FG Has Approved Free 250,000 CAC Business Name Registrations For MSMEs. Here's How To Apply
As a fashion entrepreneur who hopes to grow, thrive and expand business operations far and wide, both within and outside Nigeria, you need to register your fashion brand. Registering your fashion brand either as a business name or an incorporated company helps heighten the perception your target market and investors have of you.
To cushion the impact of the COVID-19 pandemic on Nigerians, the Federal Government has approved the free registration of a total of 250,000 Business Names across Nigeria under the Corporate Affairs Commission (CAC).
This post-Covid-19 Pandemic survival intervention was built to help micro and small businesses formalise their business. It is also aimed to boost the Nigerian economy by saving existing jobs and creating new job opportunities.
From the FCT and the 36 other states in Nigeria, 34 states get 6,606 free slots each while Abia, Lagos, and Kano get 7,906, 9,084, and 8,406 slots respectively.
The fund is aimed at all interested Entrepreneurs, Artisans, Craftsmen/Women with Micro and Small businesses that are yet to formalise their businesses. This free Business Name registration is sure to help entrepreneurs in every industry, including the fashion industry, register their Business Names.
Consequently, aggregators have been appointed to receive applications from interested persons in line with CAC requirements.
Benefits of Having a Registered Business Name for Your Fashion Brand
As a fashion entrepreneur, having your fashion brand registered with the CAC comes with many benefits which include;
- Being able to operate a bank account in the business name,
- Having access to grants, loans, and other forms of funding,
- Saving you the stress of building a brand to find that someone else has the right to use that name,
- Enhancing business perception and giving investors a reason to trust you, and
- Helping build a corporate structure that can outlive you, the proprietor.
Registration Process and Requirements
For every state, the names and contact details of the aggregators have been posted on the Commission's Website. All you need to do as a fashion entrepreneur to register your business is to visit one of the centres with the following documents;
- Three (3) Proposed Names,
- Two (2) Passport-sized photographs,
- Valid Means of Identification, and
- Phone Number/Email address.
The free registrations commenced on Monday, 19th of October 2020.
N.B: Multiple registrations will disqualify you from accessing this opportunity.
Hurry now and take advantage of this rare opportunity the Federal Government has extended to every Micro, Small, and Medium Enterprises.