The process of business registration has taken a unique turn over the past two (2) years, significantly so within the COVID period. The pandemic has birthed a number of businesses especially within the courier and transportation field. Re-emphasizing the idea that there seems to always be a brightened line within hard times. With that being said, you should not blindly attempt to register your business as such here are five (5) simple aspects that will surely put you and your business on the right path towards success.
Now let’s go!
1. Ensure to know and choose the right business type:
This is should be one of the main things on your ‘to do list’. Understanding the intricacies and benefits of registering as right business type will be a paramount essential towards fostering growth and longevity. Your choice of business types are Sole Trader, Partnership, Company Limited and Non-profit Organizations. All of which carry unique and different essentialities within the fields of tax and bank compliance. Thus, understanding for example, that sole trader is basically one person bearing and managing all profits and loss of a business is totally different from shareholders coming together to start a company based on what was invested by each. In addition, there are certain benefits that can improve and resolve a situation that you might have had for years. For example, a tax issues or tax compliance problems with the Tax Administration, which has made it difficult to obtain a TCC for years. By knowing from the onset that a TCC is issued after the registration of a company can prove significant in your ability to obtain a contract. Hence, we see here, that a little knowledge is good. Furthermore, feel free to book a consultation session with us and let us enlighten you even more.
2. Formulate and Reserve your Business Name:
Daily, we have seen the pain that many people bear when they find out that their business name is already taken by someone else. Thus, it is extremely important for you to ensure that you check and reserve your business name with the Companies Office of Jamaica. As you do not want to build up a sentimental attachment with that name and popularize a brand only to have it taken away from you in the blink of an eye. Also, try to stick with names that are really short and concise, as these are the names that seem to mostly available. If you see that you are stretching it a little long, try to use abbreviations instead or try playing with the spelling by making the name colloquial or idiomatic.
3. Ensure to understand the Forms needed to register:
This factor is also important, as we has always seen many instances where persons are going back and forth with the companies office to get their businesses registered. Especially in instances of registering a Company Limited business type. In light of this, it may save you a lot of time if you speak with a Companies Office agent or an accountant.
4. Know the Compliance aspect after Registering:
This might sound simple, but there a lot of persons who are not necessarily aware that there is a compliance component to registering a business, especially those who plan to register a ‘Company Limited’. There is a reason you will see the Companies Office operating mobility each year to ensure that businesses stay well informed as it relates to compliance. It also actually helps you to save some money over the long run, as you do not want to be burdened with all those late fees that are attached. So ensure to ask a Companies Office agent or your accountant for information pertaining to renewals and the fees attached to do so. In addition, it is important to note that accessing other documents like a status letter, letter of Good Standing or even a bank loan may prove pivotal with this also.
5. Know the Tax Rules:
You might think that everyone would at least seek to have a discussion with someone at the tax office before choosing their business type, as we all know that when it comes to ‘Tax’, the heart rate of most of us starts to beat faster. But this hardly ever happens. It is imperative to know the tax obligations as it relates to filing each year, what is needed to file, what you must record or even what to file will prove to be key practices when operating. Thus, be sure to book a date with an accountant or someone at the Tax Office to have a thorough discussion about your Tax Obligations.
Ultimately, the knowledge obtained before and after doing or operating your business will lay the foundation towards longevity and productivity. We can assure you that having these intricacies and nuances explained will only put more brick on the mortar to ensure that the right decisions are being made.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
- Business Registration
- Tax Filing
- GCT Filing
- Payroll Services
- Consultation Services
- TCC Services
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Anthonio James [ CEO | I Am Skilled ]