70% of SMEs in Nigeria are not registered with the CAC. Many of these businesses have gained traction and huge customer base within their locality, and a few have products and services that are of good quality and can compete with similar products on the world stage. Perhaps this is why many of them have ignored the need to register their business with appropriate authorities.
You may be the owner of one of such businesses and you constantly wonder, why should I bother paying money to register my business since am already ‘making it’? Or maybe you are muting the idea of starting your own small business, but have not come to terms with why registering a business is an important step for you.
I have outlined here 8 of the many reasons why being a registered business will benefit your business. Details in the Video...
1. LEGAL RECOGNITION; You will automatically lose any case that takes your unregistered business to court because there is NO LEGAL PROTECTION on your business.
2. UNIQUE IDENTITY; The name you are currently using to run your business is not yours until you register your business with it. A random trouble maker can decide to pick on you by going ahead to register that name as their own and come to claim you are stealing their name.
3. BUSINESS CREDIBILITY & REPUTATION; Some customers can intentionally price down your products or services, or leave entirely if they know you are not registered.
4. ENTER &EXECUTE CONTRACTS; You cannot bid for or enter into business contracts if you are not a registered business.
5. LEGALLY EMPLOY WORKERS; You will not be able to attract the best hands to work with you if your business is not registered.
6. INTERNATIONAL TRADE; Unregistered businesses will not be given business visas for international exhibitions and trade fairs. Foreigners will also find it difficult doing business with you.
7. BUSINESS LOANS & GRANTS; business loans are meant for registered businesses only and will hardly if ever, be given to an individual.
8. ATTRACT INVESTMENT; Investors will not be willing to invest in your idea when they find out that you are not a registered business entity.
The reverse of these are the reasons why you should register your business ASAP.
IF YOU ARE A SMALL BUSINESS OWNER AND WOULD LIKE TO REGISTER YOUR BUSINESS IN NIGERIA, IN ANY FORM;
BUSINESS NAME (Sole proprietorship, Partnership)
LIMITED LIABILITY COMPANY
INCORPORATED TRUSTEE (NGOs, Churches, Mosques)
We will be able to help you.
We offer exceptional services in this regard.
Call/WhatsApp 08027877515
Email: starupconslts@gmail.com
0 Comments