Page 73 - Business_Studies_F5

Student's Book Form Five

Chapter Five

Business registration in Tanzania
FOR ONLINE READING ONLY

Introduction

Business registration acts as a gateway towards achieving business performance
which subsequently affects economic performance. In fact, countries cannot
realize sustainable businesses and economic growth without registering
businesses operating in their economies. In this chapter, you will learn about
the concept of business registration, types of business licenses, procedures for
registering businesses, and sanctions for non-compliance for medium-sized
businesses in Tanzania. The competences developed will enable you to acquire
skills for registering businesses in Tanzania including medium-sized enterprises.

Think
Operating an unregistered business.

The concept of business registration
Business registration is the process of obtaining legal authorisation to start and operate
a business in a given locality. It is sometimes referred to as business formalisation. It
involves registering the business, products, properties, documents, intellectual property,
and many others. Business registration does not only pertain to starting the business but
also day-to-day business operations. Evidence of business registration is usually in the
form of business licenses, permits, and certificates.

Importance of business registration
The following are the importance of business registration in Tanzania:
Enhances freedom to do business: The government of Tanzania instructs business
owners in the country to operate a business with a valid business license issued by the
respective Authority. Therefore, for any entity to operate the business freely in Tanzania

Business Studies for Advanced Secondary Schools 64

30/06/2024 19:02:34
Business Studies FORM 5.indd 64 30/06/2024 19:02:34
Business Studies FORM 5.indd 64