Overview of Business Name Registration Service
This is also known as an “Enterprise”. It is registered under Part B of the Companies and Allied Matters Act (CAMA). A business name could be registered as a Sole Proprietorship or as Partnership.
We are dedicated to helping entrepreneurs and business owners in Nigeria to register their business names quickly, easily, and affordably. A business name is the fastest and most convenient form of doing business by a sole proprietor or partnership in a more recognizable form.
Registering your business name not only protects your brand name, but also allows you to open a bank account in the name of your business, apply for loans and grants, and conduct business transactions more professionally.
With the expert team at SplashDict, the business name registration process is quick, easy, and can be conducted entirely online in just a few minutes. So you don’t need to take any more valuable time out of your day than necessary.
Benefits of Registering a Business Name in Nigeria
Company registertaion have several advantages, including:
1
Legal Recognition
Registering a business name with the CAC provides legal recognition of the business entity, which can help protect the business owner from legal issues and provide credibility to the business.
2
Ease
It is cheaper to register a Business Name for your new business than to incorporate a company. When a new business name is registered, it is not required to have formal meetings and rigid corporate governance meetings like companies that are incorporated.
3
Requires less formalities
Running a business name does not require formalities such as meetings mandated by regulatory agencies.
4
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.
5
A sole person can register a Business name
There is no requirement to have a partner register a business name. A sole proprietor can register a business name alone giving such an individual total control over the operation of the business and also access to all the profit.
6
Obtain Business Visa
Another great benefit of Business Name registration is that you can easily obtain a visa and travel to any country for business purposes.
7
Protection of Business Name
When you register a Business Name, it is protected and cannot be used by any other company, nor can another company register a name that is similar to your company name.
8
Cost
A business name registration is relatively cheap and affordable.
9
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.
10
Incentives
When you register your business name, you stand a chance of growing your business through the various business incentives extended to Micro, Small, and Medium Enterprises (MSMEs) by the Federal Government.
11
Business Bank Account Opening
The bank account for your business can bear your BUSINESS NAME, and these brands your business on a whole formal level.
12
Increased credibility
Registering a Business Name in Nigeria enhances its credibility and legitimacy, making it easier to attract customers, suppliers, and investors.
Choosing a Type of Business Name to register
When choosing a type of Business Name to register, it is important to consider the specific needs of the business.
If you want to start a one-owner business, the simplest and fastest way is through a sole proprietorship. Most small businesses start as sole proprietorships and either stay that way or expand and transition to a limited liability entity.
A sole proprietorship is a type of enterprise owned and run by one person in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people.
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.
A general partnership is a business arrangement in which two or more people agree to share all of 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.
Each partner has a right to participate in the management of the company, and each partner must disclose their portion of the company's revenues and losses on their personal tax return.
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.
Business Name Registration Packages
Upon completing the order, you’ll be redirected to submit your information to process your registration.
A sole proprietorship—also referred to as a sole trader, enterprise, or proprietorship—is an unincorporated business that has just one owner.
A partnership, also known as a general partnership, is a business structure comprised of two or more owners who agree to share all profits, shares, and liabilities of the business.
Why choose SplashDict?
Fast
Efficiency
Reliable
Transparent pricing
Our Process
Make Payment Online
Add the product to the cart, then proceed to checkout and complete the secured online payment.
Tell us about your business
We'll process Application
Receive your documents
What's included?
Here are some of the features to expect from our Partnership Firm Registration packages.
Frequently Asked Questions (FAQs)
You can find some of our most frequently asked questions below;
A sole proprietor has complete control over the revenue and operations of their business. However, the sole proprietor is also personally responsible for all debts, lawsuits, and taxes their company accrues. So, if their business is sued, personal assets like their home, credit score, and savings are unprotected.
Below we will list some examples of Sole proprietorship businesses that are run by sole owners.
- Grocery store
- Computer repair services
- Tutorial services
- Small traders
- Fast food vendors
- Manufacturing businesses
- Home healthcare ( such as cooking meals, cleaning homes, etc.)
- Online Vendors
- Freelancers, and others.
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).
You need a unique identity for your business. You don’t want people confusing your business for another person’s own. A unique name helps to separate your business from others.
In Nigeria, without a business name registration certificate, you cannot open a bank account for your business. Business name registration is also required for obtaining a tax clearance for your business. Without proper business registration, you cannot pay taxes or obtain a tax clearance.
Also, people would find it easier to do business with you when they see your business is duly registered. There is something that feels illegitimate about an unregistered business.
Sole proprietorship and One-Person Company are two different forms of ownership. In a sole proprietorship, a business is managed and controlled by a person.
However, in the case of an OPC, an individual can commence the operation as per the rules and regulations of laws. Moreover, an OPC is registered under the Registrar of the Company.
A limited liability company (LTD) provides the business owner with liability protection and tax advantages, while sole proprietors bear personal liability for their business. Additionally, an LTD can be owned by investors, while a sole proprietorship is usually owned and managed by an individual.
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