Nigerians who have been operating businesses for several years without formal registration may qualify for the Federal Government’s free Corporate Affairs Commission (CAC) business name registration initiative.
The programme, implemented through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), targets 250,000 eligible nano, micro and small businesses.
It is designed to reduce the cost of formalisation and encourage more entrepreneurs to register their businesses.
However, eligibility depends on whether the business already has CAC registration and meets the programme’s other requirements.
Can an old business qualify for free CAC registration?
Yes. The initiative is not restricted to newly established businesses.
An entrepreneur who has operated a shop, tailoring business, food outlet or other small enterprise for years without CAC registration may fall within the target group.
The key distinction is between an existing business that remains unregistered and one that already has formal CAC registration.
Applicants should therefore provide accurate information about their business status.
What if your business already has a CAC certificate?
Businesses already registered with CAC are not the intended beneficiaries of the free business name registration offer.
The initiative is designed to bring unregistered enterprises into the formal economy.
It should not be treated as a programme for renewing existing certificates, changing registered business names or incorporating companies.
Those services fall under different CAC procedures.
Can existing SMEDAN members participate?
Yes.
According to BusinessDay’s report on the initiative, businesses already captured in SMEDAN’s database but without CAC registration may qualify.
Such entrepreneurs should review their existing profiles rather than automatically create new accounts.
However, prior SMEDAN registration does not mean that CAC approval has already been granted.
What if your business operates online?
The initiative targets eligible small businesses, including entrepreneurs providing goods and services through digital channels.
An online fashion retailer, food vendor or service provider may fall within the programme’s intended category if the business is unregistered and satisfies the requirements.
Operating through WhatsApp, Instagram or another digital platform does not, by itself, establish eligibility or disqualification.
Applicants must still complete the relevant registration process.
How can existing businesses apply?
Business owners should visit SMEDAN’s official portal, create or access their accounts and provide accurate information.
When asked whether they already have CAC registration, they should answer truthfully.
Applicants without CAC registration can indicate that status and follow the relevant instructions.
The Federal Government covers the applicable business name registration fees for successful beneficiaries.
However, submission does not guarantee approval, and entrepreneurs should avoid anyone promising to secure a slot for payment.