SEC: S20W4| "MY BUSINESS IDEAS | REGISTRATION, LICENSE AND TAXES
Hello friends and welcome to this episode of the SEC: S20W4 in this great challenge, I would put in my best to bring forth more creative ideas and approaches to make sure my ideas are appreciated.
There are various ways to get incorporated as a business owner, you must identify with the national body in charge of businesses in the country. Corporate Affairs Commission [CAC] a special body responsible for business registration in the country.
Importantly to start with, you must come up with a business name which is immediately uploaded to the commission through their portal. It is scrutinized after a couple of days to check if other businesses bears the same name and other features, for uniqueness and proper scrutiny through their database.
Furthermore, your [NIN] National Identification Card is needed to confirm your identity and properly make sure that it is you that is running the business. This process takes about some days after review, you get a notification that your business name is verified and that's it.
Moreso, once your name is verified you must definitely need to be register your company name before the business board. A one Tim fee which most likely would be the passport to an office certification that you have a business. This fee would be forwarded to various department of business association to the country. Most importantly you would be tasked with payment of tax, your business name would be linked to the Federal Inland Revenue Service where taxation would be allocated to you immediately.
After 7 working days, certificate of business ownership would be issued to you and your business would be official. Your Tax Identification Number would be issued to you before you can be allowed to link a bank account to the business.
The tasked procedure to obtain any license / permit to run a business is really not so easy going. According to my Point of Sales business. Every cash vendor in the market pays tax, there is a taxation body in charge for all traders, so after getting your business registered the next task is to obtain a license or permit. In my case we traders are issued an Identity card, bearing our name, National Identification number, Tax Identification number and business name.
sourcetaxation is a function of any business |
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Immediately your business is registered and business certificate issued, you immediately have to go to this taxation office to get your permit, in form of an identification card, which you must always have a proof that you have such business. It is not really easy to do this but you must definitely perform this task for certification and getting of license permit to run business in the market.
There are various taxation quota allocated to every trader, a function of your earnings. If you have been on a tax payment scale and your business increases, you would definitely have tax added to your business. If your business gets unstable and you get down in some way, the tax regulatory body would issue a rebate to a change in your tax rate, this would enhance your growing business till it gets to the top again.
On the other hand, if your business venture increases you would have to pay more as the taxation would be increased for you. Importantly as a trader whose business is registered you have the right to file an application if you want an increase or decrease in your tax to the CAC or FIRS for a change in taxation rate.
Every trader in the country has an equal right to get justice when faced with any tax-related problem. It is crucial to note that in cases where you have tax -related problems you immediately visit your human right court. Tackling the issues before then would be one of the best approach as they would provide insight and solutions to your said claim
Importantly, if you are a defaulter, they would suggest ways you could curtail in tax related problems, they would bring up ideas to help escape the escapades or reduce tendencies of you getting more problems. This court would be a solution they could suggest early fine, to these tax bodies with a written court order backing it up, all these can save you from tax-related problems.
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Excelente participación amigo y te auguro el mayor de los éxitos en la misma , creo que tomaste en consideración todos los ítems relevantes y los enfocaste de una manera muy certera, en los negocios todo debe ser directamente proporcional ; si aumentan éxito, lógicamente se deben reflejar en mayores ganancias. Saludos y bendiciones.
Warm regards my dear friend, I definitely enjoyed having you on my article. Success in your journey on the platform and have a blissful day.