Every Business operating in Nigeria; be it a start up, a tech company, an agriculture business, a grocery store, a commercial business or a real estate company is expected and mandated to be registered with the Corporate Affairs Commission (CAC).
When we talk about businesses; sole proprietorships are inclusive, so also partnerships, and so also companies (be it private limited liability company or public company).
Also Non Governmental Organizations (NGOs) like Foundations, Charity Organizations, Social organizations etc are also expected to be registered with the Corporate Affairs commission.
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Benefits of registering your businesses, Companies or NGOs with the Corporate Affairs Commission (CAC) can not be over emphasized; some of the enormous benefits include:
~Compliance with the law: You comply with the law when your business, company or NGO is registered with the corporate affairs commission hence you won’t be regarded as a law breaker.
~Legal Status: Your business or company or NGO acquires a legal status, legal personality in law when it’s registered with the CAC.
~Opening of Bank Account: It is only when your business or company is registered that you can open a bank account for the business as one of the requirements when opening a company account or business account is the provision of certificate of incorporation.
~Business Credibility: Customers or investors will be more comfortable and keen dealing with you when the business or company is registered.
~Contract Execution: It is only when your business or company is registered that you are permitted to bid for contracts and execute them.
~Access to Loans/ Grants: Having your business, company or NGO registered is one of the prerequisites for applying and getting loans and grants.
~Name Reservation: When you register your business, company or NGO with the name it’s already been known with you save the name from been used by other people.