Business Name Registration in Nigeria
We offer Nigerian Business Name Registration Service; including name availability searches, preparation and filing of registration, payment of registration fees, and provision of registration certificates.
Our Business Name Registration service caters to entrepreneurs seeking to register a Sole Proprietorship or General Partnership, both unincorporated business entities.
Registering a new business's name is mandatory if it differs from the owner's legal name. Opting for either a Sole Proprietorship or General Partnership provides an uncomplicated approach to establishing a business compared to the complexities of company incorporation.
Our services include facilitating registration with the Corporate Affairs Commission (CAC), obtaining your Tax Identification Number (TIN), and other comprehensive business support.
Let us streamline the process, ensuring your business operates under a registered and legally sound name, giving you the confidence and protection you need.
Here are the types of business name structures we can register for you:
Sole Proprietorship Business Name Registration
A Sole Proprietorship Business sometimes referred to as a “one-man business” is a type of business that is started and run by one person with the sole motive of serving to meet a need and making a profit. One person is responsible for handling the entire business affair - this person is the sole financier, controller, and manager of the business.
Sole Proprietorship is arguably one of the most popular business structures in Nigeria. It is a form of business that many Nigerians like Freelancers, Vendors, Tailors, Carpenters, Technicians, Barbers, and Grocers start on a small-scale, because it is easy to establish, and registration is uncomplicated.
The Business cannot sue nor be sued in its name because it is not distinct from the owner. Sole proprietors in Nigeria don't pay any corporate income tax, since they are not legal entities.
- Description: A business owned and operated by a single individual.
- Key Features: Simplest form, single owner, direct control, personal liability.
General Partnership Business Name Registration
A general partnership is a business arrangement in which two or more people agree to share a company's assets, profits, and financial and legal liabilities. Partners in a general partnership consent to bear unlimited liability, which means they can be sued for business obligations.
The corporate entity is not separate from the partners in general partnerships, and the partners are responsible for each other's conduct. The personal assets of the partners are unprotected, and the partnership may be terminated if one of the partners dies or withdraws from the partnership.
When it comes to the structure of the general partnership, there are no restrictions as to who can become a partner in the business. There is also no legal minimum amount of share capital required to become a general partner.
- Description: A business owned and operated by two or more individuals.
- Key Features: Shared ownership, shared responsibilities, personal liability.
By registering your Business Name in Nigeria, you not only comply with legal requirements but also unlock a range of benefits that contribute to the long-term success and sustainability of your enterprise, including:
Legal Recognition
Registering a business name with the CAC provides legal recognition of the business entity, which can provide credibility to the business.
Trust
Registered business name inspires trust among customers, clients & partners, enhancing its credibility in the market.
Name Protection
Registering your business name gives you a certain uniqueness, monopoly, and exclusive rights to your business name.
Ease
It is cheaper to register a Business Name than to incorporate a company. A new business name is not required to have formal meetings like companies that are incorporated.
Easy conversion process
A business name can eventually be converted into a private limited company, allowing the business to grow at its own pace until it is ready to convert.
Obtain License
In certain industries, obtaining a certificate of business registration is a prerequisite for securing an operating license.
Tax Benefits
A Business name is not required to pay Companies Income Tax. The owner is only required to pay taxes on their income as an individual.
Use different Name
Filing a Business Name under a different name means you won’t have to have your personal name on the public record whenever your business is mentioned.
Bank Account
Many banks ask to see the Business Name certificate as proof of registration for the name.
Incentives
Registered businesses stands a chance of growing through various business incentives extended to Micro, Small, and Medium Enterprises (MSMEs) by the Federal Government.
Facilitation of Transactions
Business name registration facilitates transactions with banks, suppliers, and other entities, streamlining business operations.
Corporate Image
Registration enhances the corporate image of your business, contributing to its professional appearance and reputation.
Here are some of the features to expect from our Business Name Registration service:
Here are some common frequently asked questions (FAQs) along with their answers related to Business Name Registration Service:
Yes, Nigeria's Corporate Affairs Commission (CAC) allows online registration for business names. The process is generally faster and more convenient.
SplashDict is equipped with accredited experts and the necessary resources to assist you in completing the sole proprietorship and general partnership business name registration in Nigeria.
A sole proprietorship is a business structure where an individual owns and operates the business. The sole proprietor is the sole owner and is personally responsible for the business's debts and liabilities.
A general partnership is a business structure where two or more individuals manage and operate a business under the terms and objectives set out in a Partnership Deed. Each general partner is personally liable for the business's debts and obligations.
Sole proprietorships are commonly found in small businesses and service-based industries. Examples include:
- Freelancers and consultants
- Small retail shops
- Individual contractors (e.g., plumbers, electricians)
- Home-based businesses
- Professional services (e.g., hairstylists, photographers)
- Small-scale agricultural enterprises.
Keep in mind that while many types of businesses can be sole proprietorships, this structure may have limitations depending on the nature and scale of the business.
General partnerships are suitable for various types of businesses, particularly those where two or more individuals want to collaborate and share their responsibilities.
Examples of businesses that can be structured as general partnerships include:
- Professional Practices: Law firms, accounting firms, and medical practices often operate as general partnerships.
- Small Businesses: Many small businesses, such as local retail stores, restaurants, or service providers, may choose the general partnership structure.
- Real Estate Ventures: Partnerships can be formed for real estate development or investment projects.
- Consulting Firms: Partnerships are common in consulting or advisory services where individuals with complementary skills join forces.
- Family Businesses: Family-owned businesses with multiple family members involved can opt for a general partnership structure.
It's important to note that while general partnerships offer certain advantages, such as shared management and resources, partners also share personal liability for the business's debts and obligations.
Name Search: 6 - 24 hours from submission.
Grant of Certificate of Registration: 24 -96 Hours from filing.
Total time: Approximately 2 - 7 days.
To complete the Registration of Your Sole-Proprietorship Firm in Nigeria, you'll have to provide the following details upon Submission;
- Proposed Name of the Business (2 Names).
- The objectives and nature of business.
- Address of the Business (Can also be a residential Address).
- Particulars of the Proprietor - Such as; Name, occupation, residential address, email address, phone number, and means of identification (National Identification Card, Data Page of International Passport, Driver’s Licence or Voter’s Card).
Where the above requirements have been complied with, the CAC shall within 14 days of the submission of the application register the Sole Proprietorship and issue a digital certificate of registration stating the name, date, and registration number of the Business name.
You'll have to provide the following details upon Submission;
- The name of the partnership: 2 business names (A name availability check will be conducted at the CAC and when one of the 2 proposed names is available, the name will be reserved).
- Details of at least 2 partners (Name, address, signature, passport, I.D, phone, email, etc).
- Description of business activity.
- Details of verifiable registered address and address of the head office (if different from registered address), business email, and phone number.
- Partnership deed / Agreement (We can provide this).
Where the above requirements have been complied with, the CAC shall within 14 days of the submission of the application register the partnership and issue a digital certificate of incorporation stating the name, date, and registration number of the Business name.
We’ve got the expert insights your business needs. Check out our resource center to learn more about Business Name Registration:
