These are some of the many benefits of registering a business with the government.
- Supplier trust
Sometimes you make need to take goods on credit from suppliers because of liquidity issues. The registration will help you gain trust from suppliers who commonly give customers goods on credit for business owners who can show official paperwork and it’s easy to get. Also, if you want to get contracts for your company, business registration is one of the first requirements.
- Opening a Business Bank Account
You need your registration Certificate to open an account with the Bank. One of the reasons some SMEs are failing to grow is that they don’t separate their personal and business income. The bank account will help you have control because you can separate your personal activities from your business activities and it is also more professional to give your clients a business name for payment instead of your own full name.
- Access to financial service
To apply for small business loans and grants you need to prove you have a real business. Lenders and investors will ask to see your business registration to approve your funding.
- Reputation with Customers
Customers and clients, especially people you’ve never worked with before, need assurance that you are a legitimate business. You may lose business if a client realizes that you are not registered because they are afraid your business may not be real. Registered business puts your clients at ease when making a decision about whether to spend money with your company.
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