There are many persons who operate businesses but do not truly OWN their business. Let me explain with this example:
Tom operated a small business in St. Vincent and the Grenadines called “Direct Ship SVG”. After 2 years in operation, the business wasn’t doing that well. He decided to create a Facebook page and found that another businessman in St. Vincent and the Grenadines, John, was using the same name “Direct Ship SVG” for his business. Tom decided to write to John. He demanded that John change his business name because the name belonged to him. John wrote back to Tom and told him that he had registered “Direct Ship SVG” as his business name a year ago at the Commerce and Intellectual Property Office (CIPO). “Tough luck Tom. I registered it first, so I own it!”, John retorted. 
The fact is, having your business name stolen by another company is not just an inconvenience; it can feel like an utter violation. Here are 7 practical steps you can take to TRULY OWN your business. 

1. Register your business with the Commerce and Intellectual Property Office (CIPO)

You can choose to register as a business name or trading name (for eg. Meisha Cruickshank trading as “Cruickshank Law Office”) or as an incorporation (usually designated by Ltd./Limited, Inc./Incorporated, Co. Ltd./Company Limited). Business names registration is much cheaper than an incorporation. The benefits vary, so you will want to choose wisely. At the end of each financial year (a financial year usually runs from January 1 to December 31) you are required to file your annual returns with CIPO. Late filings attract a late fee, so make sure to submit your annual returns before December 31 of each year.

2. Register with the Inland Revenue Department

Once you have registered with CIPO, you need to register your business for tax purposes. You will be generated a tax identification number (TIN). All businesses are required to file their annual tax returns on or before March 31 each. If you are late, you will be required to pay a late fee. 

3. Register with the National Insurance Services (NIS)

If you will have employees, you must register your business as an employer with the NIS. You will be issued with a certificate. All your employees are also required to register with the NIS. Each employee will be issued an NIS registration number. Generally, the total rate of contribution for an employee is 10% of insurable earnings. Of this rate the employee pays 4.5% and the employer pays 5.5%.

4. Create a Business Bank Account

You will only be issued a bank account for your business if you have registered your business at CIPO. You will want to separate your business income from your personal income. You may open your business bank account at any of the commercial banks in SVG or even at a credit union. Ensure that your business bank account is a chequing account. That way, you are able to account for all payments/purchases you make from your business income.

5. Register a Business Email/Website/Telephone/P.O. Box

Your clients and customers will need to contact you. You can easily create a business email using Gmail or any other email service provider. Keep it professional. You can use your business name as part of your email, for example, cruickshanklaw@gmail.com. All your business mail should be kept separate from your personal mail. Websites can be easily created using Godaddy or Wix.com. There is no need to hire a web developer. Keep it professional and simple until you are able to upgrade the quality of your website. A landline or even a cell phone is critical, as people will need to call you. Finally, you can rent a Postal Box from the SVG Postal Agency. The rental of a box is cheap and is paid annually.

6. Track your Expenses

Proper record keeping is a priority when running a good business. It does not have to be formal or complicated. Simply open a folder or a shoe box and place all receipts and purchases for your business into that box. If you make it a habit to pay your expenses by cheque, you have half the job done. When you receive your income from the services you provide, ensure that you deposit these into your bank account. Learn to use Quickbooks or Waveapps. At the end of the year, filing your tax returns will be a breeze. Once your business begins to grow, consider retaining the services of an accountant to assist with your annual tax returns.

7. Market your Business

There are lots of persons in SVG who can assist you with creating excellent marketing plans and pitches to launch your business. Ensure that you are building an excellent, professional reputation on whatever marketing platforms you intend to use.
Follow these tips and you are on your way to launching a successful business!