It is a good idea to have a business and get it running in the country. It helps both the owner and the economy of the country as a whole. So it is always encouraged to have one. While the country loves everyone to be actively involved in one business or the other, it is important for such business to be duly registered.
It is only when a business is registered that such business becomes recognized and a legal entity which can sue and be sued. Without being registered, there are some transactions that your business won’t be able to do including having a bank account of its own. These and many more benefits necessitates the registration of your business.
So here in this piece, we shall take a look at the steps required for a proper business registration with the commission saddled with the responsibility of registering businesses in Nigeria known as corporate affairs commission (C.A.C). Here are the steps to follow;
The very first step is to locate the office of corporate affairs commission (C.A.C) close to you. This is usually in the capital city of the states. You will need to request for name reservation form in which you will be required to make a N500 deposit into any of the commercial banks to obtain the form. You will come with the deposit slip to obtain the form on which you will fill three names of choice for your business. You will submit the form and wait for two weeks the commission to search if any of the names are available. At the expiration of the two weeks, you may also get name suggestions. The name will be reserved for another period of two weeks within which you are expected to file the name.
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The next step is begin your registration by making payment into any of the commercial banks, ask the cashier for account details or copy it from corporate affairs commission (C.A.C) office. You will be required to make N10,000 deposit for the registration fee into the bank. With the proof of payment, you will be given forms to fill. Endeavour to fill the form appropriately and ask questions where necessary. Next is to submit the filled form.
Also, it is important to know that the kind of company you are registering will determine the supporting documents to be submitted along after paying for the company registration. Note that a physical address will be required as well as utility bill of the company with other requirements based on the type of company you are registering.
After about a week or two, you can go and pick up your business registration certificate. Please note that you will often get updates via your email address. So use a functioning email address and ensure you are checking it time to time.
With the above simple steps, you can carry out your genuine business registration without any issue. For any enquiry you may visit the corporate affairs commission (C.A.C) office close to you or read through their official website www.cac.gov.ng