The Business Registration and Licensing Agency (BRELA) has urged business operators to take immediate steps to formalise their businesses.
Speaking at the 44thDar es Salaam International Trade Fair (DITF), Nimzanael Mchome, Acting Head of Business Names Unit at BRELA, explained that once members of the sector formalise their operations, they will be able to access tremendous benefits — both locally and internationally.
“It is not a good thing to remain informal. If business operator remains invisible, then some of the help that can be facilitated by government…you will simply not be able to access,” she warned.
Mchome explained that without registering at BRELA the company cannot get a bank loan or won tenders provided by government institutions or private institutions.
Companies are required to include their Taxpayer Identification Number (TIN) and their National Indentify Cards issued by the National Identification Authority (NIDA).
The body aims to improve government transparency, accountability and to allow investors obtain licenses and registration of businesses online.
Business operators are no longer be compelled to shuttle from one office to another as the body (BRELA) has simplified those services.
Mchome emphasised that many people are relaxed on registration because of the myth that surrounds registration. There are many benefits for the registration of your business and these benefits are contractual in nature.
“You can enter contracts; get big business deals because you are legally established,” she said, adding:
“Look at access to credit. Why are institutions not growing? It’s because access to credit has been a challenge, but how do you access credit when you not registered? So, we want to encourage the private sector, the business community, to formalise their businesses. It is very easy, cheap and simple.”
She said BRELA has taken the measure to ease the registration process and save time. ‘’It’s possible for us to register many companies within a short period,’’ she pointed out.
According to her, BRELA and the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) had worked out modalities to ensure smooth implementation of the strategy.
She added that upcountry businesspeople would submit their applications to TCCIA offices, which would send them to BRELA headquarters.
To register a company’s name an applicant has to pay Tsh6,000 while TCCIA will charge Tsh2,000.