10 Benefits of Registering Your Company with the CAC Nigeria – Corporate Affairs Commission
Benefits of registering your company with the CAC is inexhaustible, however, 78 percent of the Small Medium Enterprises in Nigeria are not incorporated with the Commission for no obvious reasons. In this article, we are going to illuminate the Benefits of Business Registration with the CAC Nigeria – Corporate Affairs Commission. This article will help you understand the importance of registering your business and bring to light the immense benefits you have denied your business by not registering your trade.
Here Are The Top 10 Reasons We Have Identified:
Are you one of those Entrepreneurs that do not own a registered business? Now in bullet points, here are good Reasons and Benefits of Business Registration with the CAC Nigeria - Corporate Affairs Commission. Click To Tweet
- Secure the Unique Identity of Your Business [Secure the Name]
- Legal Liability Protection
- Legitimacy and Credibility
- Corporate Account Opening
- Easy Accessibility to Loans and Investment
- Competitive Advantage
- Government & Corporate Patronage
- Certificate of Incorporation
- International Business Opportunities such as foreign grants
- The Principle of Going-Concern
10 Benefits of Business Incorporation with the Corporate Affairs Commission
Secure the Unique Identity of Your Business [Secure the Name]
Firstly, your Business Name identifies you and your brand/style to your clients. It allows you to differentiate yourself / style from your competitors. In addition, it enables your customers to uniquely connect to your business/brand. Therefore, register your company name now before someone else does. That is the first advantage of having your company registered with the CAC Nigeria – Corporate Affairs Commission.
Do you know that your rival/competition can register its business in your current business name if yours have not been registered? In the eyes of the law, the propriety of the “business name” rest on the person who registered it. The impact of this will be confusion for your customers. And, you most likely would change the business name you love or get out of business. Therefore, to be ahead of your competition; strive to register your Company Name as well as your Internet Domain Name. Both should be similar to enable the easy flow of marketing collateral.
Legal Liability Protection
Limited Liability Company registration is the incorporation of a separate legal entity to conduct business. On completion of the registration, a new entity is created in the eyes of the law. An entity (artificial person-legal individual or being) separate from its owners – shareholders. It can sue and be sued. This means that the owners are protected in the event of any unforeseen circumstances in terms of liability. Thus, you may find it easier to attract investors, because they know they shall not be personally responsible for the company’s well-being.
Legitimacy and Credibility
In today’s business world, anybody can calm anything. Therefore, people are wary of who they do business with due to the rising cases of scam. A potential customer may be suspicious of your business or a competitor could discredit you before your prospect/target market by throwing catchwords like beware of unregistered businesses. Hence, a potential customers or clients could loose confidence in doing business with you.
Corporate Account Opening
To open a Business Bank / Corporate Account, you need to provide proof of business registration with the CAC Nigeria – Corporate Affairs Commission. A business bank account is an important asset to every business because it gives more credibility and trust to your customers, creditors, banks, suppliers and other business partners.
Easy Accessibility to Loans and Investment
Most creditors, banks and investors will not do business with a company that is not a “going concern” because of the high risk involved. Registered companies access loans from banks easily because they are legal entity/corporate bodies that meet the requirements of the banks as opposed to dealing with an individual.
The Principle of Going-Concern
The Principle of Going-Concern assumes that a business will continue to operate in the foreseeable future. Most creditors, banks and investors will not do business with a company that is not a “going concern” because of the high risk involved.
Government & Corporate Patronage
Registering your company with the CAC Nigeria – Corporate Affairs Commission helps you to access established and big corporations for patronage. Even the government will readily hand out contracts to Limited Liability Companies because it has the capacity and perpetuity to fulfill certain obligations.
Certificate of Incorporation
The issuance of Certificate of Incorporation to registered businesses is the responsibility of the Corporate Affairs Commission as enshrined in the enabling law establishing the commission. Certificate of Incorporation is issued by the Commission on completion of registration. It enables you to obtain other vital business documents such as TIN, TCC, SCUML, Business Bank Account etc. for ease of doing business in Nigeria.
International Business Opportunities [such as foreign grants]
Whether you are starting a small venture, want to grow an existing one or launch a big company, registering with the CAC Nigeria – Corporate Affairs Commission prepares you for international business openings. In today’s challenging business atmosphere, the need for funds is ever present. A roman philosopher Seneca once said, “Luck is What Happens When Preparation Meets Opportunity”.
Did you know that you can get as much as 10,000 USD in Grant from foreign donor agencies?The Tony Elumelu Entrepreneurship Programme (TEEP) gives 10,000 USD seed funding to 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants on yearly bases. Click To Tweet
We offer Free Business Consultation and a Name Reservation for all our prospects. If you want to register your Business Name or Limited Liability with the CAC? Click Here to see our amazing best value discounted offers or Click Here to Open a Ticket.
Ideally, the entire process takes about 3–7days for business name registration and 7-14days for LLC. But sometimes could exceed depending on the workload of the Corporate Affairs Commission at the time.
So, if you want to know more about the business name registration process with the CAC Nigeria – Corporate Affairs Commission, click – Registration of Business Name with the CAC | Complete Guide.
Whether you are starting a small venture, want to grow an existing one or launch a big company, you should always have Scalability in your thoughts. Roman philosopher Seneca once said, “Luck is What Happens When Preparation Meets Opportunity”.
Most importantly, we do hope you have benefited from this article. We have illuminated the benefits of business registration with the CAC Nigeria – Corporate Affairs Commission. So, ensure you register your business today!
Do you want to be an entrepreneur in Nigeria?, then consider the benefits of business registration. Which one of the two forms of business registration would you prefer? Business Name or Limited Liability? You can get started with the registration process now!
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If you need further clarification before paying for any of our plans, visit: www.corporatestarters.com. You can also send us an email at [email protected].
This article on benefits of business registration is mostly for information purposes alone and is not intended to take the place of legal advice. Readers are advised to seek proper legal advice. If you need help in reaching a lawyer, you may consider sending us an email at [email protected] and we would be glad to connect you with a lawyer.