You asked: How much does it cost to register a business in Nigeria?

How Much Does it Cost to Register a Business Name in Nigeria? Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company. Private company registration above N500m authorized share capital costs N7,500 for every 1m shares of the company.

How much does it cost to register a company in Nigeria?

Fee for registering charges for a private company – 10,000 Naira for each 1 million Naira or part of a million. Fee for registering charges for a public company – 20,000 Naira for each 1 Million Naira or part of 1 million.

How do I register my business in Nigeria?

Steps To Register A Business In Nigeria

  1. Step 1: Pick a Business Name.
  2. Step 2: Visit the Corporate Affairs Commission (C.A.C)
  3. Step 3: Make a Second Visit to CAC.
  4. Step 4: Collect your business name certificate of registration.
  5. Conclusion.
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How much does it cost to register a business name with CAC?

The Corporate Affairs Commission (CAC) has announced a reduction in the cost of business name registration. A business name will now be registered at the cost of N5,000. The service previously attracted a fee of N10,000.

How long does it take to register a business name in Nigeria?

The entire process for registering a business name normally takes 1-2 weeks, depending on the workload of the CAC and other factors. You do not need a lawyer to register a business name, however, if you want to register a company, you need the services of a lawyer or other accredited agent.

How much does it cost to register a company in Nigeria 2021?

How Much Does it Cost to Register a Business Name in Nigeria? Registration of a private company with a share capital of more than N1m and up to N500m costs N5,000 for every 1m shares of the company. Private company registration above N500m authorized share capital costs N7,500 for every 1m shares of the company.

What’s the difference between registering a company and business name in Nigeria?

DIFFERENCE BETWEEN A BUSINESS NAME AND COMPANY REGISTRATION

A business name can be formed by one or more persons i.e. sole proprietorship or partnership while a company needs a minimum of two persons as members as well as directors to be registered.

What are the requirements for CAC registration?

Registration Form CAC 1.1. Identification of Directors and Shareholders. Payment Receipt of CAC. Stamp Duty Certificate (This is to be printed, once the stamp duty fee is paid).

Is CAC registration free now?

ENROL NOW.” The Federal Government has approved all self-employed and business owners to carry out their Corporate Affairs Commission (CAC) registration online free of charge.

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Is CAC doing free registration?

What you should know. Recall Nairametrics reported in October 2020 that President Muhamadu Buhari approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation.

What are the benefits of registering a business name?

ADVANTAGES OF BUSINESS NAME

  • Business name requires little capital.
  • Business name is easy to register.
  • Business name requires less formalities.
  • A sole person can register a Business name.
  • Profit of the business is solely owned by the owner.
  • Tax liability in Business name is minimal.
  • Decision making is easier with Business name.

What’s the difference between registering a company and business name?

Companies must be registered with ASIC, and company officeholders have legal obligations under the Corporations Act. Registering a business name does not provide exclusive ownership of that name. It also doesn’t prevent other people from being able to register and use similar names.

How do I register my business name with the CAC online?

Registration steps for Business Names

  1. Check for availability of the Business Name (click here. Read more about name reservationand Reserve a new Name (click here)
  2. Complete pre-registration form – CAC-BNo1 and upload relevant registration documents(Online using Company Registration Portal)
  3. Pay filing fee Check the Fees for our Services here.

Can 2 businesses have the same name?

When You Cannot use a Similar or Exact Name

If there is any potential for consumer confusion, you will not be able to use the same name as another company. Using the same name as another business will typically not be acceptable when: … The other business registered for trademarks before you did.

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