President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith is encouraging budding entrepreneurs to register their businesses and get their documents in order, so they can tap into the interest-free, collateral-free loans from the Guyana Development Bank.
"You can't expect this new development bank to invest in you, if they can't trace you," Smith told business players and budding entrepreneurs who attended a breakfast seminar hosted by the GCCI at the Marriott Hotel, Kingston, on Friday.
"If your business is to survive and prosper, you must ensure your documents are in order."
So what exactly should budding entrepreneurs do?
- After developing an idea and crafting a sound business plan, Smith said an entrepreneur should first register the business name with the Deeds and Commercial Registries Authority.
- Next, the entrepreneur should visit the Guyana Revenue Authority (GRA) to acquire a Taxpayer Identification Number (TIN) and register for taxes.
- Thereafter, the entrepreneur should register with the National Insurance Scheme (NIS) to make social security contributions for themselves or any employees.
- Obtaining other local licences that may be required by the business should be done too.
Smith, a businesswoman leading a waterproofing and construction chemicals firm, also encourages entrepreneurs to separate their finances.
"Set up a business account, not a personal account. If you are doing business, we wanna see your source documents, we wanna see invoices, we want to see you on the payroll if you are paying yourself," she said.
Though the startup process may involve several administrative steps, Smith emphasised that adhering to these processes isn't a burden — it's a necessary step to get the business off the ground.
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