Starting your business is an exciting journey and the process of registering a business name is like giving your brand its unique identity.

It goes beyond just a legal formality to ensuring that you build credibility and trust with customers. 

When you run your business with a registered business name, it signifies how serious you are about your brand and its consistency. But do you need a lawyer to register your business name with the Corporate Affairs Commission in Nigeria? 

Let’s look through the requirements for registering a business name in Nigeria and whether you need a lawyer to follow the processes.

Requirements for Registering a Business Name in Nigeria

One major step is registering your business with the CAC to ensure it is legally protected and ready to operate smoothly in Nigeria. Here are some requirements to consider when setting up your business name registration;

• Choosing a Unique Business Name: A crucial step in registering your business is to choose a unique and available name. You can check for this on the CAC website or on the Moniepoint Business Banking app. This ensures that your business can operate legally and have a functional bank account under the registered name.

• Get the Necessary Documents: The next step is to prepare the necessary documents for registration. Such documents include proof of identity (National Identity Number, Driver's license, voter's card, etc.), proof of address(utility bill), and passport photographs.

• Process the CAC Registration: Register your desired business on the CAC online portal once you check its availability. Upload your required documents and details and those of your business partners, and pay the registration fee.

• Submit and Wait for Approval: After you've completed the registration process, wait for the CAC to review it. If everything is approved, you'll receive your certificate of registration.

Some of the documents required to register your business name include;

• 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

Do I Need a Lawyer to Register My Business Name with the CAC

Now that we’ve seen the steps and requirements needed to register your business name, you may be wondering “Does my business name registration require a lawyer?” Well, the amazing answer is  “NO.” 

Thanks to the straightforward process on the Moniepoint Business Banking App and the CAC portal, you can easily register your business name yourself without a lawyer. 

Furthermore, the CAC states on its website “ Individual/Proprietors can register business names without the services of the legal practitioner, chartered Accountant or Chartered Secretary.” 

When registering your business name some common challenges you might face include:

• Name Availablity Issues: Before registering your business name, you should check for its availability. This is a common mistake business owners make which can ultimately lead to rejection of your application.

• Incomplete or Incorrect Documentation: Failure to completely submit the required documents for your business name registration can lead to your approval delay.

• Payment Errors: Mistakes in application payment like incorrect fee amount or wrong recipient accounts can lead to a halt in your approval process.

The process of registering your business name is self-explanatory. You can however get legal advice to help in preparing the essential documents and prevent making registration mistakes.

Conclusion

Thanks to the digital advances in the business ecosystem of Nigeria, you can easily register your business name online. By inputting the necessary details on the Moniepoint Business Banking App, you can register your business name and get your certificate of registration within 5 days.