How to Register your Business Name online: Best Guild

What is a Business? A business is a legal entity formed or acted by an association and group of individuals to work together towards achieving a common goal in operating a business. which can be commercial or industrial. you can register your business name online with the guild below.

Registering your business name online made easy, before your business will start operating, it should be registered with the state and local agencies, and a business name and employee identification number should be obtained before your business will be registered.

Online business registration in Nigeria is done through the” COOPERATIVE AFFAIR COMMISSION ONLINE PORTAL”, not going through a lawyer or a chartered accountant, or an agent as before, having a laptop or desktop with an internet connection your registration is made easy. 

As we proceed in the article, we will see other things which are needed like a MasterCard to enable you to pay for the charges involved, some think it not a good idea to register your business name online because it might be a small business but registering it helps the business to appear official in the government and also enable your assets to be legal and secure.

 Registration instructions vary from state to state do well to check the local regulation for the specific state you base.

Types of existing businesses you can register

  • Sole Proprietorship
  • Private Limited company 
  • Public Companies Limited by Guarantee
  • Private Unlimited Company.

Requirements to register your business name online

  • National Identification
  • Business Name Availability
  • Registration fee
  • CAC Application Form
  • Passport Photograph
  • Business Documents 
  • Birth Certificate
  • Driver’s License/ International Passport /Permanent Voters’card.

How to do the online Registration of your business name

  • Open your internet browser and on your phone Google Chrome or another browser
  • Visit the CAC Pre-incorporation portal.
  • Search for the availability of your business name for registration, click on the Search Now icon to find out if your business name is available for registration
  • Reserve your business name and submit your preferred business name
  • Click on sign up to create an account with the CAC
  • Select create account
  • Conduct an Availability Search.
  • Register your company with your business name availability code
  • Download the stamped Document
  • Download the stamp Document.

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Steps to register your business name online

1. Location: 

Finding a location for your business is very vital even if your business is online you need to specify a location where the government can send your document to you when considering the location of your business there are things you need to take into consideration, like the cost of the place and text.

2. Finding a name Business name 

Before beginning the registration process, you must first decide on a suitable name for your company. so to register your business name online you must look for a unique name.

You must think of a catchy name for your company that will be associated with your industry or enterprise; choose it carefully. Do you believe the name of your company will last over time?

Will it hold up over time?

These are factors to take into account while selecting a company name.

 There are ways you can use to check if the name you find is in use by another individual, go to the CAC website it is a free public search tool that is used to search for the availability of the business name you chose

You can also further check the name by using the CAC online portal will attract a charge of five hundred nairas.

Things to avoid while choosing to register your business name online

a. A name that is too hard to pronounce

b. A name that is too short/ difficult to understand

c. Avoid choosing a name that is too general

d. Be sure to check for your business name availability on the site provided

e. Choose a business name that is consistent with your brand.

f.Your business name should not be too unique.

3. The business name registration

To stop other companies from using your business name, you register it.

 Registering your business name is a step in the limited liability company or cooperative registration process. In some states, you must file a DBA registration with the relevant state agency, which is typically the Secretary of the State.

You must fill up details during registration knowing that your group can only have a maximum of 50 members and that none can be younger than 18 years. other detail needed to register your business name online

  • Names of the company stockholders, 
  • residential addresses, 
  • email addresses,  
  • identification cards, international passports, and driver’s licenses
  • Phone number. 

4. Preparation of Document

There are documents needed for the success of the business registration

Statement of compliance with the legal practitioner

A consent letter from the Director.

The business address

Memorandum and Article of Association.

After the CAC reviews the documents if accepted, you will get a notification. if the Application is approved, the Business certificate will be ready online for printing.

5. To Register with State and Local Agencies

There are some agencies that you need to register your business name separately, each agency has its requirements, so you need to check on their requirements to enable you to register your business name online. 

  •  The secretary to the state.
  •  Franchise Tax Board.
  •  Department of Revenue.
  •  Better Business Bureau.

5. Registration with Internal Revenue Service 

Getting an EIN is made easier by registering your business with the Internal Revenue Service.

The employer identification number is necessary to obtain a security number for your company. It also aids in tax preparation, staff hiring, and business account opening.

6. Applying for Business Licenses and Permits 

Business permits and licenses are necessary to run your business, small and big to avoid any issues or problems that might come immediately or in the future. Note that license and business permits vary in the state.

7. Opening a Business Account

While registering your account with the business name chosen is needed, it will give you a clearer view of the profit or the amount of money your business is generating each month, profit or loss you have made in your business will make your e-commerce business more professional.

8. Registration of certificate

The following documents will be available on the CAC website for download by the proprietor(s) of the newly registered business name

  • Original Certificate of registration of the business name
  • CTC of the Application for the registration of the business name

Benefits of Registering Your Business Online

  • Having legal liability protection.
  • Avoid having issues with the government.
  • Establish credibility with customers and supplies.
  • Have access to grant and foreign aid
  • Identity recognition.
  • A lone from banks.
  • Attract business and funding support.
  • Business trip opportunities.
  • Have access to government and Commercial loans.

conclusion: Online business registration is crucial since it makes it easier for the government and other regulatory bodies to recognize your company so whether your business is small or medium business you need to register your business name online

This step can assist you in doing that; if you have any questions, please utilize the comment section below.

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