A number of people ask about procedures of Starting Up a new Small Business. The steps of setting up your own Business may be slightly different from one country to another. This outlined registration procedure relates to starting a Business in Zambia but may as well conform to Business opening procedures of other countries.
1. Once you are set on starting up the Business in either Tax and Business consultancy or trading, decide on a name of the Business which should be unique from any existing Business names. Go to the company registration office to check if your proposed Business name is not registered by any other persons. In Zambia, The Patents and Companies Registration Agency PACRA facilitates Business registration.
2. Complete the registration process with pacra full details of the requirements for Starting Up and registering a business can be found on the institutions website.
3. Open a bank account with a registered commercial bank of your choice. The bank will often require copies of the certificate of registration and other details depending on the banks conditions to open your Business account.
4. Register your new business with the revenue collection authorities. In Zambia, The Zambia revenue Authority ZRA is mandated to collect revenue. Go to the direct tax division to obtain corporate tax number.
5. File value-added tax VAT a (consumption-based tax) registration form with the authorities to register as a vat supplier in order to collect the tax from consumers and remit to the authority the out put tax collected in excess of the input tax your Business pays which will lower your cost of Business. Upon successful registration you obtain a VAT registration number.
6. Register with all statutory bodies. Such as the National pensions scheme authority and other social security authorities such as the Workers compensation fund before or immediately after starting a Business.
7. The final step is put in place operations systems and your Business will be set. I would recommend you consult an expert if you can’t handle the process by your self. If you have questions about the process feel free to leave a comment or contact for free guidance.
About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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