Step-by-Step guide to FG’s free CAC registration for 250,000 MSMEs

Registration process for 250,000 Micro, Small and Medium Enterprises (MSMEs) to be registered free of charge under a new program initiated by the Federal Government in order to support Nigerian businessmen has been officially started.

This new scheme will allow entrepreneurs to register the names of their businesses through SMEDAN and Corporate Affairs Commission (CAC) at zero fee, if they fall within the categories of nano, micro and small companies.

Having received the approval from President Tinubu, the scheme is expected to get rid of one of the biggest hurdles of business formalization through provision of free registration fee of CAC.

What Is the FG’s Free CAC Registration Programme?

The free CAC Registration is among the initiatives of the Federal Government aimed at empowering the MSMEs in Nigeria through formalization of the economy.

A number of these businesses do not have any form of registration, thus making it hard for the business owner to get loans and grants from banks and other government programs. With this program, the government hopes to increase the number of businesses that are registered in addition to fostering economic development.

This initiative was unveiled during the 8th National MSME Awards ceremony conducted at the State House, Abuja.

Benefits of the Programme

Successful applicants will enjoy several benefits, including:

• Free CAC Business Name registration, with the Federal Government paying all statutory registration fees.
• Access to business development support services.
• Technical and entrepreneurial training.
• Opportunities to participate in government-backed empowerment and funding programmes.
• Improved access to financial institutions and formal business opportunities.
• Greater credibility for business transactions and partnerships.

Who Can Apply?

The programme is targeted at:

• Nano enterprises
• Micro businesses
• Small businesses operating anywhere in Nigeria

Business owners already registered on the SMEDAN database but who do not yet have CAC registration may automatically qualify for the programme.

How to Apply for Free CAC Registration

Interested entrepreneurs can apply by following these simple steps:

Step 1: Visit the SMEDAN Portal

Go to the official SMEDAN registration portal.

Step 2: Create an Account

Register using your:

• Full name
• Email address
• Phone number
• Password

Step 3: Complete Your MSME Registration

Fill in the registration form with accurate details about your business.

Step 4: Indicate Your CAC Status

When asked whether your business already has a CAC registration number, select “No” if your business has not yet been registered.

Step 5: Review and Submit

Carefully review all the information provided before submitting your application.

Step 6: Await Confirmation

SMEDAN will review your application and notify successful applicants with further instructions on completing their free CAC Business Name registration.

Why CAC Registration Matters

Registering your business with the Corporate Affairs Commission offers several advantages, including:

• Legal recognition of your business
• Easier access to loans and grants
• Ability to open corporate bank accounts
• Eligibility for government intervention programmes
• Improved customer trust and business credibility
• Better opportunities to attract investors and business partners

FG’s Goal for Nigerian Small Businesses

This comes after signing of a Memorandum of Understanding (MoU) between SMEDAN and the Corporate Affairs Commission (CAC), which formalizes 250,000 nano, micro and small businesses across the country.

As per the Presidency, the program aims at removing the cost of registering businesses and mainstreaming more people into the Nigerian formal banking, taxation, and regulatory environment.

It is believed by the government that an increase in the number of registered businesses would help improve access to finance, sustainability and growth.

Final Thoughts

The Federal Government’s free CAC registration scheme is an excellent opportunity for entrepreneurs who are not officially registered as a business to formalize themselves in the business world for free.

Apart from getting a CAC certificate, applicants will be eligible to get trained and have access to business development services and other government offers which can help grow their business.

Businessmen who qualify for this scheme are advised to apply soon because only 250,000 MSMEs will benefit from this scheme.