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^[1]. 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/^[2] 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 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^[3]
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.

Ọ̀rẹ́dọlá Ibrahim is the CEO of SkillNG and
can be reached via ibrahimoredola@gmail.com