Free 250,000 FGN Business Name Registration For MSMEs
The Federal Government has included small business owners and entrepreneurs in its post covid 19 pandemic survival intervention. Micro, small, and medium enterprises can now register their businesses for free starting from the 19th of October 2020. In the light of the foregoing, the Federal Government has instructed the registration of 6606 business names in each of the 34 states. Abia Lagos and Kano will have 7,906, 9,084, and 8,406 respectively.
If you’re a business owner or an entrepreneur, here is an opportunity you shouldn’t miss. An opportunity to formalize and register your business. If you’re wondering what steps to take to ensure successful registration, consider these criteria given by the government:
- Three (3) proposed business names
- Two (2) passport-sized photographs
- A valid means of identification (driver’s license national identity card voter’s card)
- Phone Number/Email address
Click here to complete and download an application form
The names on contacts details of the aggregators can be obtained and CAC’s website using this link: http://www.cac.gov.ng
After filling out the form scan the PDF format together with a scanned copy of a recognized and valued photo identification (data page of international passport driver’s license national Identity card of voters card), then send it via email to the aggregator of your respective states.
See here for the full list of aggregators, their contact details, and emails.
Frequently Asked Questions
A Business name or a Company name – Which should be considered for which purpose?
The first thing we are all tempted to do is to choose the easiest cheaper and more convenient option without first considering the legal implications of each structure. You should first consider the one that offers more favorable conditions in the long run, not the other way round.
Most individuals register as a business name first then do a conversion when the company starts growing. This has proven to be quite a lengthy process as queries could be issued lengthening the time frame causing you to lose profitable bids and opportunities. The conversion process of first registering as a business name, then registering as a company takes time, and additional funds. It’s advisable that you register as a company from the beginning especially if you’re looking to go large scale.
- A business name is a name that a firm operates and trades under for commercial purposes while a company name is for an association of persons who have come together with the sole aim of doing business and making a profit.
- A business name is suitable for Small business ventures sole proprietorship partnership. It is ideal for businesses that are not looking forward to going large scale while a company name is ideal for those looking to go large scale, it was also for those who have plans to raise capital through the issuance of shares. It is solely dependent on the number of members.
- There a lot of formal legalities involved in registering a company compared to registering a business name. A name is quite easy to register at little fires just one or more persons it has less formal legal requirements.