Registering your business and trading legally is very important in Zimbabwe. let us explore some of the benefits your business will enjoy when you register and to trade legally:
1. Protect your Company Name
Your company name is very important in business. When you are not registered, it becomes vulnerable to abuse from copy cats who might use your name to do business or other crimes using your brand. This might hurt your company`s image and reputation which can make trading more difficult for you or worse, drive you out of business. Registering your business will secure your company name which means that no other business will trade using your name.
2. Creates and Cements Credibility for a Business
One of the benefits of registering your business is that it will paint your company as a legit and credible business entity which customers can trust and do business with. Registering your company can become a great driving and marketing tool for your business. Suppliers and consumers would want to do business with you because you are registered. Clients generally do not trust unregistered businesses for fear of being duped by bogus companies.
3. Creates Competitive Advantage
There is serious competition in business and it’s not easy to compete with companies as an individual. Registering a company is the only way you can level the playing field. Everyday people lose important business opportunities because they are not registered. Most companies prefer to work with businesses that are registered.
4. Ensures Business Continuity
Registering your company ensures the continuity of your business beyond just you as a person. For instance, if you become incapacitated in any way or if you die the business will not be buried with you, the next generation will benefit from your efforts and continue trading.
5. Company Becomes a Legal Persona
A legally registered company becomes a legal entity and it can sue and be sued in its own name. If the business assets are attached over debt this will not affect the owner’s personal assets. The company exists as a separate entity whose business is separate from its owner`s private business.
6. Limited Liability Protection
This works hand in hand with a company or business becoming a legal persona. A registered company offers its owner limited liability protection. The business will exist as a legal entity which means that if it incurs any losses or depts., the owner will not be responsible or be made to pay off these debts with his own money because the business stands on its own as a legal entity.
7. Tender Participation
In Zimbabwe, some of the most lucrative business deals are won from winning tenders put out by large organizations such as the government, public institutions and private companies. For a company to have access to tenders it should be trading legally. This means that it must be a registered entity with valid documents as well as tax compliance certificates. If a company is not registered it will not be considered if it bids for a tender.
Now that you know some of the benefits of registering your company in Zimbabwe. Firstrate Consultancy can assist you with the process of registering any type of organisation so that you trade legally within the confines of the law and enjoy some of the benefits that come with registering your company.