Small businesses (SMEs) are the lifeblood of the Nigerian economy and contribute 49% of Nigeria’s GDP. That’s literarily almost half of Nigeria’s economy.
When you hear about “SMEs”, it’s easy to think of another person. But we are referring to your business: those dresses you sell on your Instagram account, those influencer-marketing gigs, those wigs you sell on your Twitter page, that small shop you set up in front of your house, that house agent business you conduct on Whatsapp, that business plan & CV writing you do on the weekends.
We believe small businesses can do much more if set up the right way. Meaning your side gig, that small project, that small business can be so much more.
What does “more” mean?
With a simple “Business Name” registration, you can:
- Open a Bank Account in the name of your business. It makes your business more legitimate to your customers.
- You can stop using your personal account for business. Isn’t the first financial advice that “Separate business income and personal income into separate accounts”
- Get higher transaction limits on payment apps and Banks so that your customers can pay you more. You can receive higher amounts of money than an individual account (and isn’t the aim to make more money?)
- Access loans easier. Banks and Fintechs do not like to deal with individual accounts for loans. A business account also means you have a single record of all your business transactions so that it is easier to get loans.
- Easier due diligence and KYC when dealing with banks, fintechs, and other businesses.
- Formalise partnerships and service business. Business names are the popular registration for law firms, accounting firms, most professional services businesses, and partnerships.
So gradually, you can move it from a “Business Name” to a “Company” (Norebase has you covered there also), trademark your business as you grow, and soon become a huge business, one registration at a time.
*drum rolls* And that is why we are excited to announce that CAC Business name registration is now live on our website! You can register a business name right from your mobile phone or laptop, whether it’s just you (a “sole proprietorship“) or for your “partnership“. Oh! And it’s only NGN 25,000 ($50).
We expect to roll-out Business Names/DBAs in other African countries, in the coming months.
Get a business registration built for you exactly as you need it and where you are.