8 Great Benefits Of Registering Your Business With Corporate Affairs in 2020
A business registration allows you to hire full-time employees and pay them in accordance with state laws. When you register your business with the state you’ll receive a state identification number that allows you to route state taxes on the employee’s behalf.
Anyone can decide one day to start operating as a business. All that person has to do is provide a product or service to another person that produces a profit to be “in business.”
1. SECURE THE NAME
This is the first advantage of having your company registered with the corporate affairs is to ensure your company name is not registered by someone else. So strive to register your company name now before someone else registers it before you.
2. REPUTATION WITH CUSTOMERS
Building reputation, especially from customers and clients you’ve never done business before, is very difficult. 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 gives more credibility and trust.
3. LEGAL LIABILITY PROTECTION
When you register your business as a 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. An example is If you obtained a loan and you defaulted in payment, your bank will not seize your property except the company asset because you are protected from such incidence.
4. ACCESSIBILITY TO LOAN
Having your company registered helps you to access loans from banks because they no longer see you as an individual but a corporate body and will be comfortable to do business with you if you are able to meet other requirements.
5. YOUR BUSINESS OUTLIVE YOU
Another wonderful benefit is that even if you’re dead or become incapacitated, your business continues especially when you have the right structure in place.
6. INTERNATIONAL BUSINESS OPPORTUNITIES
Another great benefit of business registration is that you can easily obtain a 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.
7. CERTIFICATE OF INCORPORATION
You will be issued a certificate of incorporation by the appropriate government agency. In Nigeria, the Federal Government of Nigeria issues through the Corporate Affairs Commission (CAC), Government agency empowered to register companies and issue certificates.
8. OPENING A COMPANY’S ACCOUNT
Another great benefit of registering your company name is to use it to open a corporate account in your company name. Having a corporate account gives you more credibility and trust from your customers, bank, suppliers and other business partners.
Registering a company in Nigeria can be a complicated process for a foreigner not aware of the regional corporate laws, but with proper research and support, one can start his/her company in a jiffy. Business Setup Worldwide helps entrepreneurs and firms register their company in Nigeria, taking care of all the formalities and legal procedures involved.
If you are planning to start a business in Nigeria? Do you need help or don’t know how to get register your business name with Corporate Affairs Commissions?
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Yo! My name is Oyebola Rokeeb (Ariwo Kakaki) and I am OBSESSED with teaching online entrepreneurs how to make their passions profitable (and popular)! If you want to learn Digital Skills also… You’re in the right space!Learn more