Every country has its own business guides, regulations, and standing bodies that certify businesses to run as a recognized entity. While registering your small enterprise is a legal duty, it comes with a huge benefit for your business. And that one big deal is you get to be trusted by your customers once they see you are certified by a government agency.
You can not afford not to be stamped certified as a business not even in an environment like Nigeria where several competitors are doing your kind of business. You need to make your business stand out and operate according to the laws. That is why I’m writing this article to help you get started with registering your business with SMEDAN.
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a government-led agency to incorporates small and medium enterprises into the formal business sector without breaking the bank or using all their capital to get registered. Getting certified by SMEDAN comes at a cost but is very affordable compared to the other business incorporation channels.
Registering your business with SMEDAN is open to small and medium businesses in Nigeria and this comes with some benefits that are open for such business category. Any business entity including artisans and traders fits into the SME business category.
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Benefits Of Having A SMEDAN Registration
1. Authenticity
It gives potential customers the confidence that your business is authentic and trustworthy. In these times where online buyers especially are always seeking validation for any business before having transactions with them, being registered with a recognized state-owned agency like SMEDAN can be your better advantage.
2. Access to private and public grants
From time to time there are programs where small and medium businesses are offered grants or loans. Some of these funding programs request that applicants be registered with specific government agencies like the Corporate Affairs Commission or SMEDAN. They use this as a measure to know how authentic the business is or to get its track record.
3. For Further Incorporation
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There are stages in the life of a business. The early days to the big days. Small and medium businesses are hoped to grow into big corporations. The business track record can only be authenticated by verifying the business registration.
4. Access to SMEDAN grant
SMEDAN gives registered businesses a conditional grant of up to #50,000. There are some requirements to be met to access this grant. You can visit the SMEDAN website to get more details on how to qualify
