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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