Sunday, 7 October 2018

PAY N5000, REGISTER YOUR BUSINESS NAME WITH THE CORPORATE AFFAIRS COMMISSION, NIGERIA



John C. Maxwell, a renowned author, leadership coach, outstanding success Mentor and life builder is known for one of his books, “Your Road Map to Success”. 

To you, the Micro, Small and Medium Enterprise (MSME) owner in Nigeria, wishing to formalize your business, the Road Map to your Success has been provided. An opportunity has come your way through the Business Incentive Strategy of the Corporate Affairs Commission (CAC), the body empowered by law to Incorporate/Register businesses for the Federal Republic of Nigeria. 

This opportunity is created for you to achieve your dream of formalizing your business and to do so with ease and at a reduced cost. In view of this, Business Name Registration in Nigeria is now N5000 (Five thousand Naira) only. Please note that this refreshingly enticing offer is between October 1st and 31st December 2018.

In view of the above, let me point out that the amount does not include the N500 (Five hundred Naira) payment for availability Check/Search. The N500 is charged per request; and at your own instance. The purpose is for the Commission (CAC) to determine from the data base whether your proposed name is available before approval is made and other processes of registration is commenced and concluded. 

Having pointed that out, let me state that experts in finance, accounting and related fields have since identified that business formalization comes with some advantages that include the enablement for the business owners to own a Corporate Account with the banks. This gives access to loans. It also provides opportunity to access grants. Interestingly grants are interest free and none refundable. It also provides the business owners with access to other government intervention programmes. Business formalization generally is perceived as enabler to business opportunities and incentives.

Agreeing with the policy of Business Incentive Strategy, however, without conceding to all the perceived benefits of business formalization, particularly in the Nigerian context, I wish to urge the MSME owners and startups wishing to formalize their businesses to stop dreaming and embrace this opportunity and register their businesses. This done, the process of redirecting and fast tracking your efforts and giving your dream the force it requires to make you stand tall and give your life the push that is necessary for remarkable achievement would have begun. Stand up and get your business formally registered. When you do, you will be at the verge of making your 2019 New Year Resolution, a power bank. Concluding your business registration gives you the impetus to draw your road map to business success and making the year 2019 and beyond action packed and activity driven, as well as more productive and fulfilling. 

I say rise up and take the leap, register your business, balance your thought and ideas, organize your operations and package yourself for a new phase and a total different journey of life. As you do this, remember that business formalization makes you (the business owner), a separate entity (person) from your business. Prepare to face this reality. It is doable. Many have and many are doing it presently.
John C. Maxwell said in the referenced book “You can get THERE from HERE”. I concur.

By Nnabugwu Chizoba
Development Practitioner, Consultant, Entrepreneurship Trainer and Coach

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