The Complete Guide To Business Registration In Nigeria
A few weeks ago, I went to the Corporate Affairs Commission (CAC) in Yaba for Step 1 of the business registration process: Name Reservation. If available, your desired business name will only be reserved for 60 days. So act fast!
My top two choices were ‘Legal Forms Limited‘ and “Easy Legal Limited”. The form costs 500 naira, but what you’re really paying for is the stamp. Across the street from the CAC, several business centers sell pre-stamped forms for 1000 naira. Do This! It will save you time and afterall, time is money. After purchasing the pre-stamped form, all you have to do is fill it out, submit, and come back to pick it up in 7 business days.
If you’re like me and you refuse to pay 1000 naira for a 500 naira stamp, then you can make the payment at a bank, or make the payment yourself on Remita. (If you decide to make your payment online without the help of a bank, you must stamp your document that same day, or else it won’t be accepted.
I know this from experience with another CAC document. After payment, take two copies of your receipt along with your Name Reservation form to Accounts for stamping). Because I didn’t have internet access at the time, I decided to pay at a bank. First I tried First Bank, then Union Bank before finally settling on Stanbic. After about 1 hour of waiting, my payment finally went through! The next step is to photocopy your payment receipt. Any of the business centers near the CAC can help you with this.
Next, you take your two copies to Accounts and collect your stamps.
I received the first of two stamps almost immediately. However, I waited another 25 minutes for my second stamp because it was lunch time and some people were still on break. Don’t ask me why nobody else in the office could give me the stamp, because I don’t have an answer. Make sure to photocopy the complete, stamped Name Reservation form. This is what you’ll use to claim your application in about 5 business days. I suggest waiting 7 business days, to ensure your application has actually been processed.
Got a business name in mind? Get started now.
Tips on filling out your form:
Write “Director” in the “Accreditation No” field (assuming you’re not a lawyer and you’re a founder who’s registering their own company)
If your business is a Private Limited Company (PLC), make sure to append “Limited” to your proposed business names. So instead of “Legal Forms”, it should be “Legal Forms Limited”
Write the company type (LTD, PLC, etc) in the “Classification” field
Make a Photocopy of your stamped and completed CAC Application
Whenever you make your payments on Remita, make sure to process the relevant document that same day.
If you make any payments on Remita.net, in the “Principal Name” field, write the name of the company, or the proposed name of the company. Not your personal name! You will lose the money.