Business Registration, Why You Must Do It Now?
Thousands of businesses in this country are not registered and that is because we are still developing. The e government has not put in enough resources to enforce laws and thus making business easy to start. More than half of business concerns are not registered. In education, there are more unregistered schools than registered ones.
In Bola Ige Market in Ibadan here billions of Naira change hands and more than 90% of them are not known to the government. Government does not know how many there are and so many healthy businesses are not paying taxes. Government loses money. For now the loophole is there you can exploit it but I tell you it will not last forever.
It cannot continue like this and so one day the government will wake up and say you have to register or pack up. Those caught unawares will start running from pillar to post. And to make matters worse, they may not get the name they have been known for. If this happens, they lose a lot of what accountants call goodwill which may amount to millions. You can imagine if the government says Coca Cola cannot register the name because another company has registered the name. We are all witnesses the brouhaha generated because of the registration of Alliance Peoples Congress (APC).
So in essence the best business practice is to play by the rule. It may be tough but it pays in the long run. It is better to run your business on the right side of the law. You must strive to be a legit. This is one rule I have stuck to for years and it has paid me handsomely and so I advise my clients to do likewise.
Why starting you must register your business for the following reasons.
• • It makes your business a legal one right from the onset. You are rest minded that you are working according to the rule.
• • You are sure of your business name. Nobody can wake up one day and take the name from you.
• • Conversely to above, if you are not registered now, you may wake up one day and discover your much cherished name has been taken. There is nothing you can do. You just have to change and start afresh. You not only lose goodwill you have established through the years, you lose money in changing stationery, billboard and a lot of things.
• • Now will eventually cost less than future. Do it now and save money.
• • Registering your business is the only way it has legal status. Should you have any cause to approach the court for redress for injustice done to you , you will be grossly hindered if your business is not registered
• • The bank will not talk to on loan if your company is not registered with the Corporate Affairs Commission. (CAC). To maximize banking benefits you better be registered.
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• Why this lengthy lesson?
• Get it right from the beginning and register your outfit.
We offer this service at reasonable cost to our clients. We even go further to suggest business-compliant names for your company. We also do register Associations, Non Governmental Organizations (NGO) and so on.
Contact Jide on 08034241050, jidolconsul005@yahoo.com
Otunba jide Omiyale
Jidol Consul,
B4/B5 Lanre Shopping Complex,
New Ife Road
Ibadan
