1. Write a business plan

A comprehensive business plan outlines your business model and where you hope to take the business during its first few years.

A business plan is generally required in order to secure a business loan. Even if you’re self-funded, a business plan is an essential first step in establishing your business.

2. Secure finance

If you don’t have the money to start your business, as the majority of entrepreneurs don’t, you’ll need to secure a business loan.

This can take the form of a bank loan, investment from a financier or business partner, government funding or alternative loan option, such as an asset-based loan.

3. Register your business

All businesses must be registered with the Botswana Companies and Intellectual Property Authority (CIPA). Reserving your company name and registering your business is now a single process.

Business registrations can be done remotely. Visit the CIPA website to register your business. There’s no need to visit its offices.

This is what you need to submit when registering your business:

• three potential names
• declaration of compliance with statutory requirements
• company registration form
• consent to act as shareholders, directors, auditors and company secretary
• proof of IDs and/or passports for these people.

4. Secure your premises

To get your trading licence, you must have premises secured. This is because you’ll be required to submit proof that you have the right to trade on those premises

This can take the form of an occupation permit, title deed or lease agreement. The premises must comply with public and environmental health standards.

5. Obtain your licence

A business must get a trading licence from the local city council before it can trade goods and services. The licence fee depends on the type of business.

Processing the licence can take up to three weeks. You must submit a health inspection report on your business premises.

6. Enrol as a taxable entity

All businesses must be registered for taxation with the Botswana Unified Revenue Service (BURS) and must have a tax identification number (TIN).

Businesses that make taxable goods valued at more than P500,000 per annum must register for VAT. Financial, medical, educational, some accommodation services and certain goods are exempt.