At Effulgence Digital World, we specialise in turning your company ambitions become reality. Our team of legal professionals and authorised CAC consultants has helped hundreds of businesses, including you, register their Business Names (also known as Enterprises or Ventures) in Nigeria.
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Connect directly with one of our courteous Consultants,
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08072742123 (available Monday through Friday, 9am-5pm).
Alternatively, you may contact us via email at support@effulgencedigital.com with any questions or to begin the consultation process.
What is a Business Name registration?
A Business Name registration is a process that legally recognizes your sole proprietorship in Nigeria. It’s a simpler alternative to incorporating a limited liability company and a popular choice for those seeking an affordable yet official way to establish their business identity in the Nigerian market.
What is the process of Business Name registration?
– Check for availability of proposed company name
– After name has been approved, use the availability code to start process of registration and fill all necessary forms on the Company Registration Portal
– Complete pre-registration form – CAC-BN01 and upload relevant registration documents and information online using Company Registration Portal
– Pay filing fees
– Upon completion of the registration of any entity on the portal, your registration is approved by the Commission and an E- Certificate and Certified Extract of Registration information is automatically generated to your dashboard where you can download
Can a minor be a proprietor?
No, anyone below the age of 18 years cannot be a proprietor.
What are the requirements for Business Name registration?
- Details of the proprietor( name, address and occupation)
- Means of Identification, signature and passport of the proprietor
- Registered office address of the business
- Nature of business
What are the benefits of registering a Business Name in Nigeria?
- Ability to open a Corporate Accounts
- Customers/Clients take you more serious if your Company is registered
- Banks. only grant business loans to registered businesses
- Your Company becomes your brand
- Investors are more comfortable with a registered business.
What are the documents issued after approval?
CAC will issue a certificate of registration and status report after approval of the registration.
Are there certain businesses that cannot be done by business name?
In Nigeria, certain types of businesses cannot be registered as a Business Name due to CAC regulations. This includes sectors such as schools, travel and tour agencies, oil and gas, and financial services. These industries typically require more formal business structures due to their nature and regulatory requirements.
Can a Foreigner register a Business Name?
Foreigners cannot carry on or join in carrying on business under a business name
What Are The Differences Between A Business Name And A Limited Liability Company?
Ownership: Business Name is owned by an individual, while a Limited Company is owned by shareholders.
Liability: Personal liability for debts in Business Name; Limited Company has limited liability.
Taxation: Business Names are taxed on personal income; Limited Companies on corporate profits.
Compliance: Less formal compliance for Business Names; Limited Companies have more regulatory
Can I convert My Business Name to a Limited Company Later?
Yes, it’s possible to upgrade a registered Business Name to a Limited Liability Company at a later stage.
Please reach out to us on 08072742123 to advise on how to get this done.