As young business owners, the need to register your business cannot be overemphasized for so many reasons. Here are some of the benefits of registering your business:
- Enables the opening of a bank account in corporate name;
- Lends more credibility to your business;
- Access to loans and other incentives;
- Gives a legal personality to your business and in that regard protects you from personal liability to an extent;
- Makes networking easier;
- Opens you up to lot more opportunities.
So here comes another opportunity to register your business at a discount. Originally, registering a business with the Corporate Affairs Commission (CAC) costs about N10, 000, but you can now register your business for as low as N5, 000.
The CAC in collaboration with Presidential Enabling Business Environment Council (PEBEC), in order to enable micro, small and medium enterprises (MSMEs) formalize their businesses, put forward a business incentive scheme, which allows MSMEs to formalize their business at a reduced cost. This initiative initially started on 1st October and was set to end on 31st December 2018. The CAC however extended it for a period of 3 months which ended on 31st March 2019.
The good news is that the Federal Government has further extended this incentive for another three months as a result of the record number of businesses registered during this period. The Vice President of the Federal Republic of Nigeria Prof Yemi Osinbajo SAN made this known at the MSME’s stake holders meeting in Abuja
For those yet to take advantage of this lovely opportunity, please do take maximum advantage of before it closes. Remember, this incentive is just for 3 months.
So, what are you waiting for? You can visit the CAC’s website to begin the process or contact a lawyer.
By Seun Adebisi
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