Before now, the Corporate Affairs Commission (CAC) did not upgrade Business Name to Company. People who wished to use their Business name to register a company had an option of dissolving their Business Name and using the name to incorporate a company. But then CAC did not guarantee that the same name would be approved for company incorporation.
CAC seems to have seen the difficulty experienced by Entrepreneurs in this respect and has reviewed the procedure.
Now, one can upgrade a Business Name to Company.
So if you wish to upgrade your Business Name to company, you need to do the following:
- Write an application to CAC stating that you want to use your Business Name to incorporate a company and pay the prescribed fee. The letter will be printed on the letterhead of the Business Name and signed by the Proprietor(s). You need to attach to the letter, a copy of your application for registration of Business Name and Certificate of registration of Business Name.
- Where CAC grants consent to use the restricted name, you can then proceed to incorporate your company afresh following the procedure for incorporation of company and paying the prescribed fees.
This sounds like good news. Doesn’t it?
If you have questions or need clarifications, you can do so in the comment section and we will be glad to help you.
written by Ifeoma