Protect Your Business Ideas—Young Entrepreneurs Advised

The youth business network as part of their weekly capacity building workshops have hosted a representative from the Registrar General’s Department (RGD) to discuss various topics about Startups in Ghana.

Mr. Halidu Issah; with the Intellectual Property and Business Registration unit of the RGD took the young business executives through the various types of Business registrations , Protection of Business ideas, among others.

He advised that it is best to register your business once you are sure of your readiness to commence operations. Don’t start operations with a name you have no legal rights over. Rather, be sure you register the name before launching your services or products, he said.

He explained the simplicity of getting a business registered – Obtaining a Tax Identification Number (TIN), Making the name Search, Filling the application forms, and then Making the payment. All these processes can be completed within just some few hours, he said.

He added that tax payment aspects commences the moment the Certificate of Registration is issued, and so weather the business operates or not, the owner is expected to pay tax and annual renewal fees.

Mr. Issah also touched on other sensitive aspect of ensuring a trouble free business operations when he advised that the youth must Register and Protect their ideas and brands as well, instead of just the business names.

It is good to register your business, but go beyond that, and take advantage of the other registrations available – Trademark, Copyright, Patent, Textile/Industrial Design, and Geographical Indicators. These ensures your business and ideas are fully protected under the laws of the land, He advised.

Mr. Issah educated the youth on all the various registration types, as well as the processes to get it done, and the costs involved.

The Youth Business Network is a network of Youth in Business, Young and Potential Entrepreneurs, with the mission to champion the welfare of, and to imbibe entrepreneurship in the youth through capacity building, showcasing of success stories, and advocating for the development and implementation of youth-related policies in the country, while creating the platform for like-minded youth to Network, Learn and Share experiences and ideas.

The Network hold the weekly topical discussions in their Whatsapp group during the weekends. Interested young entrepreneurs can whatsapp 0243158017 to join.