Page 64 - Bisiness Studies_Form_3

Business Studies for Secondary Schools
(NIN) and TIN to open an account. Once
the account is successfully opened,
the LGAs will assign the applicant a
representative role in a business seeking
the business licence.
FOR ONLINE READING ONLY
Selecting the type of business licence
being sought: As indicated earlier, LGAs
issue several types of licences; therefore,
the applicant must select the type of
business licence.
Filling out the application form:
Depending on the type of licence, the
applicant will provide the necessary
details required by the form. Details
sought may include principal business
details such as registered business name,
nature or types of business, TIN, NIN,
and business contact information such
as house number, street, district, region,
postal address, and business address.
Uploading the required documents:
The applicant is expected to upload the
required documents. These attachments
may differ depending on the type of
business being applied for. However,
the basic ones may include a title deed/
lease agreement/sales agreement/rental
agreement or residential licence, birth
certificate or passport of the applicant,
and tax clearance certificate.
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.
Student’s Book Form Three 56
Making payment: If there is no objection,
a control number will be issued for
payment. The amount to be paid depends
on the type of business.
Receiving the licence: Once the payment
is made, the applicant receives a business
licence through an online account in
the existing portal. Upon receipt of the
licence, the applicant has the option
to renew it for one year or temporarily
(one month), transfer the licence (in case
the business location has changed), or
terminate the licence.
Procedures for applying a TIN
certificate
TRA and ZRA have several services
that can be accessed online through the
taxpayer portal with little or no physical
movement of the applicant. Such services
include TIN applications, filing tax
returns, and many others.
For small businesses to have a TIN, it is
a prerequisite that the owner applying on
behalf must have an individual TIN. In
application for a TIN certification for a
small business, the following procedures
are followed:
(a) Get an individual TIN for the
applicant;
(b) Fill in the application form (Business
TIN registration form);
(c) Estimate the income, tax payable,
and payment instalments;
(d) Upload/submit the required
documents that include: