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How to Get Your Business Name approved By CAC
- Be creative, very creative. Don’t use common names, think of unique words.
- Explore other Languages. Like French or Spanish, or your native language.
- Combine words that are rarely used together.
- Combine more words (Don’t exceed 5 words).The reason for this is to reduce the chances of having closely similar words with the names of other companies.
- Specialize your business name.Let the nature of your business reflect in the name.
- Google up your intended name to find out if it has already been used
- Be flexible,don’t be obsessed with a particular name.
Note that CAC will not approve Business name based on the following:
1. Ambiguous or unclear, or confusing Names. Names that can confuse the public about the nature of your business, or awkward combination of wordsE.g. Trump Enterprises Company; or Trump Jewelries and Haulage Ltd.
2. Using reserved Names for government parastatals.
3. Use of names that are closely similar to existing registered ones.
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The Terms for the Business Name Registration with the Corporate Affairs Commission (CAC) are as follows:
1. Each batch of Applicants for business name registration must not be less than 10.
2. Applicants with two or more partners will pay an additional N300.00 (Three Hundred Naira) for every partner.
3. Applicants with more than one office address will pay an additional N10,000.00 (Ten Thousand Naira Only)
4. Where an Applicant has submitted up to four (4) names for registration and all the names have been rejected by the Corporate Affairs Commission (CAC), such Applicant will be liable to pay additional N500.00 (Five Hundred Naira) for every application made until a name is granted for his/her use by the Corporate Affairs Commission (CAC).
5. Every Applicant will to fill and sign CAC documents or forms upon confirmation of the cash payment of N15,000.00 (fifteen thousand naira only) to the solicitor, Attorneys Haven Legal Practitioners through the church office.
6. Each Applicant will make available two (2) copies of their passport photos
7. Each applicant will make available copies of their certificate of proficiency/competence where the nature of business of the company is professional nature.
TIME FRAME FOR COMPLETION
Except in circumstances of query by the CAC, or cases of internal technical challenges, certificates will be ready within 3 (three) weeks of commencement of every job