How To Register Your Business or Company With CAC in Nigeria

Your brand name is your business name and can be your company name, but before you can scale it to any further level. You have to get it registered under Corporate Affairs Commission (C.A.C). In this tutorial, we show you How much it costs to register your business in Nigeria? How long does it take to register a Company name in Nigeria?

Let’s dive in!

Before you proceed to the CAC portal for registration, there are a few assignments you have to do to ensure everything comes out well in branding in the long term and scalability. While you want to register your business name, you should not just think about the current business you do but growing to become a company and household name in other things you will venture into down the line of your business.

You have to think about the long-term future of your business line and easy-to-remember name for customers to remember you anytime they see your trademarks, such as business logo, representation, or product.

Here is the simple homework you should do;

• Choose A Business Name.
• Do a name search.
• Prepare Required Document.
• Get Registered.

Aside from this homework, many need to learn if registering a business name is as same as registering a company name and the difference between a business name and a company name.

A Business name is a trade name that people know your business with, sometimes, it is not registered legally, but you bear the name. It can be derived from your nickname or product name.

This is like a primary stage of planning your business structure, and you can choose to register it with CAC or not, but if you want to open an account with it or get a loan as a business, it must be registered with CAC where you will get your Business Number (BN) and Tax Identification Number (TIN).

Most CAC agents do not give you TIN along with your Business name registration because it attracts extra fee charges and extra registration with Federal Inland Revenue Service (FIRS) in Nigeria.

Looking for a CAC agent that can help you get everything accurately done? Dosuggest Limited is a digital media agency in Nigeria that act as an accredited CAC Agent online with many trusted reviews to help you handle the process of your business branding and registration of your Company and business. It is duly registered with CAC as a registered company with the RC number: 6900485 and TIN: 313****3-0***.

However, your Company name is more of a legally registered name in your country. In Nigeria, you will get an RC number that serves as a Registered Company, and it is higher than just a business name in terms of account opening and other legal needs.

In most cases, it is not owned by one person but by a group of individuals with the same goal.

Registering a company is more complicated than a business name, and the cost is also higher than business name registration with CAC.

Dosuggest Limited will give you both your RC and TIN, unlike others that just charge you separately for it.

We can also help you check the availability of your company name and name suggestions for you, which will not limit you in the future of your business if you want to upgrade your business venture or obtain a loan from banks.

Now you know the difference between a business name and a registered company, the next thing you want to know is how long it will take and how much it will cost for a registered company and business name registration.

First, let’s look at HOW LONG it will take to get CAC Certificate printed out.

During some registrations, the timeframe ranges from 2 weeks or less depending on the name approval and other unresolved issues CAC want to validate before the final stage.

I have seen most cases where there is an issue with the name because someone has registered it before, and with that, the registration process took longer than two weeks, as supposed.

However, it is not certain that yours will take the time, which is why you should choose a unique name and make it two or three different name suggestions that way, we can make a name reservation on CAC that can help check which character is currently available for registration. The approved name is the one used for registration.

In most cases, you can get a name approved after name reservation and still get issues with the name processing the registration with CAC for the complete process.

Not to worry, this whole process is done online, and you do not need to be going to the CAC office all the time to submit a new name or documents.

If you decide to do the CAC registration process yourself, you might make mistakes that will cost you a lot of money to update, but if you hire an expert like Dosuggest Limited to do the heavy duties for you. With our experienced team and lawyer, we get it done seamlessly.

Many people prefer to do it themselves or do it yourself (DIY) because they want to avoid paying an agent either they do not trust them, or they think it is more expensive to use an accredited CAC agent to do it.

But if you check the cost to do it on your own and doing it with a trusted CAC agent is not much difference except the agent charges you much.

The aim of getting an accredited agent is to make it easy for you and done faster, so you can focus on your business as usual.

Note that is different from how much the Corporate Affairs Commission announces it to be is what it is usually. There are some hidden extra charges they charge, and you do it on your own and might not even get it done because they might not further sign your registration, especially if you want to do CAC registration online using the portal.

That way, you will need to go to the CAC office near you to get it done and provide some documents that will stress you for them to approve you, and still yet, you might not get a quick response if you do not have the upper hand in the ministry.

To cut yourself that sleek is just to get an accredited and trusted CAC agent to do it for you.

The total Registration package for both BN number and TIN or RC and TIN are as follows and is subject to change as there will make any changes if needed.

How Much Does Cost To Register Business, Company and NGO on CAC

To get;

• Business Name Registration (BN) + Tax Identification Number (TIN) is NGN29,500.
• Registered Company Number (RC) + Tax Identification Number (TIN) is NGN59,900.
• NGO/Church Registration is NGN150,000.
• Upgrading Your Business Name to a Limited Company is NGN80,000.

It is good to register your business as a company if you plan to scale and go global because you will have more freedom and trust and present your brand as a business name only, depending on your budget.

You can just do a Business Name registration.

Frequently Asked Questions:

Can I use BN to get a business account in the Bank?

Yes, but you also need to get a TIN because you will be requested to provide both certificates.

Is Business Registration different from Company Registration?

Yes, both process requires separate information for verification and validation. Company registration is more complicated than a business name, but a Registered company is more respected. 

Can I Upgrade My Business Name to a Registered Company Later?

Yes, But it will need more information and attract an extra fee to upgrade your BN to RC.

Final Thought (Summary)

Hope this article helps you get an insight into how to register your Business with CAC and the process of it. This article covers the cost and difference between a Business name registration and a Registered company if you wish to get started, register your business or company with CAC online and fast. Dosuggest Limited is the best trusted and reliable accredited CAC agent in Nigeria online to do just that. They are verified, registered, and have a physical office if you want to validate them.

They also give you Tax Identification Number, and you can assist you in creating a corporate business account in the bank with it, even with online banks in Nigeria.

Dosuggest Limited is 24/7 and can be reached online via Whatsapp and Telegram at +2347055487338. Or you can visit our website at dosuggest.com for more tips and tutorials like this.

Remember, your desired business name is only valid if you get it registered with Corporate Affairs Commission (C.A.C).

You can register your online business, handwork, or small business with CAC as a registered company (RC).

Importance of Business/Company Registration in Nigeria

• increased credibility and legitimacy to access government support programs and intellectual property protection.
• Registering your business, primarily as a limited liability company (LLC), can protect your assets from any potential legal issues or debts arising from the industry. This can minimize your financial risk and give you peace of mind as you build your business.
• Makes Customer Trust You While Making Payments to Your Business Company Bank Account.