Great Benefits of Business Registration.

in hive-175254 •  last month 

Hello friends, it is that time of the year when the atmosphere feels really dry and dusty, a good number of us usually develop dry throat and running nose at this time of the year if we are in Nigeria. However, it is also that time of the year when we feel really excited about festivity, it is almost time for Christmas bells to ring and in no time we will turn over to the beginning of another year which is a good reason to get excited.

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The purpose of this post is to discuss the importance of business registration in Nigeria, day in and out we see new businesses springing up, the high rate of unemployment in the country is making a lot of people rush into business in order to get a good way to survive. The sad part of this business is that the owners do not have good knowledge of the operations of a business and for this reason it takes little or no time for the business to either run down and on some occasions, the business remains that way for a very long time without any atom of improvement whatsoever.

Business registration is not very common amongst small business owners but it is very important that we have our business registered for some of the reasons I will be discussing below, keep reading friends as we explore some of these highly important benefits of business registration.

Ability to attract investors.

Every investor will get more interested in making an investment in a business that is registered rather than an unregistered one. For a registered business, the investors have something to work with and the business owner is seen in a more respected light, unlike someone who is seeking investment without even first going through the process of registration.

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An opportunity to have personal funds even when your business is in huge debt.

A registered business is a body on its own which is different from you as a person, if a loan is taken for a business and the business is unable to pay back, it will have no effect on your personal finance as the business will need to look for a way to pay back the loan without the involvement of your own cash. This means that even if the business has to liquidate, you can still have the right to your own funds and think about starting your life all over.

Displays commitment.

The fact that a business is registered gives a huge sense of respect and value to third parties, a registered business shows that the business stands a chance to perform better and stay for a long term. Customers will show an increased level of trust and confidence in a registered business than one that is unregistered.

Undisrupted succession.

For a registered business, it is quite easy for continuity to occur even after the demise of the structural CEO, activities of the company are not linked to the owner of the company rather it is linked to the company and the demise of one person will not result in the loss of the company, it will rather result in automatic continuity.

The ability to get business loans.

There are several opportunities for business owners to access business loans and a registered business has more arms to access those loans at convenience, unlike an unregistered business.

These reasons and more are points that make it a necessity to have your business registered, a registered business has more opportunities to grow and achieve more rather than an unregistered one. I hope that after reading this post, you will take a bold step towards business registration and tell business owners around you to do the same. Enjoy the rest of the week and make every day count, thanks for sparing time to read.

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Hello friend @gbenga

Having your company registered brings you great benefits, as it is very fundamental for its development, it opens doors with companies that can help you to finance items, credits with an income of capital for your investment and continue to grow every day more, you can apply for a loan to a bank, have your point of sale in your name, among other benefits.

Thank you very much for sharing your publication greetings Merry Christmas.

Merry Christmas to you dear friend.

Greetings @ gbenga
To be able to have your company registered (trade registration) is fundamental for the development of the same, as it allows you to trade with companies in the same industry with a stronger capital than yours, plus you can apply for any loans in banks, That company that has no trade registration is not well seen to make any commercial act.
Thank you very much for sharing your publication.

Thank you for your time @dgalan.

Business registration is a very important step in the forward direction of any business. When a business is fully registered, there is a sense of commitment and responsibility that the owner feels which is key in ensuring that the business stands and continues to grow

You are correct, business registration is very important.

  ·  last month (edited)

I gleaned alot from your write up @gbenga. There are challenges that faced business at certain time in process flow and which requires capital and business registration incorporation asssy our ability to attract investors and raise money for our business will be easier. Investors are likely to invest in a registered company rather than an unregistered business that has no formal structure in place. If your business is registered, you can raise money by equity financing, which involves selling shares in your business to prospective shareholders, angel investors or venture capitalists.

You are correct buddy, there are so many great benefits associated with business registration and fund raising through equity is one of them.