11 Benefits of Registering A Business/Company Name In Nigeria. So many Nigerians do not know the importance of having their business name or company name registered with the Corporate Affairs Commission. In this article, we shall list out about 11 benefits of registering your business or company name in Nigeria.
And that is the essence and major reason for this post, to enlighten you on the importance of registering your business/company name with the CAC.
The Corporate Affairs Commission is an organization with the mandate to regulate the formation and management of companies in Nigeria.
So many entrepreneurs, SMEs in Nigeria do not know the advantages of registering their business with CAC. Some business owners in Nigeria run away from registering their businesses, so as to avoid paying tax.
Note that the advantages of registering your Business name or Company name are far better than the reasons why you should not register your Business or Company name.
Functions of CAC
The functions of the Corporate Affairs Commission are as follows;
- To administer the Act, including the regulation and supervision of the formation, incorporation, management, and winding up of companies.
- The CAC establish and maintain companies registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with responsibility.
- Arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand.
- To undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.
- The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services. For more information click Here
Benefits of Registering Your Business/Company Name In Nigeria
There are different benefits that you will stand to gain when you register your business or company name in Nigeria with the Corporate Affairs Commission.
- The first and foremost benefit you get is the issuance of a Certificate of Incorporation. This certificate shows that your company is certified by the CAC.
- As a registered company or business, you can open a corporate account with the name of the company/business. This also gives trust and credibility to your business partners, suppliers, and banks during financial transactions.
- Other benefits of registering your business or company name are that it! you can apply for any amount of loan from banks or the Government, also you can also apply for Government grants.
- A registered business or company name brings about trust and confidence within your customers and clients.
- It protects and prevents your Company/Business from been used by another person.
- Gives your company a strong reputation among your suppliers, customers, and dealers. As they will as a legit and legal business partner.
- You can hire employees either as full staff or contract staff. You can also hire interns from Nigeria Youth Service Commission or Sure-p.
- Once you register your business, you can get Visa and travel for business submit and conferences.
- Continuity of your business is certain, this means that your business will continue even after you are not available since it is a registered business
- You will have legal liability protection as far as your business is registered.
- Registering your business or company indirectly protects the name and trademark.
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