Business Registration in Nigeria

Business registration refers to a process whereby your business is legally recognised in the country where it carries out its operations. These operations could be the sale of products or services.

In Nigeria, Businesses are registered with the Corporate Affairs Commission. A business may be registered as a Sole Proprietorship, Partnership, Limited Liability Company, Private Companies which may be limited by shares or guarantees.

To ensure that businesses are properly regulated, the Corporate Affairs Commission also referred to as the CAC requires businesses to be registered. This registration may be handled by the company promoters/owners or duly accredited agents of the commission such as Chartered Accountants or Lawyers.

Benefits of Business Registration

Registering your business in Nigeria has a lot of benefits. It beams a positive light on your business as a legitimate one. This enables individuals and organisations to carry on business activities with duly registered organisations without the fear of being scammed or the fear of carrying out businesses with Fraudulent organisations.

The CAC does not allow different businesses to operate with the same name. This means that as a business, you can be certain that your are operating with a name unique to your business.

For your business to operate a Bank account in your business name, the bank will request your company registration documents with the CAC. This ensures that your business transactions are fully carried out in a name that aligns with the organisation's name. This also reduces the risk of theft carried out by employees who may request business payments to be made into their personal bank accounts.

Other regulatory agencies also request a CAC document to process other compliance requirements. These regulatory Agencies include Tax Authorities, Industrial Training Fund, Pension Commission and more.

The importance of business registration in any clime cannot be underestimated. As such, we encourage individuals to ensure that businesses are duly registered.

SENK professional services is happy to help local and foreign organisations duly register their businesses with the Corporate Affairs in Nigeria. You may contact us on 08036333324 for such services.