July 17, 2012
Step | Procedure | Time to Complete | Associated Costs |
1 | State registration of legal entity, statistical, and tax registration with the Center for Public Registration | 3 days | KES 100 per name reservation |
2 | Stamp the memorandum and articles and a statement of the nominal capital | 5 days | 1% of nominal capital + KES 2,020, stamp duty on Memorandum and Articles of Association |
3 | Pay stamp duty at bank | 1 day | KES 100 bank commission |
4 | Declaration of compliance (Form 208) is signed before a Commissioner of Oaths /notary public | 1 days | KES 200 |
5 | File deed and details with the Registrar of Companies at the Attorney General's Chambers in Nairobi | 7- 14 days | KES 6,436 |
6 | Register with the Tax Department for a PIN and VAT online | 1 - 2 days | no charge |
7 | Apply for a business permit | 5 days | KES 5,000 |
8 | Register with the National Social Security Fund (NSSF) | 1 day | no charge |
9 | Register with the National Hospital Insurance Fund (NHIF) | 1 day | no charge |
10 | Register for PAYE | 1 day | no charge |
11 | Make a company seal after a certificate of incorporation has been issued | 2 days | between KES 2,500 and KES 3,500 |
Source: DoingBusiness.org
July 17, 2012 0
Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in this economy. This is based on the study of DoingBusiness.org sponsored by World Bank and IFC whose objective is to provide objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.
This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection was completed in June 2011. Currently, Nigeria ranked 133 out of the 183 countries examined by the organization.
Step | Procedure | Time to Complete | Associated Costs |
1 | Check the availability of company name with the Corporate Affairs Commission | 5 days | NGN 200 application form |
2 | Prepare the requisite incorporation documents and pay the stamp duty | 7 days | 0.75% stamp duty paid on capital |
3 | Notarize the declaration of compliance (CAC 4) | 1 day | NGN 500 |
4 | Register the company with the Corporate Affairs Commission & pay fees at the bank desk at CAC | 11 days | NGN 59,592 legal fees +NGN 500 incorporation forms + NGN 20,000 Incorporation fees (an extra NGN 50,000 for same-day processing) + NGN 500 for each additional copy of Memorandum and NGN 500 for additional copy of the Articles of Association stamped + NGN 3,000 for certified true copy of memorandum and articles of association + NGN 2,000 for certified true copy of particulars of directors +NGN 2,000 for certified true copy of particulars of shareholders. |
5 | Register with the Federal Board of Inland Revenue Department of the Ministry of Finance for income tax and VAT | 4 days | no charge |
* 6 | Register for personal income tax PAYE at the State Tax Office | 2 days, (simultaneous with previous procedure) | no charge |
* 7 | Receive inspection from local government | 7 days, (simultaneous with previous procedure) | no charge |
8 | Pay fees at a designated bank | 1 day | NGN 18,500 |
* Takes place simultaneously with another procedure.
Source: DoingBusiness.org
Web conferencing programs are readily available in the market nowadays. Web conferencing offers instant messaging and hosting of group discussions. It is a great way for conducting meetings, seminars, even presentations or product roll-outs.
Conferencing technology has already achieved immense improvement. Teleconferencing is a product of the conferencing technology. With teleconferencing, it is mainly about conference calls where small to very large groups of people can participate to or listen to the phone conversation. With video conferencing, the presenter can appear on the screens of all the attendees or for small groups, all the attendees can appear on the screen in separate webcam windows.
Web conferencing is often confused with web seminars. There is just a thin line separating or differentiating each other, it is mainly about the number of the attendees or participants and the amount of interactivity in the meeting or presentation.
Web seminars are usually more than ten people and only the organizer and a small number of panellists would have the control over the discussion. With web conferencing, it is normally limited to ten people, where the attendees or participants would have the opportunity to present and take control of the flow of the discussion.
Web conferencing programs use internet communication to transfer and share files and applications. These programs combine HTML, Java scripts, flash animation, instant messaging and even audio and video streaming.
Through the combination of these, web conferencing can offer several features. These features are application and file sharing, desktop sharing, co-browsing the internet, white boards, polling/surveying, text messaging, PowerPoint presentations and even private meeting rooms.
There are two options to choose from if a company or any institution is interested in using web conferencing. There are conferencing software that can be installed in computers and host the meeting themselves. Another way is by using a hosting service that provides the software and server space to conduct the web-based meetings.
How web conferences run depend on the software, hosting and how the moderator or organizer runs the meeting. Prior to the meeting the moderator or organizer often compiles the documents and files for the meeting and have them distributed. The organizer then sends out e-mails or text messages inviting the guests and participants citing the certain day and time the web conference will start.
Attendees may accept or reject the invitation and their calendar program will add the meeting to their schedule. The invitation sent out includes a link to the conference and a password or access code to join the conference. The attendee just have to click the URL and enter the password or access code.
Once the attendees have already logged on to the conference, the organizer or presenter controls the meeting. The presenter has the ability to share the desktop and other documents and applications. Control of the flow of the discussion can be handed over to other attendees letting them to present. Participants can communicate to each other by audio or video, voice chat, instant messaging or desktop sharing.
Images from the presenter’s computer are constantly being uploaded to the server and sent to attendees, it is much like video streaming. Participants can share documents and applications because the files are temporarily available on the server where anyone with the right link and password can access. To end the conference or to log out of the meeting, participants just simply close their conferencing programs.
Web conferences are easy to set up and can forge strong working relationships among employees. Collaborations and cooperation made through web conferencing can play a very important role in improving the business and the operations of certain institutions.
Conferencing technology has already achieved immense improvement. Teleconferencing is a product of the conferencing technology. With teleconferencing, it is mainly about conference calls where small to very large groups of people can participate to or listen to the phone conversation. With video conferencing, the presenter can appear on the screens of all the attendees or for small groups, all the attendees can appear on the screen in separate webcam windows.
Web conferencing is often confused with web seminars. There is just a thin line separating or differentiating each other, it is mainly about the number of the attendees or participants and the amount of interactivity in the meeting or presentation.
Web seminars are usually more than ten people and only the organizer and a small number of panellists would have the control over the discussion. With web conferencing, it is normally limited to ten people, where the attendees or participants would have the opportunity to present and take control of the flow of the discussion.
Web conferencing programs use internet communication to transfer and share files and applications. These programs combine HTML, Java scripts, flash animation, instant messaging and even audio and video streaming.
Through the combination of these, web conferencing can offer several features. These features are application and file sharing, desktop sharing, co-browsing the internet, white boards, polling/surveying, text messaging, PowerPoint presentations and even private meeting rooms.
There are two options to choose from if a company or any institution is interested in using web conferencing. There are conferencing software that can be installed in computers and host the meeting themselves. Another way is by using a hosting service that provides the software and server space to conduct the web-based meetings.
How web conferences run depend on the software, hosting and how the moderator or organizer runs the meeting. Prior to the meeting the moderator or organizer often compiles the documents and files for the meeting and have them distributed. The organizer then sends out e-mails or text messages inviting the guests and participants citing the certain day and time the web conference will start.
Attendees may accept or reject the invitation and their calendar program will add the meeting to their schedule. The invitation sent out includes a link to the conference and a password or access code to join the conference. The attendee just have to click the URL and enter the password or access code.
Once the attendees have already logged on to the conference, the organizer or presenter controls the meeting. The presenter has the ability to share the desktop and other documents and applications. Control of the flow of the discussion can be handed over to other attendees letting them to present. Participants can communicate to each other by audio or video, voice chat, instant messaging or desktop sharing.
Images from the presenter’s computer are constantly being uploaded to the server and sent to attendees, it is much like video streaming. Participants can share documents and applications because the files are temporarily available on the server where anyone with the right link and password can access. To end the conference or to log out of the meeting, participants just simply close their conferencing programs.
Web conferences are easy to set up and can forge strong working relationships among employees. Collaborations and cooperation made through web conferencing can play a very important role in improving the business and the operations of certain institutions.
Pareto was an economist who theorized that 80 percent of all problems result from 20 percent of all causes. This may seem like a complex theory which is too difficult to apply to such a thing as time management, but the Pareto 80-20 rule, as it has come to be termed, can be very beneficial when applied to problem solving in any form.
One of the first steps in learning to effectively utilize time is to identify repeated patterns in your daily schedule that may be interfering with productivity. In looking over daily records of your time you may notice certain blocks of time which are not being used to their fullest. Once having identified these blocks of time, you can begin to make changes in your daily routine.
Pareto’s 80-20 rule basically means that if you can identify and change only 20 percent of the causes of problems in your current time management system, you can subsequently fix 80 percent of those problems.
An example of this would be to identify only two 15 minute blocks of time in your normal day when you find that you are being the least productive. By changing the way you currently use these 2 small blocks of time, theoretically you should be able to increase your productivity by up to 80 percent.
Better time management does not mean giving up all free time, or all the time you currently spend relaxing, or enjoying your life. Instead it helps you set priorities for managing time, eliminate wasted time, and gain more control over how you use this valuable resource.
There are wide varieties of business opportunities that allow you work at home. In fact a work at home business is not a new concept. There are number of old home based businesses, like a child day care, candle making, catering and much more. However the advent of internet improves the home based business options.
You can consider starting a home based business if you really have passion for it. You need to have the ability to work hard, dedication and effort would provide you reward once your home business is up and running.
Though work at home business requires hard work, you can also enjoy the freedom and fun of working at home. You can also spend splenty of time with your family.
Before starting a work at home business, plan well what type of home based business would suit you. Remember what seems perfect for your neighbor or friend may not suit you.
Starting work at home business is not an easy task. You need to consider whether there are any risks in that business. You need to consider whether the business requires huge investment. You also need to seek the help of a mentor who can guide you well to get sure success in home based business.
Some essentials for starting a work at home business:
Once you have decided to start a home based business, you need to organize it properly so that unnecessary delays can be avoided. The following things are essential for home business success:
1. A phone with unlimited long distance calling option, caller Id, Voice mail, call forwarding and anonymous call rejection.
2. You must have a calendar. You can also use a online calendar like Google, outlook or yahoo calendar.
3. Computer software tools, high speed internet connection, flash player, Adobe reader and Java script etc are also important. You can use email software like outlook or outlook express for business email.
4. A good filing system is extremely important so that you can do work most efficiently. Organize business mails, faxes, training materials etc in separate folders.
5. You can use Instant messenger service which allows you to communicate with your online contacts and getting your questions answered since your phone line needs to be opened for incoming calls from prospects.
6. You can use any room in your home for business purposes. But organize the room well so that you can work peacefully.
These simple steps can help you start home business and run it successfully.
You can consider starting a home based business if you really have passion for it. You need to have the ability to work hard, dedication and effort would provide you reward once your home business is up and running.
Though work at home business requires hard work, you can also enjoy the freedom and fun of working at home. You can also spend splenty of time with your family.
Before starting a work at home business, plan well what type of home based business would suit you. Remember what seems perfect for your neighbor or friend may not suit you.
Starting work at home business is not an easy task. You need to consider whether there are any risks in that business. You need to consider whether the business requires huge investment. You also need to seek the help of a mentor who can guide you well to get sure success in home based business.
Some essentials for starting a work at home business:
Once you have decided to start a home based business, you need to organize it properly so that unnecessary delays can be avoided. The following things are essential for home business success:
1. A phone with unlimited long distance calling option, caller Id, Voice mail, call forwarding and anonymous call rejection.
2. You must have a calendar. You can also use a online calendar like Google, outlook or yahoo calendar.
3. Computer software tools, high speed internet connection, flash player, Adobe reader and Java script etc are also important. You can use email software like outlook or outlook express for business email.
4. A good filing system is extremely important so that you can do work most efficiently. Organize business mails, faxes, training materials etc in separate folders.
5. You can use Instant messenger service which allows you to communicate with your online contacts and getting your questions answered since your phone line needs to be opened for incoming calls from prospects.
6. You can use any room in your home for business purposes. But organize the room well so that you can work peacefully.
These simple steps can help you start home business and run it successfully.
Every year millions of people answer "Yes" to that question and every year that answer costs many of them money, time, confidence, and heartbreak. The Small Business Administration estimates there are 580,900 new small businesses opening each year and that number does not include the small one-person entrepreneurships that pop up every day. However even if you are your business's sole employee then there is still something to be learned from the SBA's numbers.
According to the SBA, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive: the owner's education level and the owner's reason for starting the firm in the first place.
How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer is inside of you. You must ask yourself four key questions to determine whether your own small business will survive and thrive.
1. Are You Ready
Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their ownbusiness but it is also one of the elements that drives new entreprenurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.
Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfill more than one role in your new business. And if you are running a one-man or one-woman show then you serve in every capacity from file clerk to maintenance crew to salesman to CEO. Can you handle switching from task to task and role to role like that? Are you willing to make those switches?
Similarly, have you prepared your family and friends for this switch in attitude. Your life is going to change -- probably pretty drastically -- and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.
2. Where Is Your Niche?
Have you identified your niche yet? One of the reasons many businesses fail is that they fail to focus on a target audience. Yes if you are a major discount chain then you can sell everything from peanuts to wallpaper but this type of business requires vast resources that just aren't available to the small business. But small businesses dominate the marketplace (creating more than 50 percent of the private gross domestic product last year) by finding a different approach -- a niche.
Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.
3. What Is Your Plan Of Action?
Another key factor in the survival and ultimate success of your business is how much planning you do before you open your electronic or physical doors. You need to decide if your business will be based on the internet or include more traditional models. Are you going to work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.
4. Who Are You Going To Call?
At some point, no matter how experienced a business person you are, you will need help. You will need support, advice, tools, or information -- or all of the above. One of the beautiful, and most frightening, aspects of growth is that it can lead you to places you never imagined. No matter how much planning and experience you bring to your new position as CEO the unexpected will arise. How will you cope with this? It is important to recognize that no business is an island. It is not failure to seek help. Failure is when your business shuts down because you didn't get the help you needed.
The best way to get timely help is to work on your support system while you work on building your business. That way you will already have a ready list of resources available that you can quickly tap into when emergencies strike. In today's world there are many marvelous resources available to you no matter what your business model may be. These include:
~ Publications (newsletters, magazines, books)
~ People (professional advisors, mentors, teachers, consultants)
~ Networks (organizations and forums in your niche as well as general business and marketing)
~ Education and training (tutorials, courses, and seminars)
After you have answered these four key questions you are now ready to ask yourself that one big question again -- are you ready to start your own business?
According to the SBA, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive: the owner's education level and the owner's reason for starting the firm in the first place.
How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer is inside of you. You must ask yourself four key questions to determine whether your own small business will survive and thrive.
1. Are You Ready
Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their ownbusiness but it is also one of the elements that drives new entreprenurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.
Even more important you will need to remember that in a small business you will wear many hats. Even if you manage to start out with one or more employees you will each fulfill more than one role in your new business. And if you are running a one-man or one-woman show then you serve in every capacity from file clerk to maintenance crew to salesman to CEO. Can you handle switching from task to task and role to role like that? Are you willing to make those switches?
Similarly, have you prepared your family and friends for this switch in attitude. Your life is going to change -- probably pretty drastically -- and that change can have a positive or negative impact on your family life and social interactions. It will make things much easier if your friends and family are supportive going into the process.
2. Where Is Your Niche?
Have you identified your niche yet? One of the reasons many businesses fail is that they fail to focus on a target audience. Yes if you are a major discount chain then you can sell everything from peanuts to wallpaper but this type of business requires vast resources that just aren't available to the small business. But small businesses dominate the marketplace (creating more than 50 percent of the private gross domestic product last year) by finding a different approach -- a niche.
Knowing your niche means you are better able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace.
3. What Is Your Plan Of Action?
Another key factor in the survival and ultimate success of your business is how much planning you do before you open your electronic or physical doors. You need to decide if your business will be based on the internet or include more traditional models. Are you going to work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? Dreaming, thinking and planning can save you much trouble and waste later when things are hectic and problems strike. Planning can also help keep you focused and to balance your spending and time.
4. Who Are You Going To Call?
At some point, no matter how experienced a business person you are, you will need help. You will need support, advice, tools, or information -- or all of the above. One of the beautiful, and most frightening, aspects of growth is that it can lead you to places you never imagined. No matter how much planning and experience you bring to your new position as CEO the unexpected will arise. How will you cope with this? It is important to recognize that no business is an island. It is not failure to seek help. Failure is when your business shuts down because you didn't get the help you needed.
The best way to get timely help is to work on your support system while you work on building your business. That way you will already have a ready list of resources available that you can quickly tap into when emergencies strike. In today's world there are many marvelous resources available to you no matter what your business model may be. These include:
~ Publications (newsletters, magazines, books)
~ People (professional advisors, mentors, teachers, consultants)
~ Networks (organizations and forums in your niche as well as general business and marketing)
~ Education and training (tutorials, courses, and seminars)
After you have answered these four key questions you are now ready to ask yourself that one big question again -- are you ready to start your own business?
Business plan outlines help you structure your answers to the most important business planning questions: who what, when, where, and why. The answers to these 5 W's must be included in your business plan outline.
Business plan outlines are all different. The one common thread is that all business plan outlines help the writer answer the five W questions: who, what, when, where, why.
If any of you ever worked in journalism or as reporters, what you want to do when you investigate anything is answer the 5 W's. A business plan outline is a concrete method for investigating a business idea so answering the 5 W's makes sense.
Business Plan Outline of the 5 W's
Who are you? Your business plan outline should detail your certifications, industry experience, and credentials. List the business credential that you've already received or those that you're planning on getting in the early stages. This part of the business plan outline also lists the staff you project needing and what their qualifications will be.
What do you plan on sell? In your business plan outline you need to include a discussion of what it is you are selling. Are you selling products, services or both? Once you know what you are selling you then need to discuss the revenue and profit associated with your products and/or services.
This part of the business plan outline also includes your preliminary sales and marketing plan. What will you be doing to gain your clients and how much time and money will you spend doing so?
When did you launch or when do you plan on launching? This information is critical to outside investors and it will also help to keep you on track.
Where are you located? Here you will indicate the types of facilities needed to run your business. Will you work out of your home or rent office space?
Why is your approach unique? This is a critical question that your business plan outline must address. You need to explain your number one differentiator. Somewhere in your business plan outline you must make space for detailing the proposition that sets you apart from everyone else in the market.
The Bottom Line On Business Plan Outlines
Business plan outlines help you structure your answers to the most important business planning questions. These questions can be summarized as the 5 W's. By answering these questions, your business plan outline will lead you to discover and detail the exact "how" of your overall business operations.
Article brought to you by Small Biz Tech Talk
Picture is provided by Wikimedia Commons
someone who has an entrepreneurial type of attitude. There are many reasons for investing in a franchise, but an individual who is a real go-getter and is able to get things done will realize the true value of owning a franchise. Many people throughout the world have realized that franchises are good investments to take advantage of and if you have never considered it until now then perhaps it is time to put your business thinking cap on. Here are some reasons why so many people consider franchises good investments:
Just Plug It In!
Essentially, all you have to do to a franchise is just plug it in. In other words, though, the old phrase of "if you build it then they will come," is certainly true in the view of the franchise-owning individual. Since the name of the franchise is a store that is usually pretty much known throughout the nation, chances are that people will be instantly attracted to the business. For example, if you build a franchise of Starbuck's next to an apartment complex and it is closer to them than any other Starbucks around then chances are that you'll be in luck and have chosen a good spot for the franchise.
Copyright Ownership
Another great thing about owning a franchise is that you have the ability to use the copyright of the original company. Of course franchise owners won't want to do anything to damage the reputation of course, especially since the franchise is trying to succeed, but being able to advertise that you own a part of the company is a great accomplishment for many people! Franchise owners have the ability to advertise coupons in the company's name, give out discounts, as well as many other benefits that come along with owning a franchise package! Furthermore, many of the customers won’t even know that you’re a franchise of the company but will treat your store as if it was the company store itself!
Possibility of Profit in the First Year
The franchise that you build will most definitely make some sort of profit in it's life, but a franchise usually has the possibility of producing a profit or profit margin within the first year! The reason for this is mainly that it usually doesn't cost as much to start a franchise as it does to build a business or company from scratch. Those who are starting a franchise, though, will be able to realize profit a lot sooner than they thought!
All of these ideas are the exact reasons why franchises are a good investment! Of course, there are plenty of other reasons why it’s a good investment to get started with a franchise but there are too many to name here. If you have ever thought of owning a franchise then hopefully the information presented here provided the nudge you need to get started!
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