Have you ever considered having your own business? If you have a good place to start is by registering your business name. If you own a start up please do well to register your business name with the Corporate Affairs Commission (“C.A.C.”).
The C.A.C is responsible for the formation and management of companies in Nigeria. The commission is empowered to handle all issues associated with company registration, business names and incorporated trustees in Nigeria.
In order to be legally smart as a business owner you need to register your business name as this action would give people great confidence to do business with you.
Before coming up with a business name, consider the following statutory requirements:
- The names should not be similar to any business or trademark registered in Nigeria. e.g Mike Lawanson Ventures
- The name should not contain words like ‘National’ ‘Government’ ‘State’ ‘Co-operative’ etc.
- To use the word ‘Consulting’ you would need to provide the commission evidence of relevant professional qualification; thus avoid the using the word if you don’t have such qualifications.
Please note that the C.A.C. has the right to disapprove your business name if someone else has registered that same name thus you need to have three alternate names, until your business name is approved you can’t proceed to the next stage.
Once you get a go ahead then you would be able to register your business name;
The following are the requirements for the business registration form:
- The approved business name
- The business address
- The name of the sole proprietor or partners
- The address of the owners
- Two passport photographs of the owners
- General nature of the business
The C.A.C. requires that you state what your business is all about. You have to state at least one thing. The maximum is three. It is up to you to find an object that best describes your business is about.
The following are the objects allowed by the C.A.C.;
- Advertising/Public Relations
- Agricultural Produce
- Agricultural Tools, Machines and Allied Products.
- Alternative Medical practice
- Aluminum Manufacturing
- Architects/Town Planners
- Auto Dealers
- Auto Mechanics and Rewiring Services
- Auto Spare Parts Dealers
- Bakery and Fast Foods
- Beauty Industry (Salon, Pedicure, Manicure, Barbing ETC)
- Bookshops/Stationery Stores
- Car Washing Services
- Carpentry/Wood works
- Chattered Secretaries
- Commission Agents
- Computer Training, Sales and Services
- Cosmetic Manufacturers/Dealers
- Day Care Center
- 20. Dealers and Distributors
- 21. Electrical/Electronic Equipments Dealers
- Entertainment Industry/Events Managers
- Estate Agency/Maintenance
- Fashion Designers
- Fish Farming/Fisheries
- Food Products and Processing
- General Contracts
- General merchandise/Trading
- General Tax Consultants
- Guidance and Counseling
- Gymnastics and Stress
- Horticulture/Gardening/Landscaping/Equipment Services.
- Hotel/Hospitality Industry
- Human Resource Manager
- Import/Export of goods and services
- Industrial Chemical Supply and Service
- Interior/Exterior Decorations
- Internet Service Providers
- Land and Quantity surveyors
- Laundry/Dry Cleaning Services
- Legal Practice and consultancy
- Maternity Home
- Medical and Pharmaceutical products (manufacturing, sales and services)
- Medical Services/Laboratory
- Patent Medicine Store/Chemist
- Petroleum Products Sales/ Distribution
- Pharmaceutical Manufacture/Services
- Photography/Photo Equipment
- Plastic Manufacturing
- Poultry Farming
- Restaurant/Catering services
- Road Transportation
- Schools (Nursery, Primary and Secondary Schools)
- Supermarkets/Departmental Stores
- Textile Manufacturers/Distributors
- Travel Agents
- Veterinary Clinic/Services
- Water works/Borehole drillers
Most businesses will fall under one of these, if not, just use General Merchandise
After getting the certificate for registering your business, you can then be assured that you are legally smart.