DIY: How to register your business for N5,000 in 7 easy steps

BY OREDOLA IBRAHIM

So, CAC has extended the reduction of cost of Registration of Business Names from N10,000 to N5,000 till March 31, 2019. The “incentive strategy” which was launched last year is part of the Presidential Enabling Business Environment Council’s big plan to “make it easier for micro, small and medium enterprises to do business, grow and contribute to sustainable economic activity, and provide the jobs essential to improving social inclusion”.

While I cannot really say much about the job creation aspect, I think the current Government is not performing too bad when it comes to ease of doing (or should I say registering) businesses.

Some friends of mine have opined that the extension is politically motivated but then I say if it is not politically motivated, then wetin we gain as electorates? So, as an entrepreneur/businessman (or a wannabe), if you haven’t taken advantage of this special window period, I think you should.

As an entrepreneur, you should know how important business registration is in taking your business to the NEXT LEVEL- literally!

Away from the politics, this post is actually meant to explain/show you how you can do this registration for yourself. There’s really nothing special in it.

STEP 1

Go to https://services.cac.gov.ng/ and just at the top you’ll find the link to log in or Register. That is straightforward. If you are registering for the first time you will have to confirm your registration via mail before your account can be active.

STEP 2

Proceed to https://services.cac.gov.ng/login and login your account.

STEP 3

Click on “New Name Registration”

STEP 4

See the *Name and Type* section, and under that, see classification: Choose “Business Name”
Option 1: The first name you are picking for your business e.g Facebook Social Media
Option 2: The 2nd name you are picking for your business e.g Facebook Enterprises

N.B: You have to be careful here so they don’t reject your name choices. There are more than one reasons your name suggestions can be rejected but similarity with existing businesses is one of them.

So, before you start your registration, you quickly want to conduct a public search to ensure your intended names is not conflicting with existing businesses. Check the next step to see how to do that. Save and continue this section when you are done.

STEP X

Go to this link http://publicsearch.cac.gov.ng/comsearch/index.php
Enter your name suggestion, complete the Captcha and click on the “Search” button.

STEP 5

See *Objectives* Section
Reason for availability search: Choose New Incorporation
Nature of Business: Choose the one that applies to you from the drop-down
Additional Remarks: You MAY add one or two sentences explaining your business here.
Save and continue this section when you are done.

STEP 6

*Presenter Details* Section
This where you enter your details as someone seeking to register the business.

Gender: Choose your gender (Sorry, you can either be male or female according to the Nigerian law)
Date of Birth: Choose the right date from the calendar
Nationality: Choose your country address
Country: Choose your country
State: Choose your state
City: Type in your city e.g Ibadan
Address: Your address without the city and state

Identity: Here is where you have to enter the details of one recognised means of identity.
Type: Choose one from the list (International Passport, National ID Card, Driver’s License, Age Declaration, Birth Certificate, PVC)

Number: Type in the Id Number
NB: As a presenter, you must be or be one of the proprietors of the business you are seeking to register.

Save and continue this section when you are done.

STEP 7

*Preview* Section
It shows you a preview of everything you’ve entered so far. Verify your details are acurate, if not, you can easily go back to edit. When you are satisfied, click on the “Proceed to Payment” button.

For your submission to be considered you will be required to pay N500 (and maybe some N150 for transaction charge). After your payment is successful you will see it on your dashboard that it has been submitted for consideration.

So what do you do now? You wait for whoever is approving to either approve or disapprove. If your name submission is disapproved, you have to go back to STEP 4 to review your names. If one of your name suggestions gets approved, CONGRATULATIONS, you are 50 percent register.

Here is what to do next.

Ọ̀rẹ́dọlá Ibrahim is the CEO of SkillNG and can be reached via [email protected]