessation request and updating official records accordingly.

How Much is Professional Fees for Business Name Registration

In addition to the statutory fees outlined above, businesses often incur professional fees for assistance with the registration process.

Professional fees typically range from NGN30,000 or more, depending on the experience, expertise, and services provided by the hired professional.

These fees may include legal advice, document preparation, consultation services, and expedited processing.

Requirements for Business Name Registration in Nigeria

Now that you are aware of how much business name registration costs in Nigeria, let’s delve into the requirements for business name registration:

• Proposed Business Names: Provide a list of proposed business names, ensuring they comply with relevant regulations and restrictions. It is advisable to have two or multiple options in case your preferred name is unavailable or requires modification.
• Business Address: Specify the physical address of your business, including details such as street address, city, state, and postal code. This address will serve as the official registered address of your business.
• Nature of Business: Clearly outline the nature of your business activities, including details such as the industry sector and business objectives. This information helps to categorise your business for regulatory purposes and ensures accurate classification.
• Proprietor’s Details: Provide comprehensive details about the proprietor(s) of the business, including full name, means of identification (such as national identity card, Int’l passport, or driver’s license), phone number, email address, home address, sex, date of birth, and passport photograph. This information helps to establish the identity of the business owner(s) and ensure compliance with regulatory requirements.

Procedure for Business Name Registration in Nigeria

Now, let’s explore the step-by-step procedure for registering your business name in Nigeria:

• Obtain Approval of Your Chosen Business Name: Before proceeding with registration, you need to ensure that your chosen business name is available and meets the requirements of the Corporate Affairs Commission (CAC). You can check the availability of your desired name by conducting a name search through the CAC’s online portal.https://pre.cac.gov.ng/home
• Complete the Business Name Registration Form Online: Once you have confirmed the availability of your chosen name, you can proceed to complete the business name registration form online. This form collects essential information about your business, including details about the proprietor(s), business address, nature of business, and proposed business name(s).
• Provide Supporting Documents: Along with the completed registration form, you will need to provide and upload supporting documents as required by the CAC. For individuals, this typically includes passport-sized photographs, a means of identification (such as a national identity card, Int’l passport, or driver’s license), signature of the proprietor(s) and for corporate bodies, additional documents such as a certificate of incorporation and certified true copies of corporate resolutions may be required.
• Submit the Registration Form and Supporting Documents: Once you have completed the registration form and gathered all necessary supporting documents, you will need to submit them to the CAC online. While submitting online, you will need to upload digital copies of the documents as specified by the CAC’s online portal.
• Pay the Required Fees: Along with the registration form and supporting documents, you will need to pay the required registration fees as outlined by the CAC. These fees can only be paid online through the CAC’s online payment portal.  Once payment is made and processed, you will receive a payment confirmation receipt or acknowledgment from the CAC.
• Await Approval and Certificate of Registration: After submitting the registration form, supporting documents, and payment of fees, you will need to await confirmation from the CAC regarding the status of your application. If all requirements are met and the application is approved, you will receive a certificate of registration and Status report confirming the successful registration of your business name. This certificate serves as official proof of your business’s legal existence and registration status.
• Post-Registration Compliance: Once your business name is registered, you will need to ensure ongoing compliance with regulatory requirements, such as filing annual returns, updating business details as necessary, and adhering to relevant business laws and regulations. Failure to maintain compliance could result in penalties or sanctions from CAC, so it’s essential to stay informed and fulfill your obligations as a registered business entity.

Conclusion

Registering your business name in Nigeria is a significant step towards establishing your presence in the market and formalising your business operations.

By understanding the costs, requirements, and procedures involved, you can navigate the registration process effectively and ensure compliance with regulatory standards.

Whether you are a new entrepreneur or an established business owner, seeking professional guidance and support can help streamline the registration process and set your business up for success.

COST BREAKDOWN OF BUSINESS NAME REGISTRATION IN NIGERIA WITH CAC.