The information in this article is based on an interview with Natalya Rahamatula, Resource Centre Specialist at JMMB Bank in Trinidad and Tobago, on the Straight off the BATT live show.
The largest error that entrepreneurs make, in Rahamatula’s opinion, is delaying the formalization of their company from the start. Some business owners state that they don’t have the time or money to register their company. However, by not doing so, their options will be limited, as they won’t be able to apply for government grants or funding from financial institutions, both of which require that businesses be fully registered.
Business owners usually get wrapped up in working out the branding elements of their business such as logos, social media which are all important. However, when they do take the steps to formalize their business, they may encounter conflicts with the name of their business such as another business has already been registered with the same name that they chose. This is why registering your business is important.
Here are three reasons why you should register your business in T&T:
- It strengthens your identity and gives your business more credibility: By registering your business, you make it simple for prospective clients to recognize you as a reliable organization. This will encourage them to conduct business with you, as well as share their experiences with your business to their friends and family members.
- It attracts finance and commercial opportunities: For you to sign up for a business bank account, your business must be registered in Trinidad & Tobago. Your business also needs to be legally registered as a business to be eligible for a loan and approach financial institutions for business funding. Additionally, if you were to approach investors because your business is registered, they may take your pitch more seriously and would be more likely to grant your request for investment.
- It increases your motivation: You’ll be more motivated to focus your energies on your business if it is formally registered. It will no longer be just a concept or a hobby, so you may be proud that you run a business.
Want to learn more about why you should register your business in T&T? Check out our video below:
This article is based on a discussion with Natalya Rahamatula, Resource Centre Specialist at JMMB Bank in Trinidad and Tobago, on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Join our mailing list, here.