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Benefits of Registering a Business in Nigeria; as enterprise

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 ESY Academy. 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 ESY Media, 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.

2. 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.

READ ALSO: 9 PLACES SMALL BUSINESSES CAN GET FUNDING IN NIGERIA

3. QUICK ACCESSES TO LOAN

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.

4. A UNIQUE IDENTITY

As every human being differs, so also is BUSINESS NAMEs of every registered enterprise. No person can register ESY Media as its BUSINESS NAME because; we have first taken that step first.

This makes us 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 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 DONT KNOW HOW TO REGISTER YOUR BUSINESS NAME, AND YOU WANT TO, THEN, SEND US A MESSAGE NOW.

Or WhatsApp Us: 08066721490

Uchegbu Ifechukwu Princewill

Uchegbu Ifechukwu Princewill

I am an avid reader with the notion that every knowledge acquired is essential to human existence. I'm a budding writer, passionate about research to the extend that if I am not surfing the internet, I would be doing something else to gather more information.

5 thoughts on “Benefits of Registering a Business in Nigeria; as enterprise

  • ADMIN
    April 28, 2019 at 8:24 pm
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    Thank you, Abode, for visiting our Media too.

  • Avatar
    June 2, 2019 at 8:46 pm
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    Hi there would you mind letting me know which web host you?re utilizing?

    I?ve loaded your blog in 3 different internet browsers and
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  • Godpower Nnamdi
    June 10, 2019 at 3:19 pm
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    Hey Wendell, thanks for the question. We use a Nigerian HOsting Companyy, Whogohost

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