Tag: Company registration

Starting a business is exciting, but registering it is critical. Many entrepreneurs are accustomed to operating informally, which has caused issues in the long-run. For some, operating an informal business is because they are running away from taxes and other financial responsibilities that come with a registered business. However, entrepreneurs do not realise the benefits that come with running a legal business. Business registration unlocks success, growth and opportunities As a business owner, you obtain certain benefits and advantages when you decide to take that step to register your business. For example, tax, financial, legal protection and opportunities that are packaged within your registered company. Success is automatically unlocked because there is a form of trust between your potential prospects or clients when you are operating legally. Growth comes in because there are certain initiatives that you can use to expand the business, this could be through digitisation, networking or anything that welcomes a registered company in the business world. Additionally, there are more opportunities. This could be from word of mouth, recognition, and just the fact that your business is compliant with the legal side of entrepreneurship. At times, it can be difficult to know how to begin and how to navigate the business registration processes; however, at WeDo Services, we help entrepreneurs like you to kickstart your legal journey once you are certain of the kind of business you need to run. Reasons why registering your business is essential After registration has taken place, your company becomes distinct and is accountable for its legal assets and liabilities. If you, however, operate in compliance with what is expected by the law, your business is automatically protected from company creditors and litigation. When running a business, what also stimulates growth is trust and credibility. Customers, banks, suppliers, legal authorities, and many more perceive a registered company as more reliable. In other words, it is easy to get loans or to open a business bank account if your business is registered and legally compliant. This builds a lot of trust, professionalism, permanence, and accountability. We know the word “tax” might spark a panic, and perhaps the perception around taxes has been perceived as “the government taking your money”, but Tax discounts, incentives, and a lower effective rate than personal tax are available to registered businesses. Additionally, they can more accurately claim business expenses. Formal registration guarantees adherence to SARS, CIPC yearly return regulations, and other legal obligations; failure to do so may result in fines or deregistration. Placing your business in a formal position can come across as daunting and draining; however, that should not be the reason why you are operating informally. WeDo Services ensures that your business is legally compliant, and we help you register your business every step of the way to keep you relevant in the marketplace.