The body/corporation charged with the registration of businesses in Nigeria is the Corporate Affairs Commission (CAC).
Although registering your business in Nigeria might seem irrelevant, it comes with its own perks and benefits. These benefits are;
1. Hiring Employees
A registered business can employ full-time employees and pay them salaries and other benefits. You have the opportunity to seek interns especially from the National Youth Service Commission or Sure-p that will not cost you a lot in terms of paying salaries and incentives or even cost you nothing in the case of Sure-p.
2. Supplier Arrangements/Government Contracts
A registered business also makes you eligible to receive supplier discounts that you wouldn’t normally receive as an unregistered business entity.
Suppliers usually reserve special rates for business owners who can show official evidence of business name or company registration (certificate of incorporation) issued by the Corporate Affairs Commission (CAC).
Also, if your plan is to be getting government contracts for your company, business registration is one of the first requirements.
3. Business Trip to Other Country
Another great benefit of business registration is that you can easily obtain a visa and travel to any country for business purposes.
Every country always welcomes foreign investors who are interested in doing business in their country because such good investments will add value to their economy.
4. Opening Business Bank Accounts
You need to provide proof that your business is properly registered with the Corporate Affairs Commission (CAC) to open a business bank account in Nigeria.
A business bank account is an important asset to a small business because you can separate your personal activities from your business activities.
It is also more professional to give your clients/customers a business account details that carry your business name for payment instead of your own full name.
5. Safeguarding Your Business/Corporate Name
One huge advantage of registration with the Corporate Affairs Commission (CAC) is safeguarding your business name from being used by another person/business.
No one else can register a business with that same name or a similar name.
6. Getting Loans
When you apply for business loans, you’re going to have to prove that you’re actually a business. Banks and investors will ask to see your business registration certificate along with other application requirements before approving you for a loan.
7. Certificate of Incorporation
You will be issued a certificate of incorporation by the appropriate government agency. In Nigeria, the Federal Government of Nigeria issues through the Corporate Affairs Commission (CAC), a government agency empowered to register companies and issue certificates.
8. Perpetual Succession/Continuity
A final benefit of registration is the business continuing even if you die or become ill. A registered business is an entity in its own right; thus, another can assume ownership or control or your business can be sold. Neither is possible without registration.
9. Legal Liability Protection
Another benefit of registration is receiving some legal liability protection (note that a private company limited by share has a legal personality distinct from that of its subscribers).
If you register or incorporate your business, you will not be held personally responsible for certain accidents and other liabilities incurred by the registered company.
Thus, you may find it easier to attract investors, since they will know you are not personally responsible for the company’s well-being.
10. Reputation With Customers
Customers and clients, especially people you’ve never worked with before, need assurance that you are a legitimate business. A potential client may suspect your business of being a “fly-by-night” operation if your company isn’t properly registered.
So if you are yet to register your business of having any issues with the registration, you can message a CAC accredited agent, Mr. D on WhatsApp. https://wa.me/message/O3EGMI42ELJ7B1
N.B: When a business is registered with the Corporate Affairs Commission (CAC), it could put your clients at ease when making a decision about whether to spend money with/transact business with your company.
Although registering your business in Nigeria might seem irrelevant, it comes with its own perks and benefits. These benefits are;
1. Hiring Employees
A registered business can employ full-time employees and pay them salaries and other benefits. You have the opportunity to seek interns especially from the National Youth Service Commission or Sure-p that will not cost you a lot in terms of paying salaries and incentives or even cost you nothing in the case of Sure-p.
2. Supplier Arrangements/Government Contracts
A registered business also makes you eligible to receive supplier discounts that you wouldn’t normally receive as an unregistered business entity.
Suppliers usually reserve special rates for business owners who can show official evidence of business name or company registration (certificate of incorporation) issued by the Corporate Affairs Commission (CAC).
Also, if your plan is to be getting government contracts for your company, business registration is one of the first requirements.
3. Business Trip to Other Country
Another great benefit of business registration is that you can easily obtain a visa and travel to any country for business purposes.
Every country always welcomes foreign investors who are interested in doing business in their country because such good investments will add value to their economy.
4. Opening Business Bank Accounts
You need to provide proof that your business is properly registered with the Corporate Affairs Commission (CAC) to open a business bank account in Nigeria.
A business bank account is an important asset to a small business because you can separate your personal activities from your business activities.
It is also more professional to give your clients/customers a business account details that carry your business name for payment instead of your own full name.
5. Safeguarding Your Business/Corporate Name
One huge advantage of registration with the Corporate Affairs Commission (CAC) is safeguarding your business name from being used by another person/business.
No one else can register a business with that same name or a similar name.
6. Getting Loans
When you apply for business loans, you’re going to have to prove that you’re actually a business. Banks and investors will ask to see your business registration certificate along with other application requirements before approving you for a loan.
7. Certificate of Incorporation
You will be issued a certificate of incorporation by the appropriate government agency. In Nigeria, the Federal Government of Nigeria issues through the Corporate Affairs Commission (CAC), a government agency empowered to register companies and issue certificates.
8. Perpetual Succession/Continuity
A final benefit of registration is the business continuing even if you die or become ill. A registered business is an entity in its own right; thus, another can assume ownership or control or your business can be sold. Neither is possible without registration.
9. Legal Liability Protection
Another benefit of registration is receiving some legal liability protection (note that a private company limited by share has a legal personality distinct from that of its subscribers).
If you register or incorporate your business, you will not be held personally responsible for certain accidents and other liabilities incurred by the registered company.
Thus, you may find it easier to attract investors, since they will know you are not personally responsible for the company’s well-being.
10. Reputation With Customers
Customers and clients, especially people you’ve never worked with before, need assurance that you are a legitimate business. A potential client may suspect your business of being a “fly-by-night” operation if your company isn’t properly registered.
So if you are yet to register your business of having any issues with the registration, you can message a CAC accredited agent, Mr. D on WhatsApp. https://wa.me/message/O3EGMI42ELJ7B1
N.B: When a business is registered with the Corporate Affairs Commission (CAC), it could put your clients at ease when making a decision about whether to spend money with/transact business with your company.