There are many advantages that accrue to a registered business.This not only applies in Kenya but the world in general.So you have that business idea?The first step is register your business name and the rest will follow.
So what are those advantages you ask.Well, we will explore them one by one.You are welcome to add more.
It is in the constitution and law that all those conducting business should first register them.This forms a structure for businesses.It does not matter whether you are running a Kiosk or a multi million company.In the eyes of the law you are equal depending on how you register your business.
2 .Tender applications.
Well, as business opportunities arise inform of tenders.If your business is not registered then that opportunity will pass you by.Make sure your business remain competitive by registering it.Some opportunities comes once in our lifetime.Make it a registered business to take advantages of tenders.
3. Banks loans Applications.
It will be hard to apply for a bank loan with unregistered business.Moving a step back it will be harder to open a business bank account without a certificate of registration.This prevents fraudulent business cropping up in the country.So you wish to have a separate business account from your personal account?Do not worry register your business and rush to your preferred bank with the documents.Registered business enjoy banking privileges such as overdrafts.
4. Legal cases.
It will become difficult for your business to sue or defend itself in court when it is no registered.Business faces a lot of competition and sometimes assets or ideas can be stolen.In this case having an unregistered business will ensure that you will eventually loose in that case.
5. Hiring Employees.
If your business wishes to hire full-time employees then it should be registered.This ensures that employees are protected by the existing laws and also the business is not exploited by the very employees.
There are many advantages but for today lets settle for this five.If you have a business idea do not be hesitant.Visit our offices and get advice on which business structure will suit you.