Below are few reasons why you need to register your business with Corporate Affairs Commission (CAC).
Getting on Record: One great advantage of having your company registered with the local, state or federal government is to ensure your company name is not registered by someone else. You should always have it in mind that if your company name is “Kolawole Olaitan Ltd” and someone else has already registered “Olawole Olaitan Ltd”, you won’t be able to register “Kolawole Olaitan Ltd” because the name is similar to “Olawole Olaitan Ltd”. So always strive to register your company name before someone else snaps it from you.
Certificate of Incorporation: You will be issued certificate of incorporation by Corporate Affairs Commission (CAC), the agency empowered by Federal Government of Nigeria to register companies and issue certificates.
Reputation With Customers: Registering your business gives your potential customers confidence that they are dealing with a reputable organization. If your business is online based and you have the option of customers paying to your company account before you can ship the goods or services, having a registered business together with a corporate account give more credibility and trust.
Account Opening in Your Company Name: Another great benefit of registering your company name is the ability to open a corporate account in your company name. Having a corporate account give you more credibility and trust from your customers, bank, suppliers and other business partners.
Legal Liability Protection: When you register your business as Limited Liability Company, you are a different entity from your company. You also get legal liability protection. If you incorporate, you will not be held personally responsible for certain accidents and other liabilities.
Getting Loans: When your company is registered, accessing loan becomes very easy compare to personal loan application. This gives credibility and trust and also ensures confidence and your investors or lenders will see that they are dealing with a company and will be willing to do lend you money if other terms and conditions are made.
Business Trip to Other Country: Another great benefit of business registration is that you can easily obtain 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.
There are so many benefits you will get from registering your business with CAC. If you haven’t registered your business, please start making the necessary steps to register your business today.
In my next post, I will talk about how to go about registering your business with the Corporate Affairs Commission (CAC).