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A registered company is an entity that is founded and registered as a business or corporation with the Corporate Affairs Commission (CAC) in line with Nigerian Corporate and Securities law.
Below are some of the benefits registered businesses will enjoy compared to an unregistered business;
1. Certificate of Incorporation (CAC Certificate):
The Corporate Affairs Commission (CAC) offers you a certificate of incorporation once your registration is complete. The CAC has also implemented the issuing of
e-certificates, as opposed to the previous manual system, which required business owners to walk into the Commission to obtain a certificate of registration and incorporation.
Your registration is seamlessly accepted by the Commission when you complete the registration of any business on the portal, and the certificate is automatically generated in your dashboard for you to download at your leisure.
2. Separate Legal Entity:
A separate legal entity is a person recognized by law. Your incorporated business is deemed by law to be a separate legal entity and is independent of its members or people controlling it.
3. Raising significant capital:
Your ability to attract investors for your business will be easier when your business is registered. Investors are likely to invest in a registered company rather than an unregistered business that has no formal structure in place.
Investors like to invest in places where they are assured of continuity and a registered company tends to offer that.
4. Reputation with customers:
A registered business enhances your brand image credibility and business perception. It gives client’s the confidence to deal with your organization. Most people feel more comfortable paying for services and products into a corporate account with the name of the business rather than paying into an Individual account.
5. Legal Protection:
Once your business is registered or incorporated with the Corporate Affairs Commission, your business name is sealed and cannot be used by any other business in Nigeria.
6. Getting Loans
Obtaining a loan becomes much easier after your company is registered. It instills confidence in your investors or lenders by providing credibility and trust.
Advans La Fayette Microfinance bank is one of the reliable Microfinance Banks in Nigeria established to assist individuals and small and medium scale enterprises (MSMEs) in obtaining credit facilities for personal use or their businesses.
For more on how to apply for a loan from Microfinance Banks in Nigeria, click here