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If you’re looking to start a business, we’ve listed down 6 essential tasks you should be aware of and undertake before opening your doors for business.
Legal Entity
Many SMEs usually start off business by operating as sole traders. But there are other options to consider such as operating as a company or where relevant as a partnership if two or more individuals are involved.
Business Name
You can operate under your own name but most prefer to operate under a business name and that’s probably the best way to go about it. Even a company can register a business name as its trading name. Whatever you decide, if you’re going to operate under a business name you will need to register this name with the Investment Promotion Authority.
TIN
TIN stands for Tax Identification Number. It’s an essential and mandatory requirement to have TIN if you’re going to operate a business. A TIN certificate is issued by the IRC on application. The process is fairly simple but practically takes a bit of time due to administrative hurdles.
SME Bank Account
Ensuring you keep proper records is important for your business and for tax purposes. Separating your business income and personal income is critical. As such, it’s best to open a separate bank account under your registered company or business name. Banks typically ask for your business profile, details of owners, the TIN certificate and an extract and certificate of your business name or company.
Licenses / Permits
Depending on what business you operate, you may need to get the appropriate regulatory permission or licenses from the relevant statutory body. For example, if you are operating a trade store in NCD or a liquor store, you will need to apply and obtain a permit or license to operate. Without these, you will most likely be operating illegally.
Intellectual Property
It’s an area typically neglected by most SMEs but as some have found out, it can be detrimental to your business if your intellectual property is infringed. Intellectual Property involves trademarks, patents, designs and industrial designs. Most SMEs would probably have trademarks to start off with and before using the trademarks such as brands or business names in the market, you should consider filing applications to protect them.
If you need help with any of the tasks listed above, you can email consult@vaivirtual.com for further assistance or visit their website vaivirtual.com to access their services from the comfort of your home or office. Vai Virtual Consulting assists SMEs with their business requirements.
