A business owner or a third party requester needs to have their business registered for the smooth functioning of the company. If you are starting up a new business then you should be aware of the registration process and also know exactly which license and registration are typical for the industry you are planning to start. The business registration process could be a complex process in respect to the various aspects of the business, local, state, territory, and the federal government. All hold their own set of licensing and registration. The registration of the business could be done through the online registration process.
The business registration service is efficiently provided by the Inland Revenue department that is committed to enabling business operators to meet the terms of the legal obligations with ease and to facilitate members to obtain business. The Registration of the business is imperative as it aids in converting the business ideas into potential businesses and profits. Also, the business remains safe in terms of legislation and other factors. A new idea arises to several entrepreneurs every day about establishing a business or making money however considerable efforts are required to convert the ideas into reality. Registering the business is the first step towards the establishment of the company. Under this process the business can be established legally, managed and conducted by an entrepreneur.
Before securing the registration certificate of the business an entrepreneur must decide the structure of the business that he plans to propose a venture. One can either opt to set up a public limited company, private limited company, a branch registration of a foreign corporation or a partnership with limited liability. After determining the nature of the business and the structure of the company, the name of the company needs to be decided and identified by the entrepreneur. Any name can be used if it is not considered unsuitable by the registrar. An already existing name cannot be selected for the registration of another company.
The company that intends to secure the business registration certificate needs to formulate the article of association and the memorandum. These documents in general outline the rules and regulations that form the legal basis of the conduct of the company with directors, shareholders, and the third parties.
Typically the Memorandum of association must contain the name and the details of the registered office of the company along with the objects and liabilities. It is important to note that the internal affairs of the company are governed by the Article of Association.
An entrepreneur can apply for registration of the business on finalizing the following:
- Structure of the company
- Name of the company
- Registered office
- Form 12 indicating agreement with the Companies Act.
Note that the registration application of the business is complete only when all the necessary documents and the registration fee is supported. Also, know that the registration certificate needs to be renewed after a certain period of time to avoid any kind of complication in the running of the business.