Typically, after conceptualizing a business idea, it is important to stay in line with much-needed expertise on the next steps to follow after registering your business. Hence, below I have set out Six (6) essential steps that every business person must follow in order to operate a successful business. Thus, here goes:
Step 1: Consultation Process
Consult with an accountant, experienced business person, or education officer at the tax office about what you want to do in order to get a firm understanding of the process and what it entails. This will save you money and time. Especially within the aspect of recording keeping, GCT Filing, and predominantly Tax Filing.
Step 2: Registration Process
You will then need to register your business at the Companies Office of Jamaica. Forms used are varied via business type. Hence, it’s important to know which type you are registering as before you start. Also, in order to know the attached prices.
3. Open a Bank Account:
You will then need to use your Business Certificate along with a TCC and Projection to open a business account at whichever bank that you choose. The TCC process involves you getting clearances from the NIS, NHT and then proceeding to the Tax Office for your TCC.
4. Implementing a proper Recording System:
Recording systems will be a cohesive effort by you and your team to capture all invoices which will include revenues, purchases, and expenses of the business. There is much software that can do these things. Hence, please do some research as this part is extremely detrimental towards you accessing a loan or financial help further down the line.
5. Filing your Taxes:
Probably the most disregarded process of them all, as most business persons are still somehow scared of the notion or aspect of ‘taxes’. Hence, they have always seemed to delay in attending towards the tax’s aspect of their businesses which then prove to be or form a major haul. Thus, ensuring that you maintain a tightly gripped compliance officer at the tax office or an accountant is extremely important as you might be required to do not only yearly filing, but also monthly.
6. Getting a Loan:
At this time, you’ll understand why it’s important to do the things before as they are all correlated. Thus, you will see at this point how much you have stipulated an easier approach you to get a loan as this will include a full assessment and gathering of as explained.
These steps have proven to form a thin line between us as business persons towards staying compliant with the regulations of government authorities. Thus, continuous learning and adaptation will also be highly essential as there might be changes in the future. However, these are the typical process that all potential business persons must follow.
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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