We at NSJ would like to congratulate you on your new journey ahead and for allowing us to be apart of it. You are now registered and might be wondering what is your next step. Worry no more! We are always here to help! Registering a business can be one of the biggest hurdles that takes both courage and faith. We would like to congratulate you! Let us discuss the requirements as a newly registered sole trader, partnership and limited liability company.
Sole Trader
First-time entrepreneurs, it takes guts stepping out to run your own business; but welcome!
As a sole trader you cannot pay NIS for yourself, but if you have employees as an employer you must file and your employees’ contributions. Yes if you have a personal BIR# you must adjust this number to merge your business; YES as a sole trader, you are one with your business.
To get the ball rolling, sign up with us for a same-day BIR#. Of course as a sole trader you must pay taxes these are income taxes, health surcharge and business levy (special rules applies). And don’t forget to keep a tight lid on your receipts, invoices, and bank statements to dodge any pesky fines. Oh, and let’s not forget about the power of social media branding to help you put your business on the map!
Partnership
Listen up, new partnership owners! You’ll need to get the scoop on a few things before sailing those entrepreneurial seas.
Firstly, no NIS payments for you or your business partners until you hire your first employee. We recommend drafting up a Partnership Agreement to make expectations clear and avoid disputes in the long run.
You must have a separate BIR# for your business.
Next up, don’t forget to pay those taxes, including income tax, health surcharge, and green fund levy. Finally, let’s not forget the power of social media branding to help you hoist your sails and spread the word about your business.
Limited Liability Company
Starting a company is not for the faint-hearted! It takes a mountain of legal tasks to bring your dream into reality.
You’ll need to get your hands on a Notice of Secretary, Company Byelaws, Shareholders agreement, Beneficial Ownership, and a Company BIR number, plus a fancy company seal or stamp. And let’s not forget the yearly filing for Beneficial Ownership and tax returns to the Board of Inland Revenue.
Yikes! Don’t slip up, or you’ll face penalties.
But once you’re up and running, let’s get social! Jump on the social media bandwagon to make your brand known, reaching new heights and achieving your business goals.
Are You Interested In Starting A New Project With Us?
Let us take the stress away from being a business owner and get all of your post registration services done here. We offer business bank accounts, compliance documents, NIS number, BIR number, TAX and Financial services, FIU certificate, OPR Registration and much more.
