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Student's Book Form Five
tax identification number, and employees’
details. Afterward, the business should Activity 5.3
contact the relevant authority of the
pension fund to obtain guidance on the Visit at least two registered medium-
registration process. Then, the business sized businesses in your locality and
FOR ONLINE READING ONLY
needs to complete the application forms explore how they got registered, the
accurately and submit them along with the challenges they encountered, and how
supporting documents to the pension fund they managed to overcome them.
authority. Upon submission, the business
must await approval from the pension fund Exercise 5.3
authority.
1. Describe the procedures for
Once approved, the business will receive acquiring a business license
confirmation from the authority, including
details such as the registration number issued by BRELA and BPRA.
with the fund and instructions for making 2. What key steps is a medium-sized
periodic contributions. From there, the business supposed to follow to
business can start making contributions to get a Tax Identification Number
the pension fund on behalf of its employees, (TIN) Certificate?
ensuring regularity and adherence to the
fund’s guidelines. By following these steps
thoroughly, a business can successfully Sanctions for non-compliance
register to a pension fund and fulfill its of registered and unregistered
obligations towards providing social medium-sized businesses
security for its employees. The first obligation of the business entity
including a medium-sized business is
Shortly, the following are the procedures to register the business and acquire the
of registering for pension funds:
necessary licenses before commencement.
(a) Fill in the required forms; Failure to acquire the necessary licenses
(b) Attach the necessary documents results in different sanctions for non-
that include: compliance. These sanctions differ
(i) a copy of certificate of depending on the type of license. It should
incorporation or registration; also be noted that sanctions are not only
(ii) TIN certificate; applied to unregistered businesses but
also the registered ones depending on the
(iii) Business license; and fault committed. This section presents the
(iv) Certificate of business name. sanctions for non-compliance of registered
and unregistered medium-sized businesses.
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