WHY DO I NEED TO REGISTER MY BUSINESS.

FOCUS:BUSINESS NAME/ENTERPRISE

Welcome!

Now that you have decided to be an entrepreneur the next question you hear people asking is- Have you registered the business? Eyes wide opened you may be wondering what do I do first start the business or register the business… dogo turenchi abi… No wahala.

Let me break it down. To be taken seriously you have to be serious! Did you hear me? Ahan!  Some of the other reasons why you need to register your business is to ensure you can deal as an organization with other benefits in terms of funding, getting access to credit lines, regulatory compliance, branding also you have the power to ensure nobody steals your brand name and customers in the long run…also ability to effectively partner with other big corporations within or outside your immediate environment.

SOLE PROPERIETORSHIP/PARTNERSHIP

A sole proprietor is a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

A partnership under Nigerian law can be formed with a group of persons not exceeding twenty people with the aim of carrying on business for profit purpose.

Under the Nigerian Law this kind of company is incorporated as a Business Name popularly called Enterprises. Some of the steps to take in registering a business name are:

i.              RESERVE A NAME: What this means is that as an individual or group of people who intend registering a business name you can pick two names which will be submitted to the Corporate Affairs Commission as a first step or pre-requisite to commencing the registration. One of the two names will be approved if it doesn’t conflict with the name of any existing business name. Where it conflicts, you may need to pick other names to re-submit until it is approved. Once approved you can proceed to the next step.

ii.             COMPLETE REGISTRATION FORMS: In doing this, you will need to provide-

Approved name of the business

Nature of the business-  This means objects/activities the business will be doing

Address- The expected location where the business will be operating from

Particulars of the proprietor(s) of the business; This includes their name, occupation and address

iii.            Payment of CAC is done based on the amount provided on the portal

iv.           Finally, the forms filled are submitted. Once the documents are reviewed and deemed ok the company registration will be approved. If otherwise a query will be issued. All that is required is to respond to the query by making required changes or otherwise.

v.            A certificate of Registration is issued

You can follow me on Instagram @clipeumpartners or contact oadeogun@clipeumpartners.com if you have any questions.