Corporate Affairs Commission is a body that oversees the regulation of the formation of companies in Nigeria.
Registering your business under Corporate Affairs Commission will not only make it official/formal but gives benefits such as;
1. Access to loans: It gives your business a prove of existence, and visibility to banks and investors making collection of loans and grants not too difficult because your business will be seen as legit.
2. Business reputation: The business as a registered one will present itself to its customers or clients who will be at ease in having transactions with it
3. Business continuity: When a business is registered it give it the opportunity to exist even when the original owner is no longer living. It also saves business from extinction by joint ventures, merger and acquisition.
4. Business recognition: Registering a business gives that business a certificate of incorporation, giving it a legal entity to sue or be sued.
5. Protects business name: It give the business opportunity to bear their name alone, no one else can register a business with the same name.
6. Opening Business Bank Account: It gives a business a more professional look by having a bank account. Giving a client a business account other than a personal one will give the business a formal outlook.
7. Easy travel: Businesses that are registered have easy access to visas and travels. Because companies might want to have business transactions with them and invest in them.
8. Contracts: Registered business find it more easy than unregistered ones to gain contracts from government or other bodies.
9. Hiring Employees: Businesses can employ individuals on a full time and pay salaries too, they also have access to seek interns and serving corp members too.
10. Own property: Properties can be gained as a body and owned as such. Using business properties as collateral with can a business edge in accessing loans.