Registering your business name with the Corporate Affairs Commission (CAC) is a significant step in your business journey, whether a sole proprietorship or partnership venture in Nigeria.
Aside from the legal requirement of running a business with a registered name, you can build an ideal brand identity using an appropriate name.
A carefully selected business name can attract customers and investors to your brand and help you build trust. Now, let’s explore what you need to know before registering that desired business name.
1. Choose a Unique Business Name
The first thing to check when choosing a business name is to ensure it is available and not taken by another business. You can easily check for the availability of your business name on the CAC Website or as a Moniepoint account holder on the Moniepoint Business Banking App.
If your business or customer is online, another vital thing to check is the availability of a matching domain name(i.e. the URL address used to access your website). Using an identical domain name helps boost your business’ website traffic and Search Engine Optimization, as it’s easier for customers to locate you online.
2. Understand the Requirements for a Business Name Registration
Before registering your available business name, you should have all your required documents handy. The business structures available for registration include a Business name(Sole proprietorship or Partnerships), a Company name (limited liability), and Trustees.
A Business name registration is the process of legally registering the name of your business with the Corporate Affairs Commission (CAC).
After registration, you’ll receive a Certificate of Registration and a Certified Extract of Registration Information, ensuring your business is recognised and compliant. While registering your business name, you will need to provide the following details and documents;
- 2 Preferred business names
- Your Business Address
- Your Residential Address
- The Nature of your business company,
- Identification Card, i.e., National Identity Card (NIN), voter’s card, or driver’s license.
- Your Passport Photograph
- Your Phone Number
- Your email address
Furthermore, a Company name registration legally establishes your business as a public or private limited company with the Corporate Affairs Commission (CAC). It gives your company its legal identity, separate from its owners.
To register your company, you’ll need to provide the following details or documents;
- Two preferred names for your company
- Company Address
- Nature of Business
- Residential Address
- Share Allotment
- Phone Number
- ID Card of Directors
- Signature of Directors
Finally, Incorporating Your Trustees is legally registering a non-profit organisation, such as a religious organisation, charity, or association, with the Corporate Affairs Commission (CAC).
This process offers legal recognition and enables the organisation to operate effectively within the legal framework. To incorporate your Trustee, you’ll need the following details and documents:
- Two preferred names for your Organisation
- Organisation Address
- Residential Address
- Aim and Objectives
- Phone Number
- 2 Passport photographs for each Trustee board member
- ID Card of Trustees
- Signature
3. Protecting Your Business Name
Registering your business is a major step in setting up your lawfully recognised business; however, you can go further by trademarking your business name with the Nigerian Trademarks Registry.
By trademarking your business name with the Nigerian Trademarks Registry, you ensure nobody else can use your brand identity.
Your business trademark can come in the form of a logo, word, slogan, or anything that makes your business unique and stand out from the competition. To Trademark your business name in Nigeria, follow these steps below;
- Check that your desired trademark name hasn’t already been taken to the Nigerian Trademarks registry database.
- Put together all the necessary documents for your application. These details and documents are the logo( word or slogan), name of the applicant, and power of Attorney appointing an agent to perform the registration (lawyer/agent).
- Submit your application.
- The registry will examine your application, and if approved, your trademark will be published in the trademark journal.
- Get your certificate.
Conclusion
Registering your business name is essential for creating a unique and trustworthy brand identity. As a profit-minded business, you can ensure that your business bank account operates under a registered name and enjoys customer loyalty and liability-free operations.