Monday, 20 June 2016

Registering the name of your business: guidelines for sole proprietors



Image courtesy of Sura Nualpradid at FreeDigitalPhotos.net

Hello readers, the weekend has come and gone, hope it was good. Registering your business is an important aspect of your business. We all know that. So today I decided to let you know how to register your business name as a sole proprietor. I will be looking at 4 countries today, they include USA, UK, India and Nigeria.

In USA in order to register your business, you will have to visit this website by clicking this link http://business.usa.gov/knowledgebase/register-your-business-name. According to the page the link will take you to, you will have to register your business name if you do not plan to trade with your personal name. This process is known as "Doing Business As" DBA name. The registration could be done at your county's clerk office or with your state government.

In UK in order to register your business as a sole proprietor, you must have a national insurance number. Then you go ahead and register for assessment with the tax office (HM Revenue and Customs). Just like USA you can either trade with your name or you use a business name. For further guidelines, check https://www.gov.uk/set-up-business-uk/register-your-business-in-the-uk

In India in order to register your business you will need one Id Card as well as a proof of address. This could be your residential address if you do not have an address for your business yet. If you will be providing services you will have to obtain a service tax registration certificate, however if you will be selling goods, then you will have to register for VAT/CST. Open a bank account (halal) for business and start trading.

In Nigeria, the Corporate Affairs Commission is the body responsible for the registration of a business. This website www.new.cac.gov.ng/home/ will provide you with all the information you need. Basically, upon opening the page you will see a link telling to register your company and another link telling you to carry out a public search to see if the business name you want to use is still available. Ofcourse, you will carry out your search first before going ahead with the registration. It costs only N500 ($1.8) to secure just the name. Payments should not be made using a credit card as that will make you pay interest, and paying interest is a sin. There are other forms of payment like debit cards and others. It is best to visit a branch of their office for registration.
Halal means anything lawful Islamically.

Well, what are you waiting for ? Keep checking out my blog regularly. Cheers!

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