So, you already know that using the MyBiz App is more convenient and hassle-free than manually running the errands to register your Business. But did you also know that MyBiz costs less?
The total cost of manually registering a Sole Trader Business isn't $20, that's the cost of performing a Name Search / Reservation.
The total cost isn't $220 either, that's the cost of your Business Registration Certificate.
Don't Forget To Add the Cost of your Stamp and Cash Flow Forecast
After obtaining your Certificate, you still need to purchase your Business stamp AND your Cash-flow projections because both are requirements for opening a Business Bank Account.
A Business Bank account is necessary before you can start selling.
The Total Cost of Manually Registering your Business (without using MyBiz) is $940
A Business stamp costs about $200, and hiring a professional to do an accurate Cash-flow projection, costs at least $500.
Therefore, the total cost of manually running those errands yourself is $940. i.e. $20 (Name Reservation) + $220 (Business Certificate) + $200 (Business Stamp) +$500 (Cash Flow projections).
That's providing everything goes well!
If not (which is usually the case), you will incur penalties to redo the Name Reservation process several times.
The Cost of Registering your Business using the MyBiz App is $895 ($50 less)
At this time of writing, the cost of the complete Sole Trader package from MyBiz is $895. The Full Package includes all the requirements for launching your Business (Registration Certificate, Stamp, Cash Flow projections).
Therefore, in addition to being hassle-free, you save you at least $50 when you use the MyBiz App to do a complete Business registration.
PS All prices are in TT Dollars.