So you want to open a business and you know nothing of how to get started, well NO WORRIES.
You do not need to find a lawyer, a chartered Accountant or an agent. All you need is an ATM Master Card and an internet connection. The Corporate Affairs Commission (CAC) now has an on line portal that makes life easy for all potential entrepreneurs and Businessmen in Nigeria.
To register A company the first step is to
STEP 1: Search for availability of Name – Visit http://services.cac.gov.ng/ sign up as a new customer and provide all necessary details accurately. Once you are properly signed in click on ‘Name availability Search’ type in two names that are creative and uncommon as your proposed business name and try to avoid cliché names. Fill the form with your best Email address and Phone number and submit the form when done. The submission of the form would costs N500 and can be paid using you master card, visa card, verve card, on line banking etc.
The name search would take one to two working days to be approved or disapproved. If disapproved try again With a different and more unique name.
STEP 2: Register the Business name – Once your name has been approved the next step is to register the business name. Log in to your account with CAC and once logged in click on ‘action’ and download the the letter of approval from the CAC portal, open it and take note of the approval number.
Go back to the website, Click on ‘Registration’ on the top left of the webpage select business name and paste the number from the approval document on the space provided click on enter. Ensure you know the nature of the business, proprietors of the business and all other relevant information accurately. NOTE: You can ‘save and exit’ the form at any point where you have difficulties.
* When it comes to nature of the business ensure that you type in three (3) nature of business and it is always a good idea to add General contracts so you do not need to get another business name in the future as, General contracts encompasses everything. (I made the mistake of not adding General contracts and I had to apply with an additional cost of N6000 to get it changed and it was a stressful process)
Fill the form Accurately avoid Mistakes as a Correction would cost you more money and waste your Time.
Now one important thing is[i] When asked if you need additional copies of Certified true copy and documents, select Zero as this is applicable to only those who are registering a limited liability company.[/i]
Submit the form and Pay N10,000 for the business name using you ATM card. You would be given a form to submit to the CAC office in your selection.
STEP 3: Physical Submission – Download and print and make two photocopies of
– All receipt of payment from Remitta and CAC,
– The approval of business name document
– The form you received upon payment for business name
Take these documents with two passport Photographs, N250 stamp duty fee – to be paid into CAC Skye Bank Account (you can do this before going to the office the bank has the account number) and submit for filing with the corporate Affairs commission.
I hope this information was helpful to you. Leave a comment and tell me how it goes for you.