Imagine your business is making profit and all your profit you are giving it to someone else.
That is what happens when you run a business name that is not registered.
You make your business susceptible to fines by the government.
Therefore the first step you need to do as a business owner is to get your business name registered with the Corporate Affairs Commission (CAC).
Running a business under a registered business name does wonders for your business like getting your customer to trust you and being able to get your own banking account in your business name.
So let’s delve into the process of registering a legitimate business name with the CAC and the various benefits that come with it.
Benefits of Using a Registered Business Name
You place your business at a great advantage by using a registered business name. Some of these benefits include;
1: Legal Identity:
A registered business name provides legal standing, allowing you to engage in contracts and agreements, which is essential for business operations.
2: Credibility:
Customers, suppliers, and partners are more likely to trust and engage with a business that has a formal identity. A registered name lends professionalism and trustworthiness, which are crucial in building strong business relationships.
3: Brand Recognition:
A unique business name is the cornerstone of your brand identity. It helps in distinguishing your business in the marketplace, fostering brand loyalty, and making your business memorable.
4: Financial Benefits:
With a registered business name, you can open business bank accounts, access loans, and apply for grants. Financial institutions and investors require a formal business name for legal and security reasons.
Choosing the Right Business Name
What’s the big deal about a name, right? Well, a lot! Your business name offers your customers a first impression that can either boost or reduce their chances of patronage. Let’s look at some tips to consider when choosing a business name;
Tips on Choosing a Business Name
When picking the ideal business name for your brand, bear the following tips in mind;
1: Check that the Business Name is Available
As great as your preferred business name might sound, you have to ensure it is available and has yet to be taken by another business.
A good way to do this in Nigeria is to visit the Corporate Affairs Commission website or the Moniepoint Business Banking App to check the availability of your desired name.
You can also do a casual Google search to see if any businesses pop up when you type in your business name.
2. Length and Ease of Pronunciation
No one wants to get tongue-tied while pronouncing your business name, and in the worst case, customers will most likely not remember a difficult business name.
While brainstorming an ideal business name, ensure that it’s easy to spell and pronounce. This ultimately boosts your chances of customers easily finding you online. Ensure that your business name is short, descriptive, and memorable.
3. Uniqueness and Creativity
Choose a name that describes your business’s personality and can’t easily be mistaken for another. You want to stand out from the competition by using a creative name that is relatable to your industry and reflects your brand.
4. Get Feedback
Always get feedback on your desired business name from friends, family, and random volunteers before putting a stamp on it.
This way, you can ensure that your chosen name resonates well with your potential customers.
Steps to Register Your Business Name
Follow the steps below to register your business;
- Click here to sign up to the Moniepoint Business Banking App
- Download and Log in to your Moniepoint Business Banking dashboard and click on the CAC registration banner at the top.
- After clicking on the banner, you’ll see a page showing your business information. The information contains details such as the registration cost and a list of documents the CAC requires for your business name registration.
- Once you see the requirements displayed and wish to continue, click “proceed“. You’ll see a page where you can select the type of business registration you want to perform. However, on the Moniepoint Business Banking app, you can choose only the “business name registration” option.
- To proceed to the next step, you must have successfully linked your NIN to your account. If you haven’t done so, you’ll receive an error message preventing you from continuing.
- Once you have linked your NIN to your business account, you can proceed to a page where you’ll be required to provide your business information.
- After providing your business information, you will be directed to the next page, where you can choose your preferred business name.
The names will also be verified to ensure they don’t contain prohibited words and haven’t previously been registered with the CAC. You’ll know if your names are okay to use if you are allowed to proceed to the next stage after clicking “continue.” - The next step is for you to provide some personal information, such as your gender, occupation, and nationality, relevant to your registration with CAC.
- On the next page, you’ll be required to upload a valid means of identification, such as your NIN document, driver’s licence, or Voter’s card.
- Next, input your business address in the required field. You can also use your residential address if the details are already in your Moniepoint business bank app.
- On the next page, the Attestation page, you’ll see the details you filled out on this page while completing the business name registration process.
This step allows you to review your inputted details and edit them if necessary before submission. Once satisfied with the displayed information, click “I Attest.”
After this, your information is submitted to the CAC business registration service. However, if incorrect information is flagged, you won’t be allowed to proceed to the final step until you rectify it. - Once the business registration service successfully sends and receives your information, you’ll be navigated to the “Payment Page.”
- If you are satisfied with the payment information, click the “Confirm Payment” Button to process the payment. If the current available balance is insufficient for the transaction, you will be informed, and the “Confirm Payment” button will be greyed and inactive.
- Once your payment transaction is successful, you’ll be shown a page that shows that your request has been successfully processed and is in a pending state at CAC.
- When you click “Continue to Dashboard” or login to the app, you will be taken to your dashboard.
Here, you will no longer see the CAC Business Registration banner; rather, an “alert” banner showing that your business name registration has started will be displayed. - If the CAC has approved any of your preferred business names, you’ll receive an alert showing that your business name has been approved.
- Once you click the “Download Certificate” button, you will be shown the approved business name, and your CAC Registration certificate will be downloaded to your device.
- If the registration failed and your application was rejected, you will receive an alert on your dashboard. Once you click on the “view details button“, you will see the complete details.
Wrapping Up
Begin the first step of your brand identity by registering your business name through the CAC website or Moniepoint Business Banking app and enjoy its numerous benefits.
