Do you own a small business and want to take that business to greater heights?
What if you have worked hard for years only to realize that your business name legally belongs to someone else who has registered it before you?
Perhaps, you got a life-changing opportunity to bid for a government contract or supply your products to a multinational organization…then the question comes…” is your business registered?”
This article shares some insights on why you need to register your business with CAC and how to go about it.
The Corporate Affairs Commission (CAC) in Nigeria, is the body charged with the responsibility to regulate the formation and management of companies in Nigeria.
Your business and its success result from months and years of consistent effort and hard work that should not be taken for granted and should be registered.
While it’s true registering your business with the Corporate Affairs Commission (CAC) might not be necessary for all types of businesses/transactions e.g (Hawkers and Roadside vendors which may be regarded as temporary business structures), it is advised that every well-meaning entrepreneur or business owner should ensure their business venture registered with the corporate affairs commission (CAC) and here is why.
Be The True Owner Of Your Business
Registering your business gives you exclusive legal rights and privileges as the owner. This means no one else can claim that particular business name and its attributes, giving you the right to sell the business if you choose.
Be Credible And Win Trust
People are more comfortable doing larger volumes of transactions/contracts with verifiable registered businesses. If you hope to win better and more high-end clients, you need to get registered ASAP.
Succession And Continuity
Registering your business gives it a better chance and the legal structure for your business to continue even long after you retire or are incapacitated.
Business Bank Accounts, Loans, Contracts, and Other Business Relationships
You’ll need to have your business registered if you intend to open a business bank account, huge loans, contracts, and other business relationships because as stated earlier, people and other businesses prefer working with registered and credible businesses.
Stay Safe From Fraudsters And Scammers
It is safer to deal with other registered businesses as their records can be traced in any case of fraudulent activities.
Gain Access To Spronet Marketplace For Businesses
At Spronet.ng we permit only registered businesses to upload their goods and services. Being a registered business gives you complete access and freedom to platforms such as ours to transact or showcase your goods and services.
Legal Liability And Protection
You gain some form of legal liability protection especially when you’re registered as a limited liability company. As a registered business, you will not be held personally responsible for certain accidents and other liabilities that your business may have generated.
Brand Identity, Reliability, And Reputation
Do you want your business to stand out as a brand? Then the first step in securing your company name legally before someone else does. Remember, you can lay claim to something you don’t own.
Some Reasons Why people don’t Register their Businesses?
It’s no news that some business owners have deafened their ears to registering their businesses legally, while this trend has changed drastically over the years, here are some reasons:
- Tax Evasion
- Misinformation and Ignorance
How To Register Your Business With CAC
Registering your business with CAC can be done in two ways:
Do It Yourself
The CAC launched an online portal through which businesses intend to register a Business Name (Doesn’t Apply for Limited liability companies-Ltd).
By following the instructions at https://pre.cac.gov.ng/home you can do your online business registration yourself.
However, there have been reports of delays both on the website and in the process. This approach is best suited for those that are tech-savvy.
Registered CAC Agent
A registered CAC agent might be all you need if you don’t have the time, skill, or experience to get your CAC done yourself.
Often, these registered Agents and professionals especially, Lawyers and Chartered Accountants, are recognized by the CAC to make the registration process stress-free and convenient for you.
Need a registered CAC agent to help you with your business registration process?
Contact us at Spronet Hub as we connect you to our pool of verified CAC agents to make the process affordable, stress-free, and fast. To get started:
Visit our office at Spronet Hub, 1st Floor Chaza Mall, Ada-George, Port Harcourt., send us an email at firstname.lastname@example.org, or call: 09037135958
Have your business registered if you haven’t and join thousands of other verified businesses to showcase your goods and services on spronet.ng for free. Give your business the needed exposure, win more clients, serious buyers, and contracts and grow your business.
To join our community of businesses for free and start selling online, go to https://spronet.ng and signup, verify your email address and create your business profile all at zero cost.
See also: What We Do At Spronet.ng – Spronet Blog