BENEFITS OF REGISTRING OR INCORPORATING YOUR BUSINESS NAME

Benefits of Registering a Business in Nigeria; as enterprise
Business Registration, Corporate Affairs Commission
The aim of this article is solely focused on the importance of having your BUSINESS NAME, registered as an enterprise as opposed to other forms of business registrations such as, Public Limited Liability Company, Private Limited Liability Company and Company Limited by guarantee, Etc.
It is important to state that a BUSINESS NAME is different from a company. A company is seen as a separate legal entity from its owners. While a business name does not confer any special right or privileges or license to carry on the business itself.
Also, a single individual can undertake the registration of a BUSINESS name otherwise known as an enterprise but not a company.
BUSINESS NAME registration is the process of getting a unique BUSINESS NAME registered as an enterprise with the Corporate Affairs Commission in Nigeria.
By registering your BUSINESS NAME, you get legal identification.
Many advantages abound for registered BUSINESS NAME owners. And one of such is that nobody else can register a business with that same name as yours.
Having said, all these, we shall proceed further to adumbrate the advantages o business registration as an enterprise.

1. ACCOUNT OPENING
   One of the great benefits of business registration is simply for Bank account opening.

This means that the bank account will bear your BUSINESS NAME and not your name.
For instance, your business name is UrchKach Services. And you want to open a bank account that will bear the name as such. This won’t be possible because the business name is not registered.
However, once you have undertaken the process of business registration as an enterprise and has been given approval and registered by the Corporate Affairs Commission, like UrchKach Services, you can open an account with it.
Business registration
And having a bank account with your BUSINESS NAME makes you look professional, and build trust in your customers, bank and your product supplier as the case may be.

1. FEDERAL GOVERNMENT SMALL BUSINESS INCENTIVES
   When you register your business name, you stand a chance of growing your business through the various business incentives extended to Micro, Small and Medium Enterprises (MSMEs) by the Federal Government. This is one benefit business registration enjoys. Eg COVID 19 relief funding made available to small and medium scale Enterprise
2. QUICK ACCESSES TO LOAN
3. There may be a time when your capital isn’t enough to fund a particular business development or expansion. And you look out for loan from financial institutions.

This could be frustrating when your business isn’t registered. No banking institution will want to fund an un-registered business enterprise.
Also, having a registered business name is sometimes among the criteria to get a business loan.
A UNIQUE IDENTITY
As every human being differs, so also is BUSINESS NAMEs of every registered enterprise. No person can register UrchKach Services for instance as its BUSINESS NAME because; we have first taken that step first.
This makes you Unique, as nobody can bear such business name.
To make every business unique is the reason why you have to conduct a search and a business name reservation first before you can proceed to registering your unique business name.
In conclusion. Having a business registered, that’s, BUSINESS NAME or Limited as the case may be gives you that feeling that you should be serious with your business. If you as an entrepreneur haven’t registered your business name, please take the necessary steps to register it now.
IF YOU WANT TO REGISTER YOUR BUSINESS NAME, AND YOU WANT TO, THEN, SEND A MESSAGE TO austinekachi@gmail.com

OTHER BENEFITS OF REGISTERING A BUSINESS

1. REPUTATION WITH CUSTOMERS: Building reputation especially from customers and clients you’ve never done business before is very difficult. Registering your business gives your potential customers confidence that they are dealing with a reputable organization. If your business is online based and you have the option of customers paying to your company account before you can ship the goods or services, having a registered business together with a corporate account give more credibility and trust.
2. LEGAL LIABILITY PROTECTION: When you register your business as Limited Liability Company, you are a different entity from your company. You also get legal liability protection. If you incorporate, you will not be held personally responsible for certain accidents and other liabilities. Example is If you obtained loan and you defaulted in payment, your bank will not seize your property except the company asset because you are protected from such incidence.
3. YOUR BUSINESS OUTLIVE YOU: another wonderful benefit is that even if you’re dead or become incapacitated, your business continues especially when you have the right structure in place.
4. INTERNATIONAL BUSINESS OPPORTUNITIES: Another great benefit of business registration is that you can easily obtain visa and travel to any country for business purposes. Every country always welcomes foreign investors who are interested in doing business in their country because such good investments will add value to their economy.
5. CERTIFICATE OF INCORPORATION : You will be issued certificate of incorporation by the appropriate government agency. In Nigeria the Federal Government of Nigeria issues through Corporate Affairs Commission (CAC), Government agency empowered to register companies and issue certificates.