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Importance of Legalizing Your Idea

Olaniyan Toni 0

Importance of Legalizing Your Idea

Once an idea is properly defined and proven to be viable, the next step is to legalize it. In Nigeria, every serious business that did not want to run afoul of the law are required to legally registered with the Corporate Affairs Commission otherwise known as CAC.

In the past, you will need a lawyer, chartered accountant, or chartered secretary with a lot of money in order to register a company. However, with the Buhari administration ease of doing business policy, the process is now pretty straightforward. As a matter of fact, you can get your company incorporated within 7 working days.

In the next chapter, I will walk you through the step by step guides of registering a company in Nigeria without involving a lawyer or chartered secretary.

Now, in case you are wondering why you should register the business sooner than later. Here are some of the things I have learned over the years.

Legalizing idea sooner rather than later…

Indicates Seriousness

All ideas including business idea are glorified opinion, execution is all that matters. Business incorporation is the first step in a long business journey that shows people you mean business. Nigerian investors will start taking you serious when you can say we have registered the company. And it makes sense, if you don’t believe enough in your idea to register it, why should anyone else believe in it?

Formalizes The Idea

A serious company especially one that intends to raise fund from investors must have a corporate account. A validly registered company is a precondition for opening one.

Motivate You

Getting idea registered is like birthing a child. There is a new level of excitement as well as sense of responsibility that cannot be easily explained unless experienced.

Even with all the above benefits, some founders are still afraid to register their business today. When I speak to some of them, here are some of the excuses they gave.

Cost of registering: Clearly, the people who gave this excuse are not aware of the new norm. Today, registering a limited liability company is less than 30k. a business name registration is #10,000.

Consultant Fee: Even when it has been pointed to them that the cost of registering a company is a fraction of the yesteryear, many still think of the consultant like lawyers or chartered accountant charges. The good news is, you don’t need these professionals to register a company in Nigeria today, you can do it yourself.

Knowhow: Even when they agree, the next question is how do I go about it? The answer to that question is the step by step guide I provide here.

Don’t forget, if you have any question, contact me using the WhatsApp icon below.

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