How to Change a Business Name with CAC

Overview

Changing a business name with the Corporate Affairs Commission (CAC) in Nigeria is a structured process aimed at helping businesses rebrand or align their names with new objectives. This guide covers everything you need to know, including reasons for changing a business name, the process, requirements, fees, and FAQs.

 

Why Change Your Business Name?

 

Businesses may want to change their names for various reasons, such as:

• Rebranding to appeal to a new audience or market segment.
• Legal Issues where the original name conflicts with trademarks or existing businesses.
• Expansion into new products or services that the original name no longer represents.
• Correcting Errors or avoiding negative connotations in the original name.

Whatever the reason, changing a business name legally requires updating your registration with the CAC.

 

Step-by-Step Guide to Changing a Business Name with the CAC

 

Verify Name Availability

Check Name Availability on CAC Portal: Before applying for a name change, search the CAC portal to ensure your new name isn’t already registered by another entity. This can be done at CAC’s public search portal by entering the proposed name to confirm availability.

 

Submit a Name Change Application

Log in to the CAC Portal: Go to the CAC’s website and log in with your credentials. If you don’t have an account, create one.

Apply for Name Reservation: After verifying the availability, submit an application for name reservation. This step ensures that your desired new name is reserved for your business and prevents others from using it.

Approval of Name Reservation: The CAC will review your name reservation request, which can take a few days. Once approved, the name will be reserved, typically for 60 days.

 

Prepare the Required Documents

Application for Change of Name: You will need to fill out a formal application detailing the current business name, the proposed new name, and the reason for the change.

Resolution of the Business Owners: If the business is a partnership, you may need to include a resolution signed by all partners consenting to the name change.

Other Supporting Documents: Depending on the nature of your business, the CAC may request additional documentation, such as valid identification for all directors/partners and other registration documents.

 

Pay the Name Change Fee

Fee Structure: The fee for a business name change varies depending on your business type. CAC’s portal will display the amount due once you begin the name change process.

Payment Method: The payment can be completed directly on the CAC portal using online payment options like debit cards.

 

Submit the Documents and Await Approval

Upload Required Documents: On the CAC portal, upload the completed application form, supporting documents, and proof of payment.

Review and Approval Process: The CAC will review your documents and application. If there are any issues, you may be asked to correct or resubmit certain documents.

Processing Time: Approval may take between 5-15 business days, depending on the complexity of your case and CAC’s workload.

 

Obtain Your New Certificate of Registration

Certificate Issuance: Once approved, the CAC will issue a new Certificate of Registration that reflects your new business name.

Download or Collect Certificate: You can either download the certificate from the CAC portal or collect a physical copy from the CAC office, depending on the options provided by the CAC at the time.

 

Key Considerations When Changing a Business Name

 

Brand Awareness: A name change might impact your brand identity and recognition, so consider informing customers, partners, and stakeholders in advance.

 

Update Business Records: After the change, update your name in all legal and financial records, including tax records, banking information, and any licensing.

 

Inform Regulatory Bodies: If your business operates under specific regulations (e.g., health or financial services), notify relevant regulatory authorities of your name change.

 

New Branding Materials: Prepare new business cards, signage, and online profiles that reflect your updated name.

 

 

CAC Business Name Change Fees

 

The CAC’s official fees for name changes vary, with additional charges for other processes like name reservation. Visit the CAC fee schedule for updated fee information, as costs may change periodically.

 

FAQs

 

How long does it take to change a business name with the CAC?

The process typically takes between 5-15 business days. Delays may occur if additional documents are needed.

 

Can I change my business name without registering with the CAC?

No, changing a business name without updating CAC registration is not legally recognized in Nigeria.

 

Will I need to change my Tax Identification Number (TIN) after a name change?

You may need to update your TIN records with the Federal Inland Revenue Service (FIRS) after a name change to ensure consistency in your tax filings.

 

Can I change my business name more than once?

Yes, there is no legal limit to the number of times you can change your business name. However, each change requires the same process and fees.

 

Will changing my business name affect my existing contracts and agreements?

Not necessarily, but it’s essential to update your name in any contracts or agreements to avoid confusion.

 

Final Thoughts on Changing a Business Name with the CAC

 

Changing your business name with the Corporate Affairs Commission (CAC) is a straightforward but essential process to keep your registration details current. Following the correct steps ensures your new name is recognized legally and secures your business’s branding and identity.

Note: It is important to note that changing of business name is a post-incorporation service. Therefore, you will need an accredited agent to help you do the change of business name. If you want to change the name of your business or company, contact us here