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How to Get BN Number in Nigeria: A Step-by-Step Guide
Have you been trying to obtain a BN number in Nigeria but don't know where to start? This article has got you covered. A BN number is a Business Number assigned by the Corporate Affairs Commission (CAC) to identify companies doing business in Nigeria. It is a requirement for all legal entities operating within the country. If you own a business or plan to start one, this article will guide you on how to get your BN number in Nigeria.
What is a BN Number?
A Business Number (BN) is a unique identifier assigned to companies doing business in Nigeria. It is used to identify and track business transactions for tax purposes. The BN number is issued by the Corporate Affairs Commission (CAC) and is a requirement for all legal entities operating within the country.
Types of BN Numbers
There are two types of BN numbers issued by the CAC, namely:
BN Number for Limited Liability Companies
A BN number for Limited Liability Companies is issued to companies that are incorporated as Limited Liability Companies. This is the most common type of BN number issued by the CAC.
BN Number for Business Names
A BN number for Business Names is issued to individuals or partnerships that are doing business under a registered business name.
Requirements to Obtain a BN Number
To obtain a BN number, you will need to provide the following documents:
- Certificate of Incorporation (for limited liability companies)
- Form CAC 1.1 (for limited liability companies)
- Memorandum and Articles of Association (for limited liability companies)
- Business name registration certificate (for business names)
- Tax Identification Number (TIN) certificate
- Two passport photographs
- Valid means of identification (International Passport, Driver's License, National ID card, Voters Card)
Step-by-Step Guide to Obtaining a BN Number
Now that we have gone through the basics of a BN number and the requirements needed to obtain one, let's dive into the step-by-step guide on how to obtain it:
Step 1: Conduct a Name Search
The first step in obtaining your BN number is to conduct a name search with the CAC to check if your proposed company name is available for registration. You can do this online via the CAC website or visit any of their offices nationwide to conduct a manual search.
Step 2: Reserve Your Company Name
Once you have confirmed that your desired company name is available for registration, the next step is to reserve the name with the CAC. To do this, you will need to fill the CAC Form 1.2 and pay the required fee.
Step 3: Prepare the Required Documents
After reserving your company name, you will need to prepare the required documents for registration. These include the Certificate of Incorporation (for limited liability companies), Form CAC 1.1 (for limited liability companies), Memorandum and Articles of Association (for limited liability companies), Business name registration certificate (for business names), Tax Identification Number (TIN) certificate, two passport photographs, and a valid means of identification (International Passport, Driver's License, National ID card, Voters Card).
Step 4: Submit Your Documents
Once you have prepared all the required documents, the next step is to submit them to the CAC office for registration. You will be required to pay the registration fee, which varies depending on the type of business entity you are registering.
Step 5: Collect Your BN Number
After submitting your documents, the CAC will process your registration and issue you a BN number upon completion. This process usually takes between 2-4 weeks. You can collect your BN number at the CAC office where you submitted your documents, or it can be sent to your registered email address.
FAQs
- Can I obtain a BN number online?
No. You cannot obtain a BN number online. You will need to visit any CAC office nationwide to obtain your BN number.
- What is the cost of obtaining a BN number?
The cost of obtaining a BN number varies depending on the type of business entity you are registering. The fees are stated on the CAC website.
- Can I register my business without a BN number?
No. A BN number is a requirement for all legal entities operating in Nigeria. You cannot register your business without obtaining a BN number.
- How long does it take to obtain a BN number?
The process of obtaining a BN number usually takes between 2-4 weeks.
- Can I change my company name after obtaining a BN number?
Yes. You can change your company name after obtaining a BN number. However, you will need to follow the necessary procedures for changing your company name with the CAC.
Conclusion
Obtaining a BN number is an essential requirement for all legal entities operating within Nigeria. By following the steps outlined in this article, you can obtain your BN number with ease. Remember to prepare all the required documents and pay the necessary fees to avoid delays in the registration process.
