You have a great business idea, you’ve told your friends and family about it, you have some people anticipating your product, you’ve secured capital, you have stocked up or built the product, YOU ARE READY TO LAUNCH!
This is the process every budding entrepreneur takes. However, many seem to neglect or procrastinate one very important aspect — registering the business. Many see no benefit in getting their businesses registered. For SMEs, business registration in Nigeria means securing your business name (giving you exclusive rights to the use of the name) and certifying that you run a legally recognized commercial venture.
Here are some reasons why must register your business
- Build trust with your customers — We begin with this because the customer is king. Every step you take as a business owner is taken with the customer in mind. A registered business helps you show your customers that you are running a legal and government recognized venture. This is sure to make them trust you and remove the doubts they may have when transacting with you.
- Build credibility with partners — This advantage is closely related to the first point. Your partners include suppliers and distributors. Having a registered business makes them trust you more and makes them want to do business with you without fear of getting duped. This might help you negotiate better and cut down your costs!
- Open a business bank account — Have you been receiving payments into your personal bank account? Would you like to separate your personal finances from your business finances so that you can accurately state your revenue and profit? Then you need to register your business to meet the requirements to open a corporate bank account.
- Access to credit facilities and grants — Every business needs capital to sustain itself and keep growing. Many business owners turn to loans and government or private grants to fund their businesses. Registering your business not only gives you access to these financial packages but allows you to take advantage of the best options available.
The requirements for CAC business name registration are simply passport photographs of the business owner and a valid means of identification (driver’s licence, voter’s card, national identity card or international passport)
So whether you are already running a business or about to launch one, registering your business should be on your priority list!
You can easily get your business registration done on our website at www.pakomoni.com
