Due to high unemployment rate many individuals are thinking of starting their own business and because of the constraint of lack of capital, many entrepreneurs prefer to run an unregistered business as it helps save cost.
However, a visionary entrepreneur would look beyond the required cost involved and consider the long term benefits of running a registered business.
There are many benefits of registering your business, most important of them are; building good reputation for your venture, ability to open bank account, creating brand identity in front of clients and employees.
Recently, the current administration offered a lot of incentive to would be business owners by reducing the cost of registration and a lot of entrepreneurs benefited from the gesture. IT will be in your best interest to register your business with the Corporate Affairs Commission (CAC).
Here are 10 reasons you should register your company with CAC:
1. You can make good income with few transactions
Instead of having to stick to that job with a deceptive salary, it would be better you kicked start your potential business by registering it. Depending on the contracts you get through your business, and on the kind of business you are running, you could earn your life-time salary in a very short time.
2. Take advantage of President Buhari’s Government upcoming Intervention Funds to establish or expand your business
Don’t expect your business to benefit from these funds if it isn’t registered. So, hurry! Get your business registered.
3. Take advantage of Central Bank of Nigeria’s intervention funds
Don’t also expect your business to benefit from these funds if it isn’t registered. So, hurry! Get your business registered and CAC is the route to follow.
4. Take advantage of other government Intervention Fund e.g. BOI, BOA etc
Whether your business is agriculture-related or otherwise, the Bank of Industry (BOI) or Bank of Agriculture (BOA) funds would only be available to you when your business is registered.
5. Take advantage of donor funds from local and international donors
Same applies here. To get funds from international bodies, your business has to be registered.
6. Take advantage of advances by financial and non-financial institutions
You should have heard about Angel Investors who seek to invest in businesses with a stake. You can’t expect a deal with deal from such if you don’t make your business an entity by registering it.
7. Change from seekers to employer of labour
Even job seekers look out for the more credible businesses. Hence, they want to apply to a registered business than an unregistered one as they also consider the prestige attached. For instance, when friends ask ‘where do you work?’ You want respond mentioning a recognized name.
8. Become your own boss
I think you feel more like a boss when your business is registered than otherwise. Don’t you think so?
9. Enjoy multiple streams of income
Yeah! You could make income both from your job salary and from your business income. But your business income is more guaranteed when you decide to make it credible by registering it.
10. Take advantage of every viable business
Note that you can register your business to accommodate different lines of businesses depending on what package you choose. Hence, you can take advantage of every viable business when your business is registered.