One of the most important steps of establishing a company is registering the business with the relevant regulatory body. Once you have determined where the company will be incorporated, it is imperative that you register the business with the correct authority to operate as a legalized entity.
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The Scope of Registering your Business
Business registration is the process of obtaining legal authorization to conduct business within your chosen jurisdiction. It is a legal obligation of most jurisdictions and ensures that a business is operating under the lawful obligations of its control. There are a number of formalities that must be completed prior to completion of the business registration stage.
- Determining the location of the business: it is important to consider the financial and economic advantages and disadvantages of setting up business within that jurisdiction.
- Filing the relevant documentation: this includes the Memorandum and Articles of Association, along with the official company formation application and filing it to the relevant authority.
- Company name: the company must present a proposed company name that complies with the jurisdiction’s legal requirements, which will be assessed by that jurisdiction’s registrar general.
Business registration is very important as it establishes the business as a legal entity. Without business registration, the company cannot be legally considered and will not be protected under any grievance procedures etc. Furthermore, it will not be protected by the jurisdiction from any economic, legal or social instability.
It is advised to seek the assistance of a professional consultancy firm when establishing a company in order to ensure that the entire procedure is completed in a timely manner, as well as in compliance with the law.