8 Advantages of Registering your Business with CAC - Corporate Affairs Commission of Nigeria

Are you running a business or you want to start one and make it official? Then you should see some of the benefits of registering that Business if you're serious about it.
Corporate Affairs has the responsibility to regulate the formation and management of companies in Nigeria, this also means they're responsible to registering businesses in Nigeria, the Corporate Affairs Commission of Nigeria was established in 1990 vide Companies and Allied Matters Act no 1 1990 as amended, now on Act cap C20 Laws of federation of Nigeria.

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 give more credibility and trust.


3. LEGAL LIABILITY PROTECTION: 

When you register your business as 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. Example is If you obtained 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 LOANS: 

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 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 certificate of incorporation by the appropriate government agency. In Nigeria the Federal Government of Nigeria issues through 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 corporate account in your company name. Having corporate account give you more credibility and trust from your customers, bank, suppliers and other business partners

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