How To Register A Business Name in Nigeria Easily (2020)

Have you started up a business and you are looking at how to register your business and you don’t know how to go about it? This post will let you in on how to register your business name in Nigeria. You should be aware at this time that you’ll need to visit the Corporate Affairs Commission, CAC in Nigeria to get your business registered.

business-registration

A good name is better than silver. What your business is called by is more important than the profit margin it amasses. Having your business name registered has some advantages accrued to it. Some of this include; enjoying the privileges of being a legal entity, applying for a business loan and so on.

With a registered business name, there are lots of operational benefits to enjoy. In the course of this article, we would look at the steps on how to register your business name in Nigeria.

The Corporate Affairs Commission, CAC is the government body empowered with the responsibility of registering new business names and companies in Nigeria. On registering your business name with the CAC, no other company or individual can register or use the same name to transact business in Nigeria.

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The price for registration of new businesses vary depending on whether you’re registering the business by yourself or via a lawyer.

Why should I get my business name registered?

As stated earlier on, you would have a lot of operational benefits if you have your business name registered. One of such benefits is that your business would have a formal look. Your customers tend to deal with you with more trust and formality if your business is registered. As a plus, you would have a good affiliation with banks. You can open a bank account for your business dealings with a registered business name. You can even apply for a business SME loan. Some other bonuses could be the legal immunity you enjoy when your business name is registered.

Imagine applying for a loan and then default on the long run. This scenario where you have a registered business name would imply that the lender cannot tamper with your personal assets. Instead, the lender can only tamper with the assets of the company. so, with these advantages that have been brought to light, why not go on to have your business name registered today?

Where should I go to register my business name?

You can register your business name in the corporate affairs commission also known as the (CAC). The CAC was established in 1990 by the Nigerian Federal Government. The Job of the CAC is to register and maintain the registry of business names and companies in Nigeria. they have branches all over the 36 states of Nigeria. That does not exclude the FCT( Federal capital territory ), Abuja.

How do I register My business name?

Having your business name registered can take from 2 weeks to a month. Stick with me as we go through the steps of how to register your business name in Nigeria.

Step 1: Choose a name for your business

Picking a name for your business can take quite a toll. That doesn’t exempt its vitality. Your business name has to be unique and most importantly commercially oriented( that is if your business is about merchandise of any sort). Any business that you select should be able to communicate a thousand-word description of your enterprise in one phrase.  The final tip for choosing a business name is that it should be related to your business niche. You might want to involve an investment expert on this, should it turn out to be quite a task to choose a name.

Step 2: Take a trip to the Nearest Corporate Affairs Commission(CAC) Office

This federal body is responsible for the registration of new businesses in Nigeria. When you visit the CAC, the first thing you need to do is to check for the availability of the name you want. There is a form known as the “FORM 008”. You would be required to accurately fill the form. This would help avoid any hooks in the long run of your business name registration.

The CAC would take up to two weeks to get back to you. In some cases, it wouldn’t take that long. If on getting back, the name you inquired for is not available, you have to repeat the former process. If your business name is available, you can then go on with the next step on our subsequent paragraphs.

Step3: Take another trip to the Corporate Affairs Commission Office

There is yet another form to fill in this step. This form is called “Form 001”. It has to be filled with all scrutiny and accuracy. Also, doesn’t forget to ask questions if you need any sort of clarifications. After filling up Form 001, you would have to pay a fee of #10,000 only.

After making the payment, you would be given an affidavit/attestation form. Afterwards, you would need to endorse the Affidavit in any nearest court magistrate. Involving the court here might require at least a  minimum fee of N1000 naira only.

Additionally, you would need to provide some important documents for form 001. Some of this include 2 passport photographs, details of the business partner, Partners passport photograph would be also required.

Step 4: Collecting your Bussiness name certificate of registration

When all the steps have been completed, you would need to wait for a couple of weeks before going back to the CAC. If everything went well in the application procedure, you would have to wait for two weeks to receive your certificate.

Now that your business has been registered, you only have to wait a little for the collection of your business name certificate. This should take up to 7 -10 working days for your Certificate to be ready for pick. If your company is a Limited Company, your certificate will be sent to you once it is ready.

Some Benefits of Registering your Business name in Nigeria

Name Reservation

Imagine a scenario where someone else snaps up your business name. You won’t be able to register it any more ith CAC. And besides, the CAC is very strict on its policies relating to name similarities. When you register your you ave it reserved to yourself.

You will get a certificate of Incorporation

This certificate has a lot of values attached to it. It is the identity or seal that shows your clients that you are serious in your business dealings.  As a general practice, some companies paste a copy of their CAC certificate around their business premises. This helps communicate to their customers that they have a lot of credibilities.

Gain a lot of reputation

When you register your business, you gain a lot of interest and reputation in your business niche. It becomes easier to reach out to a lot of prospective customers with a formal font. That font is a registered business name.

Continuity

A business that is not registered might not have a strong foundation. With a registered name, you can push to have a continuity plan peradventure you die! It is important to note that without a continuity plan, your business might have a short life span.

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Irish Potato Farming in Nigeria: Guide on How To Start (2020)

In this post, we will go through the step by step process on how to farm Irish potatoes in Nigeria.

irish-potatoes

Presently, Nigeria is the eighth largest producer of Irish potatoes in Africa and her yield is about 843,000 tonnes but her consumption of these potatoes in our dear country is over 1 million tonnes. This means that there is more to do in potato farming to meet the demands of the ever-increasing population of Nigeria.

Even if the available statistics gives actual figures, we should understand that in reality, the information provided above may be lower than the statistics if we take into cognisance the amount of Irish Potato tubers that spoil during the process of storage and transportation.

In addition, over 60,000 tonnes of this crop is exported every year and this further reduces the quantity of produce available to Nigerian consumers. With this, it is very obvious that the demand is for Irish potatoes in Nigeria far surpasses the supply when putting into consideration that over 500,000 households in Nigeria consume Irish potatoes.

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Irish potatoes have interesting health benefits as the crop does not contain fat, cholesterol or sodium. It however, contains low calories which makes it a very healthy food to consume. This crop is rich in vitamin C, potassium, iron, vitamin B6 and fibre.

Health Benefits of Irish Potatoes

Some of the health benefits of Irish Potatoes are listed below:

1. Irish Potato fibres may help lower blood cholesterol levels.

2. Irish potatoes are a great source of potassium which also plays an important role in lowering blood pressure.

3. The vitamin B6 in Irish potatoes is very useful in maintaining brain and nervous system health.

4. Irish potatoes contain Vitamin Cook which is known for the prevention of common cold and scurvy.

In Nigeria, Irish potatoes thrive well in certain States of our federation and these states include Plateau, Kaduna, Kano and Katsina. The climate in the aforementioned States favours the cultivation of this crop.

Steps on How To Plant Irish Potatoes In Nigeria

Having said all that, let us now go into the details of cultivating Irish potatoes in Nigeria.

Step 1: Site Selection

You should consider carefully the site to pick in order for your crops to thrive. Irish Potatoes should be cultivated in an open area as with most other crops, this will allow it get adequate access to sunlight. Sunlight is very essential for plants to grow as it aids photosynthesis.

Any tree on the site that will prevent exposure to adequate sunlight should be cut down and removed. Ensure that the soil is fertile enough and well-drained. Your soil should have a pH range between 5.5 and 6.5.

Potatoes grow on a variety of soil types. To aid soil fertility, you are advised to apply organic manure to your soil.

The ideal land for potato farming should have been left unfarmed for at least 2 years. This helps to reduce the risk or incidence of disease infestation when you eventually start farming.

Step 2: Land Preparation

Land preparation involves the processes of clearing and getting the land ready for cultivation. Making of seed beds and fertilizer application is also necessary.

Step 3: Seed Selection

Seed selection is also very important. You need to get the best seeds in order to get a bountiful harvest. You should consider certain factors like disease resistance of the variety of seed to use for planting, time taken for the planted crops to mature, the yield as well as the overall quality of the potato produced.

Step 4: Planting

The Irish Potato planting season commences in March. The seeds are obtained by dividing the potato in to parts and planting these pieces. Each piece should be planted in a hole in a dry soil with a temperature of about 7C. Before you plant, you should allow a couple of days for the cut piece to form a protective layer around itself. This is important because this layer allows for moisture retention and helps to prevent rot.

The seeds are usually planted on ridges at about 15 cm from the surface of the top soil. However, this planting depth is dependent on the variety you are using.

An irrigation system should also be installed. Drip irrigation is the ideal irrigation method to be employed when cultivating potatoes. It helps to provide adequate moisture for the soil and the crop. It is also useful when applying nutrients in the correct quantities.

After planting, there are some very important post planting activities you need to carry out. For instance, watering is done at least once a week. After about 20 days, you’ll observe that the sprouting seedling has begun to grow leaves.

Also, you can apply inorganic fertilizers such as NPK to improve the quality of the soil nutrients and to enhance the growth of your crops. Additionally, you’d need to weed at intervals to ensure the plants are getting the appropriate amount of nutrients and moisture.

There are diseases that affect potatoes. These include black leg, bacterial soft rot, black scurf, potato blight and rhizoctonia. The variety of potato seeds planted is what determines disease resistance of your potato crop. You can also apply the appropriate treatment once you spot the signs of the disease.

Step 5: Harvesting

The maturity period of Irish potatoes is usually 2 to 3 months after planting. Once the foliage turns brown, it is a sign that harvesting should be started.

Harvesting is usually done when the soil is dry. During harvesting, gently dig up the potatoes from the soil so that you don’t bruise or damage the tubers. Make sure you brush off the dirt from the potatoes prior to storage.

After harvesting, your farm produce is ready to leave the farm for the markets and other distribution channels as soon as possible.

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Top 10 Best Business Opportunities in Abuja (2020)

It’s safe to say that there are intriguing business ideas available in Abuja. If you are interested in setting up one, here are the top 10 small and large scale business oppurtunities in the Federal Capital Territory (FCT) or the Nation’s capital.

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Abuja is the capital city of Nigeria, and its equally one of the most developed urban centres in the country. With this, its probably the best spot to start your enterprise in Nigeria. When taking a view of Abuja or the FCT, excluding the fact that it is one of the most commercialized urban area in the nation, it is also a favorable urban centre for business. Complementing to this, is that fact that it centres the nation and as such, it houses government services and parastatals, international embassies of different nations, international organizations, and commercial banks. This has prompted the FCT to be seen as an investment hub for most businesses, due to these potential market which create the enabling environment and atmosphere for businesses to thrive and make profit.

Abuja occupiers are made up of workers which are from the common laborers, government officials, business people, expatriates and students. This makes the city a reasonable area where a business can develop, flourish and be profitable. An important thing to note is, when going into a business in cities like this, always do your research as to whether the goods or services are in high demand in the area. From here you will know where to start, what to produce and your potential market.

Top 10 Best Business Options Available in Abuja Today

Below, we will examine the top best business oppurtunities in Abuja, Nigeria’s capital city.

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Real Estate/Construction

As a developing city, Abuja is in much demand for houses for its numerous populace to occupy. With lots of greener pasture searchers continuing to flock into the city, there is much business in venturing into providing houses for them. This involve you building houses, estate and consequently sell or rent them for people. In the event that you can have houses in the city, you will rake in boatloads of cash if all goes well in order. Also, the construction sphere is still an area to do business in Abuja.

Restaurants and Bars

A mega city like Abuja where most of the inhabitants are working, there will be much benefit in running a fast food business, because its not all that will afford to be cooking always considering their work engagement. If you survey round the city, you will see that this business is very popular especially in Wuse 2 area which is acclaimed the centre for restaurants and bars in Abuja.

Bars and drinking spots in Abuja are a center piece of relaxation and refreshments. This pulls in lots of people into patronising this business, and it has made the business a prospering one to put resources into.

Transportation

There are much to gain in the transsportation industry of Abuja. This results from how people need to move from one place to the next. Subsequently, taxi driving is one of the attracting oppurtunities you offer in Abuja.

There are numerous driving companies on operation in the city, and in the event that you have enough capital, you can start a driving service that works inside the city. Though the profit may not quickly come on start, you should strive to give quality service to clients and ensure good management to stay in the business.

Selling of Agricultural Products

Considering the vast population of Abuja city, its obvious that a delve into the agricultural sector is worth puting resources into. A city like Abuja where most of the occupants are working class, the need of food and agricultural products will be on the high, and will warrant much patronisation.

Petoleum Products/Fuel station

There is much to get through the petroleum if you consider setting a place like Abuja for the business. Petroleum products like lubricants and fuel are frequently used everyday in the city. So you can captivate from this and start a business in this either by selling petroleum products or fuel. The latter is very lucrative here due to reasons that fuel and petrol are in much demand by the Abuja populace.

Entertainment Centres

It is correct and clear that Abuja is a business place that the entertainment industry have a market in. From the fact that most people here consistently need a spot or centre to get entertained after the day’s worth of effort, it is important that these centres are in much demand. The spots to engage entertainment are joints, bars, parlours, concerts and entertaining event centres. These places are much suitable to start the business in.

Hotels and Guest Houses

There are numerous hotels and guest houses in Abuja which exist for the much demand of top-class working class there. Presently, Abuja offers more settlement choices for its occupants and visitors, it extends from lodging, visitor or guest houses to the modest hotels.

People travel from everywhere throughout the world to come and execute business in the city and they must remain some place for their short remain. In this case, the hotel is the apt option to stay for the short while. There are top hotels in Abuja which are few to mention, the Transcorp Hilton and Abuja Sheraton Hotel.

Cleaning Services

Business and private cleaning is one of the preferred business idea if that you are looking for a business with a low beginning up costs. If that you can get a great deal of customers to disparage your cleaning business, you can make in any event much thousands in a week.

Dry cleaning is also an option here, as it is one of the drifting business in Nigeria at the present time. You can zest your own laundry business by offering home/office get and conveyance services to your customers. This business is also a good way to start a business in Abuja.

Building Materials

As we said earlier that a city like Abuja demand much of building constructions. With the city developing and need for strutures is rising, a business in selling of buliding materials will be lucrative. This is also because of the population of people in the city increasing, then there are interests for building materials. These materials are used for erecting buildings and houses in the city.

Merchandising

Merchandising is the business of exporting and importing goods in large quantities for sell. This business is surely suitable for an urban area like Abuja, where the goods and products will be marketable there. The numerous shopping centers and malls in the city bolster the thriving retail business by giving businessmen oppurtunities.

Merchant or retail business is very open and it includes much variety of products. There are many outlets of selling in the merchandize business, from food stuffs, electrical and electronic gadgets, hardwares, machines to clothings and adornments.

That’s it on the business oppurtunities available for investment in Abuja. These options were written after analysing the capital city and the businesses that can thrive there and yield you profit.

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