Entrepreneur

Business Registration In Nigeria – Why and How You should Apply Today

Published

4 years ago

May 19, 2020

Astrid

Do you have a Business in Nigeria either online or Offline and you cares about the safety of your Business name…? Today, The Business Registration In Nigeria is an easy and simple Application to do.

Business Registration

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business Registration In Nigeria. Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is “any activity or enterprise entered into for profit.” The proprietor is personally taxed on all income from the business.

Business Registration In Nigeria

Well, you can do this online or your own or Meet with the Agency in-charge offline for documentation.

Business registration in Nigeria is what so many people take so common. Meanwhile, a business that has no name is a business with no face. The reasons why some business are not registered is not because of lack of fund, but some lack the proper orientation on why they should register their business.

In addition, there is brief survey i did in Anambra state, Nigeria. I asked 150 Nigerians in different niches of business different questions on their knowledge about business registration. The choice of my respondents was random.

Notwithstanding, I interviewed 80 different traders from different business lines and different commodities in Onitsha Main market. Some of these lines are; Lagos line that deals on clothes, Emeka offor line that deals on gadgets and Iweka road that deals on electronics. Contrary, another class of the respondents are 16 producers like paint and groundnut oil producers. 33 other group were people with skills such as Hairstylists, Automobile mechanics and Carpenters. The remaining 21 people were into farming such as Fish farming, Poultry and and crop production.

The questions i asked each of them was as follows;

Do you have a business name?
Have you registered your business?
Is it important to register a business name?
Do you know how to register your business name?

The result is as follows;

26 out of the 80 traders have a registered business (32.5%).
All the 16 producers have a registered business ( i.e 100%).
2 out of 33 of those with ‘Handwork”(skills) have a registered business (6.1%).
Finally, None of the farmers have a registered business (0%).

In conclusion, most of the businesses that were register are Big businesses especially exportation and importation business. However, most of the people that failed to register their business did it out of ignorance while some, especially those with small businesses thinks its not necessary since they can still do their business even without registration.

Why it is important to register your business.

Despite the fact that having an unregistered business will not stop you from doing your normal business. But, there are some added advantages that you may need to know about. This post will teach you why registering your business can help you grow your business.

Business registration gives your business an Identity

“Identity precedes every birth”. Just as a new born baby requires child naming ceremony, so does your new business. Similarly, a business that does not have a name is faceless legally. Most people mistake naming a business and having a business with name. In this case, the former is just telling people you have a business while the later means the proper authorities knowing that your business exists.

Above all, no two business can be register with same name in a country. So then, business registration gives your business a unique identity.

Furthermore, the danger of not registering your business name is this; if you have a booming unregistered business and you have built your customers around the business. If eventually you later decided to register the business name and it is has been taken by another business. You will have no legal right to use that your business name again. Imagine the embarrassment and the loss it will impose on your business.

Legal protection to your assets

This type of protection is not for all business. Therefore, whenever you think of how to start a business, it is also important to think of the form of business organization you may want to go into.

It is important to know what is “Limited Liability”- We don’t pray for your business not succeed but if eventually your business crumbled and is in debt. A registered Limited Liability business will only loose the assets the business have and it ends there. However, if a business is not registered or is not a limited liability company, the owner of the business will loose the business assets and as well the personal properties of the business owner such as cars and houses.

Read “What Forms of business organization is right for you” to understand what Limited liability means and the type of business that offers it.

In summary, Registration of your business can save you your personal property if your business goes into debt.

Note: this is not for sole proprietorship type of business. So then, they can register their business as “Do business as” (DBA).

It builds your business reputation

People tend to be confident and secure when they are dealing with a business than an individual. Usually, a business with a name is seen as an authentic one by customers.

Thus, a company gains more respect from the general public when it is incorporated. Everybody wants to associate himself with a name like this; “Paul and Peter LTD” or “Uchegbu and sons LTD”. Consequently, customers when they hear such name subconsciously feels they are at the right place and not scammers or fraudsters.

It strengthens the bond between the business and its customers and also, open room for new customers to come in. Because, every customer wants business that is legit.

Business continuity and succession

Its so unfortunate that most small business owners don’t think of continuity. Usually, they see the business in the present and do not visualize and anticipate expansion.

Basically, Business Registration In Nigeria, if you must think growth for your small business, think of registering it. Also,Think of continuity. Some names like “Dangote group of company LTD” or “Innoson and sons LTD” will continue to ring bells in the ear even after this generation.

The reason is because you are visualizing a company that exists as an entity of its own. Also, the company is totally different from its owner and can be easily move from one owner to another without defaming the face of the company to the public.

Opening of business account

Have you ever received a payment from a business and it writes something like this, “Olajide LTD”? or you want to buy a product from such business and a corporate account is given to you instead of personal account? – It really feels more like a business and not a child’s play.

However, You can not get that kind of business account without a business registration. In addition, business account also separate your personal activities from the business activities.

Getting Loans from the bank or Investors

Getting a business loan is totally different from a personal loan. Nevertheless, one of the prerequisites of getting a business loan is to provide evidence of business registration. In other words, no bank can give you money for business if you cannot separate your business from your personal life.

Similarly, when investors wants to invest in your business, they will want to see how organized your business is so that you can be able to pay back. So then, one of these ways of showing commitment is to present a business with name.

Tax benefits

Registered businesses can only pay taxes as a C corporation or S corporation. It simply means that their tax is based on how much the business makes. While, unregistered business owners pay tax as an individual and not as a business.

Steps for Business Registration in Nigeria

The body responsible for business registration in Nigeria is the Corporate Affairs Commision (CAC). Registration of a business name by CAC is very simple and is available online.

First step: Search for availability of name

The first step in business name registration is the name availability search; I always encourage that you should first do the free search on the Free CAC public name search before proceeding to the official search.

However, If the name of your choice have been use before. It will bring out the RC number, Address and date of registration of the business that took the name. Otherwise, if not taken, the site will tell you that it is available.

Consequently, You can proceed to do the official search with the CAC portal. You are required to submit two names of your choice that you may want to use with a fee of #500. An available name can be reserved for as long as 60 days for you to get ready for registration.

Second step: Submission of statutory forms

In this step, the applicant is to submit forms containing information about the business such as;

Approved Name of the Business
General Nature of the Business
Address of the Business
Name, Address, Occupation and other details of the Proprietors of the Business
Signature of the Proprietor

The requirement is to submit the documents with two passport photographs of each applicant.

Third step: Payment of filling fees

Once the pre-registration processes is over, You can go ahead and pay the filling fee at the bank or Online. In addition, you are required to pay a stamp duty to the Federal Inland Revenue Services ( FIRS).

Last step: Submission of the documents

After payment of fees, you can proceed to upload the copies of your documents. The documents to provide includes;

Evidence of payment to CAC
Memorandum of article of association
Stamp duty certificate
Form CAC1.1
Other forms if applicable

The Importance of business registration in nigeria

There list of Reasons why you should register your Business weather online of Offline Business today. and the below list will explain it more for you to understand:

Avoidance of Personal Liabilities and Risks:
Separate Legal Entity.
Equity Financing.
Reputation and Prestige.
Perpetual Succession.
Debt Financing.
Corporate Bank Account.
Public Perception & Brand Credibility.
Legal Protection.

Avoidance of Personal Liabilities and Risks:

Incorporating your business eliminates most of your personal liability and risks. The extent of your liability is tied to the number of shares you hold in the company. Your personal assets cannot be seized to repay the debts owe by your business and you cannot be held responsible for the debts unless you had personally guaranteed the debt/loan. Your incorporated business is a separate legal entity.

Separate Legal Entity.

Your incorporate business is deemed by law to be a separate legal entity. It has rights and privileges as a human person; can own property (it is illegal for an unregisters business to buy or sell land in Nigeria), carry on business under its common seal, incur liabilities and sue or be sued in its own name. You can, therefore, take calculated business risks and protect your private assets from certain financial and legal risk.

Equity Financing.

Your ability to attract investors and raise money for your 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. Equity financing is advantageous in that the money raised does not have to be repaid and it incurs no interest. The company will only have to pay the dividend to the shareholders where profit is made. Raising money could be essential for the growth and expansion of your business.

Reputation and Prestige.

Your business reputation and prestige is enhance. The incorporation of your business can suggest that the business has permanence and is committed to effective and responsible management. It gives third parties including customers, clients and contractors a sense of confidence. Having Ltd., Plc., Ltd/Gte., as part of your company’s name may increase your business, as third parties will perceive your business as being more stable than unregistered business. If you are a contractor, you may also find that some government MDAs and companies will only do business with incorporated entities.

Perpetual Succession.

An incorporated business has its own legal identity which affords it perpetual succession. Third parties contract with the “company” and not you or other directors, shareholders or employees. This means the company has an unlimited life span; the business will continue to exist even if the owners or directors die or leave the business, or if the ownership of the business changes. Amongst other benefits, this allows your business to outlive you and even generations.

Debt Financing.

Registering your company gives you the ability to borrow money from institutional lenders or commercial banks to finance your business. Lenders and credit institutions will want to see proof of your business registration with the Corporate Affairs Commission as condition precedent to extending credit to your business. You can use debt financing as a tool to increase the growth of your business.

Corporate Bank Account.

Operating a business bank account is an important asset to your business because it enables you separate personal activities from business activities. You need to provide proof that your business is register with the Corporate Affairs Commission to open a corporate bank account in Nigeria. It is more professional to give your clients a corporate bank name for payment instead of your personal name.

Public Perception & Brand Credibility.

Registering your company enhances your brand image credibility and perception of your business. This has the effect of improving your business future dealings with third parties, as many businesses will only hire or engage with registered companies rather than individuals. Incorporating a business can therefore open up new vistas and opportunities that would otherwise not be available.

Legal Protection.

Once your business is register or incorporate with the Corporate Affairs Commission, your business name is protect and nobody can use the same name or even a name that is similar to it throughout Nigeria. This has the benefit of legally protecting your corporate image and business name from pass-off or unauthorized use.

In Conclusion

Finally, You will receive your Certificate of incorporation after making the necessary payments and submission of forms if nothing is wrong with the forms. However, the will contact you if there is need for that.

However, if you need an additional help on how to register your business in Nigeria, You can click on the official website now for the complete guide.

Either way, let me know by leaving a comment below!

Read More: You can find more here https://www.poptalkz.com/.

Hope this was helpful? Yes or No

Entrepreneur

Smart Career Decisions Made Simple

Published

3 months ago

January 30, 2024

Astrid

This article will guide you through the process of simplifying smart career decisions, ensuring that each step is both manageable and impactful.

Understanding Your Goals

Before embarking on a career journey, take the time to understand your goals. Reflect on your personal and professional aspirations, considering both short-term and long-term objectives. This self-awareness lays the foundation for making informed decisions that align with your vision for the future.

A. Identifying Personal and Professional Aspirations

Understanding your personal and professional aspirations is the foundational step in crafting a meaningful and fulfilling career. Personal aspirations encompass your individual desires, values, and lifestyle preferences. They might include achieving work-life balance, making a positive impact on society, or pursuing creative endeavors.

On the other hand, professional aspirations focus on your career goals, the level of success you aim to achieve, and the impact you want to make in your chosen field. These could involve climbing the corporate ladder, becoming an industry expert, or even starting your own business.

To identify your aspirations, take time for self-reflection. Ask yourself what brings you joy, what values are important to you, and where you see yourself in the long run. By aligning your personal and professional aspirations, you lay the groundwork for a career that is not only successful but also personally fulfilling.

B. Evaluating Long-Term Career Objectives

Evaluating long-term career objectives is a strategic process that involves setting ambitious yet achievable goals for your professional journey. Long-term objectives provide a roadmap, guiding your career decisions and actions over an extended period.

Start by envisioning where you see yourself in five, ten, or even twenty years. Consider the skills you want to acquire, the positions you aim to hold, and the impact you wish to make in your industry. It’s essential to be both realistic and ambitious in defining these objectives, ensuring they stretch your capabilities while remaining achievable with dedication and effort.

Regularly reassess and adjust your long-term career objectives as your professional landscape evolves. This flexibility allows you to adapt to changing circumstances while staying focused on your overarching goals.

Self-Assessment Tools

In today’s digital age, numerous self-assessment tools can aid in understanding your strengths, weaknesses, interests, and values. Leveraging these tools provides valuable insights that enhance your decision-making process. Embrace self-assessment as a tool for self-discovery and clarity.

A. Exploring the Use of Career Assessment Tools

Career assessment tools are invaluable resources for individuals navigating their professional paths. These tools come in various forms, including personality assessments, skills tests, and interest inventories. They provide objective insights into your strengths, weaknesses, preferences, and aptitudes.

By exploring these tools, you gain a comprehensive understanding of yourself, which forms the basis for informed career decisions. For instance, a personality assessment can reveal whether you thrive in collaborative or independent work environments, guiding your choice of professions. Skills tests can identify areas for improvement and development, directing your efforts towards acquiring valuable competencies.

Incorporate career assessment tools into your journey, treating them as allies in your quest for self-discovery and professional growth. Their insights will illuminate potential career paths that align with your unique attributes.

B. How Self-Assessment Enhances Decision-Making

Self-assessment is a powerful tool that enhances decision-making by bringing clarity and insight into your strengths, weaknesses, values, and goals. When faced with career decisions, self-assessment enables you to make choices that align with your authentic self.

Through self-assessment, you gain a deep understanding of your skills, allowing you to leverage them effectively in your career. It also highlights areas where improvement is needed, prompting intentional skill development.

Moreover, self-assessment fosters a sense of self-awareness that extends beyond tangible skills. It encompasses your values, interests, and motivations, providing a holistic view of what truly matters to you. This self-awareness serves as a compass, guiding you towards decisions that resonate with your authentic self.

Industry Research

Staying informed about current industry trends is essential. Conduct thorough research on potential career paths to identify emerging opportunities and challenges. A well-informed decision ensures that your career remains relevant and resilient in a dynamic job market.

A. The Significance of Understanding Current Industry Trends

Staying abreast of current industry trends is paramount for anyone aiming for sustained success in their career. Industries are dynamic, with trends evolving rapidly due to technological advancements, market shifts, and changing consumer behaviors.

Understanding these trends positions you as a proactive and informed professional. It allows you to anticipate changes, identify emerging opportunities, and adapt your skills and strategies accordingly. Whether it’s the adoption of new technologies, shifts in consumer preferences, or changes in regulatory landscapes, staying informed about industry trends ensures you remain relevant and competitive.

To stay ahead, regularly engage with industry publications, attend conferences, and participate in professional forums. This knowledge not only enhances your decision-making but also showcases your commitment to staying at the forefront of your field.

B. Conducting Comprehensive Research on Potential Career Paths

Before embarking on a new career path, conducting comprehensive research is essential for making informed decisions. This involves a thorough exploration of the specific roles, responsibilities, and requirements associated with potential careers.

Start by gathering information about the job market demand for the chosen career, the typical career trajectory, and the skills and qualifications needed. Seek insights from professionals already working in the field through informational interviews or networking events. Understanding the day-to-day realities of a particular career helps you assess whether it aligns with your interests, values, and long-term objectives.

Additionally, research potential employers, industry growth projections, and any challenges the industry may be facing. A well-informed decision at this stage can save you time and effort in the long run, ensuring you embark on a career path that suits both your aspirations and the realities of the job market.

Skill Analysis and Development

Assess your existing skill set and identify areas for improvement. Develop a strategic plan for skill enhancement, whether through formal education, workshops, or hands-on experience. Continuous skill development ensures you stay competitive and adaptable.

A. Assessing Existing Skills and Identifying Gaps

A crucial aspect of effective career planning is a candid assessment of your existing skills. Identify your strengths, weaknesses, and areas where improvement is needed. This self-awareness serves as the foundation for strategic career development.

Start by listing the skills you currently possess, both technical and soft skills. Then, compare this list with the skills demanded in your desired career path. Identify any gaps or areas where additional skills are required for success.

This process not only highlights the skills you can leverage but also guides your focus on skill development. It ensures that your efforts are directed towards acquiring the competencies most valued in your chosen field, enhancing your employability and setting you on a trajectory for success.

B. Strategies for Skill Development and Enhancement

Once you’ve identified skill gaps, it’s time to develop a strategic plan for enhancement. Consider a mix of formal education, workshops, certifications, and practical experience to build a well-rounded skill set.

Investigate courses or training programs that align with the specific skills needed for your chosen career. Seek mentorship or guidance from professionals who have excelled in those areas. Embrace opportunities for hands-on experience, as practical application often solidifies theoretical knowledge.

Additionally, staying abreast of industry advancements and continuously updating your skills ensures you remain competitive in a rapidly evolving job market. Commit to a lifelong learning mindset, where skill development becomes an ongoing journey rather than a one-time effort.

Networking and Mentorship

Building a strong professional network is invaluable. Seek mentorship from experienced individuals in your desired field. Their guidance can provide unique perspectives, insider knowledge, and a support system as you navigate your career journey.

A. Building a Strong Professional Network

Building a robust professional network is a cornerstone of career success. Networking opens doors to opportunities, facilitates knowledge exchange, and provides a support system throughout your career journey.

Attend industry events, join professional associations, and actively participate in online forums relevant to your field. Establish genuine connections with colleagues, peers, and industry leaders. Networking isn’t just about what others can do for you; it’s also about how you can contribute to the professional community.

Regularly engage with your network through informational interviews, mentorship relationships, and collaborative projects. A strong professional network not only broadens your access to job opportunities but also enriches your professional experience through diverse perspectives and insights.

B. The Role of Mentors in Shaping Career Decisions

Mentorship is a powerful catalyst for career growth and development. A mentor, with their wealth of experience and insights, can provide guidance, share valuable lessons, and help navigate the complexities of a chosen career path.

Seek mentors who have excelled in the areas you aspire to explore. Their guidance can range from offering career advice and helping you set realistic goals to providing constructive feedback on your professional journey.

Mentorship goes beyond just career guidance; it often involves personal development as well. Mentors can help you navigate challenges, build resilience, and instill a sense of confidence in your abilities. Their influence can be instrumental in shaping not just your career decisions but also your overall professional identity.

Education and Continuous Learning

Investing in education is a lifelong commitment. Whether through formal degrees, certifications, or online courses, prioritize continuous learning. An evolving skill set not only enhances your employability but also opens doors to new and exciting opportunities.

A. The Impact of Education on Career Choices

Education plays a pivotal role in shaping career choices, influencing not only the range of opportunities available but also the skills and knowledge needed for success. The level and type of education one pursues can significantly impact their career trajectory.

For many professions, a specific educational background is a prerequisite. Completing higher education, whether through a university degree or specialized training, opens doors to a broader array of career options. Furthermore, education provides a foundational understanding of industry-specific concepts, best practices, and theoretical frameworks.

In today’s competitive job market, employers often value candidates with relevant educational qualifications. It serves as an indicator of commitment, discipline, and a willingness to invest in one’s professional development. While education is not the sole determinant of success, it undoubtedly shapes the initial path and opportunities available in one’s career journey.

B. Emphasizing the Importance of Continuous Learning

In a rapidly evolving global landscape, the importance of continuous learning cannot be overstated. Regardless of your career stage, ongoing education ensures that you remain adaptable, informed, and equipped to navigate changes in your industry.

Continuous learning extends beyond formal education and includes staying updated on industry trends, attending workshops, participating in webinars, and engaging with professional development opportunities. It’s a proactive approach to acquiring new skills, deepening existing knowledge, and staying ahead in an ever-changing job market.

Embracing a mindset of continuous learning positions you as a dynamic professional, capable of evolving with the demands of your field. It also demonstrates to employers that you are committed to staying relevant and contributing meaningfully to your organization.

Exploring Diverse Opportunities

Consider exploring unconventional career paths. Embrace diversity in your choices, allowing for a broader range of possibilities. Sometimes, the most fulfilling careers are found outside the traditional norms.

A. Considering Unconventional Career Paths

Traditionally, career paths were often seen as linear progressions within established industries. However, the contemporary job market encourages individuals to consider unconventional career paths that may not follow the traditional norms.

Considering unconventional career paths involves thinking creatively about how your skills and passions can be applied in non-traditional settings. This might include entrepreneurship, freelancing, or exploring industries that may not be directly related to your initial field of study.

Unconventional career paths can offer unique opportunities for innovation, personal growth, and fulfillment. They allow individuals to break away from conventional constraints and chart a course that aligns more closely with their individual aspirations and values. Embracing an unconventional path requires a willingness to take calculated risks, resilience, and a spirit of exploration.

B. Benefits of Embracing Diversity in Career Choices

Embracing diversity in career choices is not only a reflection of societal inclusivity but also a strategic move for personal and professional enrichment. Diverse career choices contribute to a more well-rounded skill set, diverse perspectives, and increased adaptability.

Individuals who explore a variety of career paths gain a breadth of experience that can be advantageous in various situations. Exposure to different industries, work cultures, and job roles enhances problem-solving abilities and fosters creativity. It also promotes adaptability, making individuals more resilient in the face of changing career landscapes.

Moreover, embracing diversity in career choices contributes to personal fulfillment. It allows individuals to pursue passions, explore interests, and find meaning in their professional lives. By breaking away from conventional norms, one can create a career journey that aligns with their unique strengths and values.

Balancing Passion and Practicality

Finding a balance between passion and practicality is key. While pursuing your interests is essential, it’s equally crucial to consider financial stability. Strive for a career that aligns with your passion while providing the necessary resources for a comfortable life.

Adaptability in the Job Market

The job market is dynamic, and adaptability is a valuable skill. Stay informed about industry changes and be prepared to pivot when necessary. Adaptability ensures you remain resilient and relevant in the face of evolving professional landscapes.

Embracing Challenges

Challenges are inevitable in any career. Embrace them as opportunities for growth and development. Overcoming obstacles builds resilience and determination, essential qualities for long-term success.

Work-Life Integration

Maintaining a healthy work-life balance is crucial for overall well-being. Consider how your career choices align with your personal life goals. Strive for integration, where your career complements and enhances your life rather than overshadowing it.

Decision-Making Strategies

Effective decision-making is a skill that can be honed. Utilize strategies such as weighing pros and cons, seeking advice from mentors, and considering long-term implications. Overcoming common decision-making challenges ensures you make choices aligned with your values and goals.

Conclusion

In conclusion, the key to a successful and fulfilling career lies in a thoughtful blend of education, continuous learning, and the courage to explore diverse and unconventional paths. By understanding industry trends, assessing skills, and building a strong network, individuals can navigate their professional journeys with resilience and adaptability.

Remember, a commitment to lifelong learning, an openness to unconventional opportunities, and a celebration of diverse career choices are the cornerstones of a dynamic and rewarding career. In a world of ever-evolving possibilities, embracing change and diversity ensures not just professional success, but a journey marked by personal growth and satisfaction.

Entrepreneur

Sponsorship Jobs in Canada – Top 10 to 15 List of Wow Jobs Alerts

Published

1 year ago

March 13, 2023

Astrid

Canada Jobs are not easy to get from some people’s view but this page made it very easy and smooth for you to get best top 10 – 15 list of Sponsorship Jobs in Canada – Wow free Jobs Alerts. (more…)

Entrepreneur

How To Move To Canada As A Skilled Worker

Published

1 year ago

March 13, 2023

Astrid

However, on this particular page we are going to learn more about a Skilled Worker, and also the best way to move to any country of your choice. But the main place we are learning today is how you to move to Canada as a Skilled Worker. (more…)