HOW TO HANDLE STATUTORY REQUIREMENT (GUIDELINES)

sheriaStatutory requirement is anything such as an official approval, a license, or a permit required by law for engaging in a certain activity (such as land development, mineral or oil exploration, sale of securities). For a small business, depending on sectoral requirements, there are different requirements in terms of license, permit or approval that one needs to adhere to. In handling statutory requirement, there are some guidelines that one needs to follow. They are as follows:

Step 1: Identify what you need to do

Here you need to know exactly what you need to do. Knowing what to do either apply for license or paying for a particular charge will assist in understanding the step that follows.

Step 2: Determine the bodies responsible in guiding what you intend to do

After knowing what to do, what follows is identifying and choosing a responsible body that are dealing with what you want to do. This is essential because different bodies deal with different issues and hence, knowing the responsible body will serve you time to wonder around offices. (For this see Sectoral requirements).

Step 3: Prepare all necessary documents that are required

When you have identified what you need to do and responsible bodies, what follows is usually preparation of necessary documents. In most cases, in order to apply for either permit or pay for license, there are some documents that are usually needed, for example,TIN, an introductory letter or business memorandum and article of associations. Thus, before going to the offices, make sure all necessary documents are in place.

Step 4: Establish the required charges that are associated with the application

In most cases, there are charges that one needs to pay in order to secure a particular license or permit. In order to comply with this, the business needs to identify necessary charges that one needs to cover so as to secure the required document(s).

Step 5: Start the application process

After making sure all necessary steps have been followed, what follows is to begin the application process.