The federal government has started free businesses registration with Cooperate Affairs Commission (CAC). Here we will show you the benefits of CAC business registration.
This is an opportunity that allows business owners to register their businesses and have access to grants or federal government loans.
Most businesses owners in Nigeria do not have CAC registration certificate, which make it difficult for them to struggle to survive, when things get tough with them.
Many business owners have been affected by the Convid’19 pandemic, and they cannot get help from the government because their businesses are not registered.
This is why the federal government came up with the initiative for free CAC registration to help business persons register their businesses to give it legal protection, and having the ability to get grants or loans that can keep such businesses on.
Now, let’s look at the benefits of CAC registration. See how to apply for free business name registration with CAC.
Benefits of CAC Business Registration in Nigeria
Below are the benefits of a registered business with Cooperate Affairs Commission;
1. Hiring employees
Registered businesses have legal right to employ full time workers and pay them. They have the opportunity to request for Corps members from the National Youth Service Corps (NYSC) and can employ other intern workers.
2. Government contracts/supplier arrangement
If your have plan to get government contracts for your organization, then business registration is among the requirements.
Also, a registered business is eligible to receive supplier discounts that you would not receive as an unregistered business.
Suppliers always reserve special rates for registered businesses with certificate of incorporation issued by the Corporate Affairs Commission (CAC).
3. Business trip to foreign countries
You can easily get a visa and travel to any country for business purposes. Most countries welcomes foreign investors who are interested in doing business in their country because such nvestments add value to their economy.
4. Opening business bank accounts
If your business is registered with the Corporate Affairs Commission (CAC), you can open a customized business bank account in Nigeria with your business name.
A business bank account is an important asset to small businesses because it gives your businesses more professional look.
A bank account name that carries your business name is more trusted for payment than your own full name.
5. Protect your business name
Another benefit of registering your business with the Corporate Affairs Commission (CAC) is to safe guard your business name from being used by another person.
No one else can register a business with that same name or a similar name.
6. Easy to access loans
With a registered business, you can apply for business loans, and get easily get approval if you can provide your business registration certificate along with other requirements.
7. Certificate of incorporation
After a business registration, you will be given a certificate of incorporation through the Corporate Affairs Commission (CAC), which shows that your business is legal and known by the government.
8. Legal liability protection
Every registered business gets legal liability protection. This means you will not be held personally responsible for certain accidents and other liabilities incurred by the registered company. i.e it is your business to be held responsible, not you.
Therefore, it is easier to attract investors, since they will know you are not personally responsible for the company’s well being.
9. Reputation with customers
A registered business has reputation with customers than an unregistered business. People you have never worked with before, get assurance that your business is legit.