The Federal Government of Nigeria and the Corporate Affairs Commission (CAC) is organizing the FG/CAC free business names Registration for 250,000 Micro, Small and Medium Enterprises in Nigeria. A form of business formalization support of the MSME Survival Fund.
According to the information, the new development is part of the Federal Government's post-Covid-19 Pandemic survival intervention to support micro and small businesses to formalize their businesses. The FG has approved the free registration of 6,606 Business Names in each of the 34 states; while Abia, Lagos, and Kano will have 7,906, 9,084, and 8,406 respectively.
Why do I need to register my business with CAC?
It cost a lot of money, ranging from N30,000 to N50,000 for Corporations Limited Liability, if you knew how much you could save, then join the wagon. There are a lot of grants and loans you cannot access without this certification, you are not recognized as a business in Nigeria, no serious person will invest in your idea, it's a way to legalize your idea, so it cannot be copied and pirated.
To ensure the smooth operation of the process, Aggregators have been appointed to receive applications from interested persons in line with the CAC requirement.
The names and contact details of the aggregators can be obtained on the Commission's Website as follows: www.cac.gov.ng
The free registrations have started on 19th October 2020.
The Requirements for registration include;
- Three (3) Proposed Names
- Two (2) Passport-sized photographs
- Valid Means of Identification
- Phone Number/Email address
If you are yet to get your business registered free of charge 100% this period, you can locate the focal person to contact in your state for the registration via the list below.