Page 98 - Business_Studies_F5

Student's Book Form Five
(d) Uploading the necessary details:
The applicant is expected to upload
the necessary attachments. These
attachments may differ depending
on the type of business being applied
FOR ONLINE READING ONLY
for. However, the basic ones may
include title deed/lease agreement/
sales agreement or residential
license, birth certificate or passport
of the applicant, memorandum and
articles of association and certificate
of incorporation.
(e) Decision from LGAs: Upon the
applicant submitting the necessary
details, the application may be
rejected or approved. If it is rejected,
the applicant will have to make
adjustments and resubmit a corrected
version.
(f) Making payment: If there is no
objection a control number will be
issued for payment. The amount to
be paid will depend on the type of
business.
(g) Receiving the license: Once the
payment is made, the applicant
receives a business license to start
the business.
(h) Renewing the license: The applicant
has an option to renew the license if
it was for one (1) year or temporary
(one month), transfer the license
(in case the business location has
changed), or terminate the license.
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Business Studies FORM 5.indd 89
Procedures for acquiring a business
license from BRELA or BPRA
BRELA and BPRA are entitled to offer a
business license for class A businesses. Class
A are such businesses that are established
and operate across the country as well
as engage in the international businesses
that is across the national borders. The
following are the procedures of acquiring
business license from either BRELA or
BPRA:
(a) Creating an account through
online registration system (ORS):
The applicant acting on behalf of
the company seeking a business
license creates an online account via
BRELA or BPRA in case they do not
have one already. Once an account
is created the applicant will select
preferred option such as industrial
license.
(b) Filling in the application form: The
applicant will fill-in the application
form as per details required. The
details to be filled differ depending
on the type of business. For instance,
when applying for industrial license,
the applicant is expected to fill-in
details like license owner, address,
products, planned investment, license
details, location, planned capacity,
planned materials, and planned
employment.
Business Studies for Advanced Secondary Schools
30/06/2024 19:02:36
30/06/2024 19:02:36