If the application for licence is approved, the successful applicant will receive notice from the Ministry of Finance or the Inland Revenue Department, informing them to visit the Inland Revenue Department to officially register the business and pay for the licence.
On completion of the registration and payment, the Department will issue a Business and Occupation Licence Certificate. This must be displayed in the business place of operation, where it can be viewed by the general public. If the owner has applied for multiple licences, each licence must be displayed in the appropriate business location.
During registration, the owners may be registered for other taxes as provided by the tax laws of the Federation. The compulsory taxes are the Unincorporated Business Tax (UBT) for those businesses that are not incorporated and the Corporate Income Tax (CIT) for those companies that are incorporated. There may be other taxes licences and fees associated with your enterprise. For example, an insurance business will also be registered for Insurance Premium Tax and Insurance Registration Fees and Tour operators will also be registered for Island Enhancement Tax
It is recommended that the business owner visit the Department, so that he /she can fully understand their tax rights, responsibilities and obligations and seek clarification on any issue they may have.