Business registration is a determining factor for your business to access opportunities to grow successfully. While some businesses segment registering their business for when they make “serious money,” it lowers their chances of accessing loans, grants, funding opportunities, and credibility in the market.

Registering your business with Prospa offers your business more than documents, it opens doors to upscaling financially in the long term. 

This blog post covers a step-by-step guide to help you register your business successfully using only your Prospa account from anywhere in Nigeria. 

Benefits Of Registering Your Business With Prospa

Here are five major reasons to register your business with Prospa:

• Access To Loans: We only prioritize businesses that are registered when disbursing loans. We offer low-interest loans with flexible repayment plans to ensure you obtain working capital to fast-track business operations.

• Make Global Payments: Registering your business on Prospa gives you a free business account that you can use to send and receive international payments in multiple currencies across over 9 countries. Make payments to over 9 countries including the UK, USA, Canada, Ghana, Saudi Arabia, South Africa, and more.

• Virtual Cards: Virtual cards allow you to make payments in US dollars across diverse channels. You can assign cards to team members to manage business spending and you have control to lock/freeze cards to prevent fraudulent or suspicious activities.

• Fixed Investment: Lock business savings in a fixed investment account over a tenured period and earn more in interest. To maximize your returns, you can choose to withdraw upon maturity of funds or rollover.

• Create Sub-accounts: Entrepreneurs are always on the go. By making haphazard payments, you lose track of your expenses. When you open a Prospa business account, you can create a sub-account. Think of a sub-account as a mini-account under your main account that receives funds only when you credit the account. You can open more than one business sub-account for paying employee salaries, managing taxes, paying for business software, and much more.

Requirements For Business Registration

Business owners are often reluctant to register their businesses due to the hectic process involved. However, we have a simple process to register your business at Prospa. 

Here are the documents you need before you commence your business registration: 

• A notice of the registered address of your business 
• Memorandum and Articles of Association (MAA) 
• Receipt of payment of your stamp duties 
• Consent of the first directors of your company 
• Statement of compliance by a legal practitioner 
• The minimum limit of share capital required for company registration in Nigeria is NGN 10,000

How To Access Business Registration With Prospa 

1. Provide proprietor information: This includes personal information about yourself. You can add other proprietors later. 
2. Provide business information: You need to provide three business names in case one isn’t available. You’ll also need to provide your business address and the nature of your business.
3. Provide BVN

Why Prospa needs your BVN for business registration 

We use your BVN to verify your identity. Prospa doesn’t have access to your other bank accounts or transactions. We simply confirm the D.OB and number attached to the BVN. 

How to check your BVN

Dial the USSD code, *565*0# using the phone number and sim card you used to enroll for your BVN. Once the number is displayed on your screen, save it in a safe place. 

4. Pay for your business registration: It costs N25,000 to register your business with Prospa. Your payment covers business name registration, courier and delivery costs, and TIN/VAT registration. Once successful, you automatically receive a free business account. 
5. Sign The Forms: You need to sign the forms and send them for further processing. Your business registration takes between 2 to 3 weeks after name consideration. 

What Will I Receive After I Register My Business?

Upon successful registration with the CAC, we will send to you;

• Registration forms
• Business name certificate
• TIN
• TIN slip

By registering your business with Prospa, you expose your business to financial tools and products ranging from loans, cards, and seamless international payments to position your business for long-term financial standing. Our goal is the financial prosperity of your business. 

Ready to take your business to the next level?

To register your business, log in to your Prospa account and start your journey today.

Log in here

We’re Always Here To Support You

We’re committed to supporting your journey towards business growth. For more assistance, contact our support team at help@getprospa.org or call 018890240.

Your business growth is invaluable to us

#TogetherWeProspa💜