Benefits of Business Registration is an essential knowledge for every business, it adds confidence in business registration. In past and present i have seen number of businesses are not registered and even if they are registered they are blacklisted by authorities.
General Benefits of Business Registration
Businesses are commonly unaware from Benefits of Business Registration and that has been major cause in less number of registered businesses. The second main reason could be that very little of us knows How to Register a Business in Pakistan
Government in every country are always focusing on facilitating business for more productivity and economic growth. Many facilities and privileges to registered firms are provided like protection of business and production, which makes it more profitable
Registered business are always prioritized to non registered from General public. They have confidence in the registered firms because registered companies are working under Government supervision and authorities. Customers can take legal action against fraud or misrepresentation. Thus They make business contracts with them without any fear.
Have you ever bought a small pack of snacks or biscuits comparing to other company’s same product because you know the first one? The same case is here. Registered business are reputed and their products or services are trust worthy. Their patents, trade marks can not be copied.
Reading: “How can Advertising benefit my business?“
Now a days, in Pakistan it has been compulsory to have NTN if you are willing to open bank account with your business name and you get NTN after you get register under fbr. Banks facilitates in the way to offer less interest rate on loans, offers free banking services like cheque books, atm cards, statements, pay orders and many more.
Often we hear that people had loss, their creditors are not paying dues. Ever thought why? because of no registration. A registered business can file a lawsuit to creditors for non payments, authorities protect their rights and help in settlements of claims.
The rights and privileges of new partner are also protected in registered firm, therefore people can easily invest in your business. More Capital means more Growth.
Debtors and Creditors Protection
All of the registered business maintain their records, they have book-keeping. Debtors & Creditors trust registered business for their rights, liabilities and debts. Investors trust easily to registered companies & invest in shares. Whole sellers and retailers can pay advance for their next orders.
If you are planning to offer your product to international market, how will you offer if you are not registered under related local authorities. International buyers can easily be targeted by showing them your registration or certificates like ISO, Food Safety etc.