Business Formalization in Nigeria
In Nigeria, the body in charge of registering businesses is the Corporate Affairs Commission (CAC).
Steps to Formalize Your Business:
- Choose a Business Structure
Business Name (BN) – for small businesses, sole proprietors, and partnerships.
Limited Liability Company (LLC / LTD) – protects your personal assets, suitable for growing companies.
Incorporated Trustee (NGO/Non-profit) – for charities, associations, and foundations.
- Name Search & Reservation
Check availability of your preferred business name on the CAC portal.
Reserve it if available.
- Register with CAC
Provide details (name, business address, owners/shareholders, objectives).
Upload ID documents and passport
photographs.
Pay the registration fee.
Get your Certificate of Incorporation/Registration and CAC status report.
- Obtain Business Bank Account
Use your CAC certificate and Tax Identification Number (TIN) to open a corporate account.
