HOW TO REGISTER YOUR BUSINESS NAME WITH CORPORATE AFFAIRS COMMISSION (CAC)

Why should you register your Business name with CAC??
Obtaining Loans

Most people think that taking loans is bad business practice, on the contrary, taking loans is good prudent business practice which has overtime transformed a number of small scale enterprises into large business empires.  However, when you apply for a loan for your business, Lenders and Investors will ask to see your CAC Certificate of registration of business along with other application requirements before approving you for a loan. 

Credibility

Potential Customers and clients, especially people you've never worked with before, need assurance that you are a legitimate business. Considering the current trend of Scams and fraudsters, a potential client may suspect your business of being a "fly-by-night or scam" operation if it is not registered with the CAC. Your business's credibility and chances of attracting trusting clients/customers is higher when duly registered.

Operating Business Bank Accounts

You need to provide proof that your business is properly registered with the state to open a business bank account. No bank would allow you open a business account without first seeing a copy of your CAC Certificate of Registration of Business name. A business bank account is an important asset to a small business because you can separate your personal activities from your business activities. It is also more professional to give your clients a business name for payment instead of your own full name.

Supplier Discounts and procurement of Government contracts

A registered business also makes you eligible to receive supplier discounts that you wouldn't normally receive as an unregistered operation. Suppliers commonly reserve wholesale rates for business owners who can show official paperwork from the state. Also, if you plan to try to get government contracts for your company, a business registration is one of the first requirements.

Now that you know why it is important to register your business name with CAC, 

How do you register your business name with CAC?

1. Firstly, decide on the name of your business, you should provide two possible names, just in case one is not approved. Did you know that you could do an online search on CAC website to know if any of your proposed business names would likely be approved? Yes you can on http://publicsearch.cac.gov.ng:8080/comsearch/test.php, when the link opens, type your proposed business name in the search space bar, then click on the search bar. The search results would show other names similar to your proposed business name, if there are striking similarities, think of another business name, this is because the proposed name might not be approved. 
2. Go to the bank (i prefer Zenith bank), pick a deposit slip and fill it. At the top of the slip, write RESERVATION OF NAME, for title/name of account ---- CAC, account number --LEAVE IT BLANK, name of Depositor---- THE PROPOSED BUSINESS NAME(E.G JONES VEE VENTURES), phone number of depositor ---- WRITE THE PHONE NUMBER OF THE OWNER OF THE BUSINESS or YOUR PHONE NUMBER. amount - N500.00(five hundred naira only). After successfully depositing the money, the bank would issue you a computer print out receipt and the counterparts of the received deposit teller.(Drop one of the counterpart tellers in the bank provided box like every other regular deposits made). 
3. Make two copies of the computer print out receipt only (making it one original and two photocopies). Take the three copies of the computer print out receipt and the counterpart teller to Corporate Affairs Commission (CAC), after presenting it, you will be issued the form for Availability Check and Reservation of Name.
4. Fill the form and submit it . You will be told when to check back for the result of the reservation of name. (In Abuja, 2days. In Delta, 1 week).
5. When you check back at the stated time, your submitted form would be returned to you with the result of your name reservation attached. The proposed name might either be approved or denied. If the proposed name is not approved, it means you will have to start the whole process again but with a different proposed business name. On the other hand, if the proposed name is approved, you have to proceed to stage number 6.
6. Go to the bank with the sum of N10,250.00(Ten Thousand, Two Hundred and Fifty Naira), pick two deposit slips and fill them as follows:   DEPOSIT SLIP 1 Write 'REGISTRATION OF BUSINESS NAME' at the top of the slip; Name of account - CAC; Account No. - (leave it blank); Name of Depositor - (write the approved business name e.g, JONES VEE VENTURES); Amount - N10,000.00 (Ten Thousand Naira).  DEPOSIT SLIP 2, Write 'SALE OF FORM' at the top of the slip; Name of account - CAC; Account No. - (leave it blank); Name of Depositor - ( write the approved business name e.g, JONES VEE VENTURES); Amount - N250.00 (Two hundred and fifty naira) After depositing the sums at the bank, you will be issued the counter part tellers and 2 print out receipts.
7. Make photocopies of the 2 print out receipts (2 copies each).
8. Present the 'Sale of form'(N250.00) teller alongside its print out receipt (with its photocopies) to CAC, and you will be issued the CAC form for Registration of Business name.
9. Photocopy the form and fill the photocopy in a business Centre with CAC forms filling expertise. After filling the photocopy, you can now give the original form to the typist who would type everything you filled in the photocopy into the original with a typewriter.TAKE NOTE: DO NOT FILL THE ORIGINAL FORM WITH YOUR PEN OR PENCIL, IT MUST BE FILLED VIA TYPING.
10. Attach a copy of the passport photograph(s) of the business proprietor(s) and a photocopy of his/her identity card to the duly filled form. Don't forget to make a photocopy of the duly filled form.
11. Present the 'Registration of Business name'(N10,000.00) teller alongside its printout receipt (with its photocopies) to CAC for filing. CAC would return one stamped copy of the printout receipt to you, which you would attach to your duly filled form.
12. Submit your duly filled form and its attachments to CAC. You will be instructed as to when you can check back the Certificate. (Usually 2 weeks, except in Abuja).
13. When you check back in 2 weeks time, your Certificate would be issued to you alongside a stamped photocopy of your duly filled form. 

YOU ARE DONE! CHEERS!!!! Call Princess to tell her 'THANKYOU'.

OR..... If you can't go through the stress of doing the Registration yourself, contact a Lawyer. We make it easier!

Feel free to ask questions if you need any clarification. And don't forget to drop your comment.