How to Change Business Name in Nigeria

Get informed on How to Change Business Name in Nigeria - Changing a business name in Nigeria involves a formal process with the Corporate Affairs Commission (CAC). Here's a comprehensive guide:

1. Initial Considerations:

• Availability Check: Before initiating the process, conduct a search on the CAC's website (www.cac.gov.ng) to ensure the desired new name is available and not already registered. This prevents potential conflicts and rejections.
• Reasons for Change: Understand the reasons for the name change. Common reasons include rebranding, change in business structure, or a desire for a more relevant name.

2. The Application Process:

• Application Form: Obtain the relevant application form for change of name. This form can typically be downloaded from the CAC website or obtained at their offices.
• Completion of Form: Fill out the form accurately and completely. Provide all required information, including the existing business name, registration number, proposed new name, reasons for the change, and contact details.
• Supporting Documents: Gather the necessary supporting documents. These generally include:
  • Original Certificate of Registration of the business.
  • Copy of the applicant's identification (e.g., National ID, Driver's License, International Passport).
  • Letter of consent from all partners (for partnerships).
  • Resolution of the company (for limited liability companies) authorizing the change of name.
  • Any other documents that may be required by the CAC.

• Payment of Fees: Pay the prescribed fees for change of name. The fee structure is available on the CAC website or at their offices. Payment methods usually include online payment or bank deposit.

3. Submission and Processing:

• Submission: Submit the completed application form along with the supporting documents and proof of payment to the CAC.
• Processing: The CAC will review the application and supporting documents. This process may take several weeks, depending on the workload of the CAC.
• Name Approval: If the application is approved, the CAC will issue a new Certificate of Registration with the new business name.

4. Post-Change Procedures:

• Notification: Notify all relevant stakeholders of the change of name, including customers, suppliers, banks, and government agencies.
• Update Records: Update all business records, including letterheads, invoices, bank accounts, and online profiles, with the new name.
• Legal Requirements: Ensure compliance with all legal requirements related to the change of name, such as updating contracts and agreements.

Specific Considerations for Different Business Structures:

• Business Name (Sole Proprietorship/Partnership): The process is relatively straightforward, requiring the consent of all partners (if applicable) and submission of the required documents.
• Limited Liability Company (Ltd/Plc): A resolution of the company's board of directors is required, authorizing the change of name. The process is more formal and may involve additional requirements.

Potential Challenges and How to Overcome Them:

• Name Availability: The desired name may not be available. Conduct a thorough search beforehand and consider alternative names.
• Document Requirements: Gathering all the required documents can be time-consuming. Start early and ensure all documents are accurate and complete.
• Processing Delays: The CAC may experience processing delays. Be patient and follow up with the CAC if necessary.
• Rejection of Application: The application may be rejected if there are errors or omissions. Review the application carefully before submission and address any issues promptly.

Important Notes:

• The information provided here is for general guidance only and should not be considered legal advice. Consult with a legal professional for specific advice related to your situation.
• The requirements and procedures may change from time to time. Always check the CAC website for the most up-to-date information.
• Consider engaging the services of a business consultant or lawyer to assist with the process, especially if you are unfamiliar with the requirements.

By following these steps, you can successfully change your business name in Nigeria and ensure compliance with all legal requirements.