What are the benefits of registering my business?
This is a question many business owners ask. A lot of entrepreneurs in Nigeria are yet to register their businesses with Corporate Affairs Commission.
At ReDahlia, we make business registration seamless. And we have partnered with Zenith Bank Plc to give you a corporate bank account as soon as your business is registered. Contact us today to help you register your business.
Typically, the first thing to do when you want to start a business in Nigeria is to register your business name with the Corporate Affairs Commission (CAC). This will help you discover if the name you have in mind is still available and not registered by someone else.
Sometimes, most business owners build brands only to find out that someone else has the legal right to their ‘business name’. I believe this is not a pleasant experience when you consider the pain of building a brand.
Some people fail to register their businesses due to ignorance, while some see it as a way to evade tax. However, you should know that the benefits of registering your business far outweigh any perceived disadvantages.
We have compiled 12 benefits of registering your business with the Corporate Affairs Commission (CAC) in Nigeria in this article. Make sure you read carefully.
Watch the full video of the benefits of registering your business and how to register your business with CAC. Also, subscribe to our channel to get more business content, like the most profitable business ideas and insights.
Benefits Of Registering Your Business With CAC
- You can open a corporate account with your registered business certificate. When you register through us, you get a Zenith Bank account.
- Potential customers feel more comfortable paying into a corporate account because they know their money can be traced. And you can open a corporate account with any bank of your choice with a registered business.
- You can apply for loans and grants when your business is registered.
- When you register your business, customers trust you because they see you as legit and reliable.
- Registering your business is the first step to getting your business structured. Without registering your business, you are running a glorified hobby.
- A registered business can get interns from NYSC.
- A registered business gives clients confidence that they are dealing with a reputable organization.
- When your business is registered, even if you are dead or become incapacitated, your business continues, especially when you have the right structure in place.
- A registered business gets easy access to loans and boundless opportunities.
- You have better access to investors with a registered business as investors look at the business structure first before investing.
- With a registered business, you can easily obtain a visa and travel to any country for business purposes and conferences.
- Registering your company enhances the reputation and perception of your business to prospective clients.
How To Register Your Business With CAC
Usually, you can register your business either as a Business Name or a Limited Liability Company. The business name is registered by a sole proprietor and can be registered by either one person or two people max. To register as a limited liability company previously, you will need at least two directors and a secretary. However, a new law allows one person to register a limited liability company.
If you register as a business name, all business liabilities are on you. On the other hand, if you register as a limited liability company, the business is seen as a separate entity from the owner. So, all liabilities of the company are borne by the company.
There are two ways to register your business with CAC.
1. Register Through CAC Online Portal
To register online, follow the steps below:
- Visit services.cac.gov.ng
- Create an account
- Log in
- Do a public search of your preferred name
- Reserve your business name
- Follow other procedures as directed
2. Get An Expert To Help You Register
Registering yourself can be difficult if you lack experience. So, it is always best to engage the services of a professional. Most times, people get stuck when they get to a particular stage. To avoid that, you can hire the services of a professional.
You can trust ReDahlia Workspaces (the mother company of Entrepreneurs.ng) to help you with your business registration. With us, it is fast, affordable and seamless. But, most importantly, we are traceable (43B Emina Crescent off Toyin Street, Ikeja, Lagos) for people who are wary of online scammers.
Our prices are listed below:
- Business Name – N20,000
- Limited Liability Company – N55,000
- Trademark – N60,000
- NGO – N125,000
Your certificate will be ready in 2-3 working days to crown it all.
For more information, don’t hesitate to get in touch with ReDahlia Workspaces through:
Phone number: 08188122223
Address: 43B, Emina Crescent, off Toyin Street, Ikeja, Lagos.