10 steps to get you started
1. MAKE A MARKET STUDY
How does your business fill a gap in the market? Which customers are you targeting? Is the market big enough? How does your product/service stand out, and how will you reach your customers? A market study will help you to keep focused in your business. Use the findings from your market study to decide on a fitting, unique name that will represent your business’ core services or products and have an appeal to your target group. You will need a name before you can register the business.
3. OPEN A SEPARATE BUSINESS BANK ACCOUNT
Never mix your private finances with your business finances. You can open a new account in your current bank or choose a new bank depending on their business services and your needs. Often, it is a good idea to open both a Rwandan Franc account and a US Dollars account
5. GET A FREE ONLINE ACCOUNTING SYSTEM
To help you keep your financial records from day one. Here are some good ones
Do I need a business plan?
7. APPLY FOR ONLINE TAX PAYMENT THROUGH RRA
As soon as you are registered for online tax payment, you can declare and pay your taxes without having to wait in line at the counter. Register via www.rra.gov.rw - and call the helpline if you need guidance.
9. KEEP TRACK OF ALL THE MONEY YOU INVESTED IN YOUR BUSINESS
This was a personal investment from your side and therefore you will need it back from your business eventually. Find help to organise your finances in this financial template.
2. REGISTER YOUR BUSINESS AT RWANDA DEVELOPMENT BOARD, RDB
Registering online is easy, and within 24 hours your business is up and running with its own tin number. When registering with RDB you automatically also register at Rwanda Revenue Authority and for a social security number.
4. MAKE A BUSINESS PLAN.
A business plan is a tool to outline the strategies, visions and goals in both the start-up and growth phase of your business. While it can be a helpful tool for you to be focused in your business, it is not a guarantee for success.
Do I need a business plan?
6. STAY UPDATED ON YOUR TAX REQUIREMENTS.
Make sure you pay all national and local taxes. Most people know about the corporate income tax through RRA, but did you know that you are also required to pay local taxes? This includes Patent and local cleaning taxes, which are both determined on district level and normally between Rwf 5,000-10,000 per month. Find the department for local taxes at RRA if you need more information. Keep yourself updated on when your taxes are due.
Hotline: In case you need guidance here and now, you can always call RRA’s helpline by dialling 3004, and a service officer from RRA is ready to help you.
8. CHECK IF YOU NEED AN EBM MACHINE
For those who are subject to paying VAT, look into if you are obliged to have an EBM machine. The machine can be purchased at several spots in town, including AA Uni Rwanda in Kiyovu on KN 16 Avenue. Quick tip: Remember to load at least Rwf 1,000 to your machine every month in order for it to function.
10. HAVE PEOPLE AROUND YOU THAT YOU TRUST WHO CAN ADVISE YOU ON YOUR BUSINESS DECISIONS.
No matter how good of an entrepreneur you are, you can’t make all decisions alone.