PRACTICAL GUIDE ON CAC COMPLIANCES FOR BUSINESS NAME REGISTRATION скачать в хорошем качестве

PRACTICAL GUIDE ON CAC COMPLIANCES FOR BUSINESS NAME REGISTRATION

EVERYTHING YOU NEED TO KNOW ABOUT CAC BUSINESS NAME REGISTRATION Below is a complete, practical and up-to-date guide on everything you need to know about CAC Business Name Registration in Nigeria. It covers requirements, step-by-step process, timelines, mistakes to avoid, and important post-registration obligations. 1⃣ What Is a Business Name Registration? A business name is the simplest and most affordable form of business registration under Part B of the Companies and Allied Matters Act (CAMA). It is suitable for:  Sole proprietors (one-person business)  Partnerships (two or more individuals)  Small, medium, or informal businesses that do not require limited liability structure. Examples: Glory Fashion Store, BrightTech Solutions. 2⃣ Benefits of Registering a Business Name Legal recognition in Nigeria Protection from others using your name Ability to open a corporate business account Ability to apply for loans and grants Access to government contracts and opportunities Proof of business existence and professionalism Ability to issue invoices and receipts Foundation for future company upgrade (Business Name → Limited Company) 3⃣ Requirements for Business Name Registration Personal Requirements You need:  ➢ Your full name  ➢ Date of birth  ➢ Phone number & email  ➢ Residential address  ➢ Means of ID (NIN, International Passport, Voter’s Card, Driver’s License)  ➢ Passport photograph  ➢ Signature (scanned) Business Information Required  ➢ Proposed business name(s) – 2 options  ➢ Business address  ➢ Business nature/activities  ➢ Proprietor details (if more than one) 4⃣ Step-by-Step Process of CAC Business Name Registration (2025) Step 1: Name Reservation  ➢ Search availability of your proposed name  ➢ CAC approves or rejects the name based on conflict or restrictions  ➢ Approval is valid for 60 days Step 2: Fill the Business Name Registration Form Information includes:  ➢ Business address  ➢ Description of business activities  ➢ Proprietor(s) details  ➢ Nature of business Step 3: Upload Required Documents  ➢ Proprietor passport  ➢ Signature  ➢ Valid ID  ➢ Any additional documents if requested by CAC Step 4: Pay the Registration Fee  ➢ Pay online on CAC portal  ➢ After payment, CAC begins processing Step 5: CAC Review  ➢ CAC reviews your application  ➢ May request corrections (if necessary) Step 6: Certificate Issuance  ➢ Once approved, you will receive:  ➢ CAC Business Name Certificate (PDF)  ➢ Status Report Processing timeline: 24 hours – 5 working days, depending on workload. 5. Important Rules When Choosing a Business Name Some names require special approval, for example:  ➢ Words like Group, Holdings, International, Bureau, Federal, State, Municipality, Chamber of Commerce, etc. Some names are prohibited:  ➢ Offensive or misleading names  ➢ Names identical or confusingly similar to existing ones  ➢ Names suggesting government affiliation Good examples:  ➢ BrightTech Enterprises  ➢ Apex Fashion Hub 6. Post-Registration Obligations After registration, note the following: Annual Filing (Annual Returns)  ➢ You must file annual returns every year to keep your business active.  ➢ Failure = penalties + possible delisting. Tax Registration Register with:  ➢ FIRS – to get TIN  ➢ State Internal Revenue Service – for PAYE if you have staff Corporate Bank Account Take:  ➢ CAC Certificate  ➢ Status Report  ➢ Valid ID  ➢ Passport photo  ➢ Utility bill Business Name Upgrade (If Needed) You can later upgrade to: Limited Liability Company 7. Common Mistakes People Make  ➢ Using restricted names  ➢ Wrong spelling of names during reservation  ➢ Uploading unclear documents  ➢ Using email not accessible  ➢ Not understanding annual returns requirement  ➢ Wrong classification of business activities 8. Business Name vs Limited Company — Which Should You Choose? i. Feature: Business Name Limited Company ii. Liability: Unlimited (personal risk) Separate legal entity iii. Suitable for: Small & medium businesses Professional, scalable businesses iv. Bank/investor trust: Moderate High v. Taxes: Personal income tax Company income tax vi. Cost: Low Higher