The importance of registering a Business cannot be over emphasised. It is a major leap a start-up business needs to scale their business.
So I have carefully summarised the importance in a few lines.
- It gives you the reputation of an organized establishment.
- It boosts the trust clients have in you. When it comes to monetary transactions, they can trust you easily because they know you are registered and can easily be found if need be.
- Without registering your business with CAC, you cannot open a Business account at any Bank in Nigeria. Opening a business bank account is important because people feel safe paying into an account bearing a business name than that bearing the name of an individual. It’s also important because that’s the only way a bank can you meaningful loans and POS terminal.
- You cannot apply for your Tax identification Number (TIN) and hence cannot pay tax.
- You cannot run an e-commerce store and get paid online.
That is too say that companies like “Voguepay gateway” cannot let you use their services to get paid when someone orders for your products online with their naira card. That also implies that you cannot earn free money from Voguepay by joining their affiliate programme. See here(affiliate link)
- Investors cannot invest in your business if it is not registered.
There are more but these are the much we could come up with. You can equally add yours in the comment section to enable others know the importance.