Wednesday, 2 December 2015

Frequently asked questions and answers about SME business name Registration process in Lagos



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Question: why is registration of business name compulsory?


Answer: it is a statutory requirement.


All companies operating in Nigeria are required to register with the Corporate Affairs Commission except for foreign company carrying-out a special project in Nigeria and granted permission by the president of the Federal republic of Nigeria




Question: where is the Corporate Affairs Commission located in Lagos?


Answer:plot 7, Otunba Jobi Fele Way, Alausa, Ikeja, Lagos State


Email: oregun@cac.gov.ng




Question: what is the first step?


Answer: Pre-incorporation process


Filling of name reservation form which can be done by filling the name reservation form at Corporate Affairs Commission office or fill the form on Corporate Affairs Commission website: http://new.cac.gov.ng/home/. It cost ₦500. Provision is made for two names in case one of the names might not be available. However, if both names are unavailable, the name reservation form will be filled again for the same amount.


Question: who is qualified to register business name at the corporate affairs commission?


Answer: An individual can do the business name registration but it is advisable to employ the service of a lawyer or an accredited agent. However, most lawyers or agent charge ₦10,000 or more depending on the client.


Question: How long does it take for Corporate Affairs commission to approve reservation of name?


Answer: between 24 to 48 hours. This is due the improvement on the part of the Corporate Affairs Commission


Question: how long does it take to complete the registration process?


Answer: between 1 to 7 working days


Question: how much is the registration charge?


Answer: ₦10,000


Questions: what is next step after successful Registration?


Answer: post-incorporation process


This is necessary in case of changes or in compliance with statutory requirements


Question: what is a prohibited name?


Answer: prohibited name are names that is not legally allowed for registration of business names.   Government agencies names, national monument and terrorist organization are prohibited names.


Question: what is post-incorporation process and cost?


Answers:


1.       Change of business name cost ₦10,000


2.       Change of company address cost ₦1,000


3.       Filling of annual return cost ₦1,000


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Question: what is the implication of not filling annual return?


Answer: The Company will be de-registered

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