Formalize Your Business

The Key To Professionalism Starts HERE!

Services

Resources and Tools
Resources and Tools

provides a variety of tools and resources to help you with your business formalization.

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Mentorship
Mentorship

we offer a variety of mentorship programs that can help you find the right mentor for your needs.

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Assessments
Assessments

designed to evaluate your knowledge and understanding of business formalization. It consists of multiple-choice questions and short answer questions that will test your comprehension of the material.

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Business Education Programs
Business Education Programs

It may also be delivered by individual consultants and consulting firms with experience in facilitating
entrepreneurship training, including SIYB-certified trainers.

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WHAT DOES BUSINESS FORMALIZATION MEAN?

Formalization includes everything we do to ensure that our business is compliant and in line with the regulations of the country where we operate. 

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WHY IS IT IMPORTANT TO FORMALIZE YOUR BUSINESS?

Most entrepreneurs assume that formalization penalizes businesses and only benefits the government. Yet formalization can bring important benefits, such as access to finance and new business opportunities.

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WHAT FORMALITIES SHOULD BE COMPLETED?​

To formalize your business, you will need to complete 5 formalities and meet some specific requirements. The formalities involved in formalizing your business will be discussed one at a time in this section.

The registration of a business is generally the first step towards formalization. The other administrative steps (e.g., registration with chambers of commerce, tax and social security offices) only take place when your business is a legally recognized entity. The requirements for registration may depend on the industry in which your business operates.

Bookkeeping is the activity of keeping records of income and expenditure of money within the business. We generally distinguish between general bookkeeping and financial bookkeeping. General bookkeeping is concerned with the day-to-day activities of your business such as purchasing and selling products or services.

Financial bookkeeping goes beyond the reporting of your daily transactions. It is about planning your business activities and forecasting and executing your company’s investments.

In simple terms, tax registration means declaring your legal existence to the local tax authorities. It also means that you provide information that identifies your business as an economic unit operating in the locality and ready to contribute to local economic development.

As an employer, your legal responsibilities to your workers are defined by law and you must be aware of them. They include the following:

1. Paying a decent salary, respecting working days and hours

2. Registering your workers with social
security and paying contributions.

3. Registering your workers with social
security and paying contributions.

There will be times in your life when, if you are not supported, it becomes difficult for you to cope. This is the case with maternity/paternity, unemployment, work accidents, illness, disability, old age, etc. Social security is what protects you in these situations. It is a universal right supported by policies and systems that aim to prevent poverty and vulnerability throughout the life cycle.

There will be times in your life when, if you are not supported, it becomes difficult for you to cope. This is the case with maternity/paternity, unemployment, work accidents, illness, disability, old age, etc. Social security is what protects you in these situations. It is a universal right supported by policies and systems that aim to prevent poverty and vulnerability throughout the life cycle.

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Assessments & Tools

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Assessments

46

Mentors

20

Tools & Resources

50

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