04/03/2022
SOME OF THE IMPORTANCE OF BUSINESS, COMPANY OR ORGANIZATION REGISTRATION
(A). Opening Business/ Corporate 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 Corporate bank account is an important asset to a small business because you can separate your personal activities from your business activities.
(B). Potential customers feel more comfortable and secured paying into a corporate account because they know the money can be traced.
(C). Safeguarding Your Business / Corporate Name:
One the greatest advantage of registration with the Corporate Affairs Commission (CAC) is safeguarding and protecting your business name from being used by another business or person. No one else can register a business with that same name or a similar name. The moment someone registered your business name automatically the name of your business will go down and you can be able to use again and it will also effect or loose some of your potential customers who has built confidence in the name.
(D). Applying for contacts:
If your plan is to be getting government or organizational contracts for your company, a business registration is one of the first requirements as it's not quite easy or acceptable for an individual to apply for a contract.
(E). Legal Liability Protection:
Another Advantage of organization incorporation is receiving some legal liability protection, in a private company limited by share has a legal personality separate from the one of its subscribers. The moment you incorporate your business, you will not be held personally responsible for certain accidents and other liabilities incurred by the registered company.
(F). Getting Loans and grants:
when you apply for business loans or grants, 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 your loan or grants application be
(G). 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. 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.
(H). Supplier Arrangements / Government Contracts:
An organization that is registered 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).
(I). Perpetual Succession / Continuity:
Another l benefit of registration is the business/organization 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 it possible without registration.
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