It’s no news that your team can make or break your business, and that’s why when it comes to hiring, it’s important to get it right.
In past times, hiring a world-class team, especially across African countries, has proven harder than wrestling a bull because of the different currencies, taxes and compliance laws.
Thankfully today, you don’t have to worry about this anymore, as the entire hiring process can be automated from anywhere you are in the world.
Norebase, today announces its partnership with Deel — a global payroll and compliance company built for the worldwide workforce. Through this partnership, all Norebase clients can now onboard employees and contractors in minutes and pay them in over 150 countries, all at a discount.
Some extra benefits you enjoy as a client of Norebase include:
⁃ 10% off contractors
⁃ 10% off full-time employees
Ready to build and grow an international team effortlessly?
In the course of incorporating a company or expanding a business to a new country, some processes are necessary, including owning and operating a bank account in the said country. Nevertheless, nothing speaks ease to an entrepreneur as much as automated processes that can be completed remotely.
Norebase, today announces its partnership with Mercury — the globally recognised fintech company building a banking stack for startups — to give its clients looking to incorporate to the U.S an all-in-one neo banking experience.
U.S company incorporation is as easy as the click of a button with Norebase, and through this partnership with Mercury, you can set up a U.S business bank account in less than 5 minutes and also get $500 when you spend $10K on your debit card in the first 90 days.
Owning a mercury bank account also means that you get:
Checking & Savings account
Domestic and international wire transfers
The Mercury bank account comes at zero extra cost when you incorporate a US company with Norebase. In addition to this, you also get:
a registered company (either C-Corp or L.L.C whichever you choose).
TAX ID (E.I.N.) set up with I.R.S. – needed by foreigners to operate a US bank account
US virtual address for business registration
Registered Agent Service and;
A Bank Account
For just $380 🚀🚀🚀
Get your company up and running in the U.S now on www.norebase.com.
It is no longer news that we are slowly inching toward a recession; to some, we are already in the middle of one.
Studies from the recessions of 1980, 1990, and 2000 reveal that 17% of the 4,700 public companies understudied were hit hard; some went private, went bankrupt, or were acquired. However, further studies showed that 9% of the companies flourished three years after the recession and outperformed competitors by at least 10% in profits growth and sales.
This shows that, Yes, a recession is detrimental to the growth of any business, but it could also scale through and flourish when the economy stabilizes. The question becomes
“How can you make your business recession-proof?”
Read on as we share some tips that could help.
Don’t Pause your business
One standard indicator of recession is how the economy goes into a lull. As a result, businesses may fall into the trap of emulating this lull, slowing down their operations. Don’t wait out the lull. Instead, reacquaint yourself with your core business strategies and keep at it despite the economy. The keyword is “Don’t Pause.”
Protect your cashflow
Profit margins definitely get slimmer during recessions, but the truth is, no matter how little, if the profit stream dries up, that could signify the end of the business. So plan ahead and find ways to cushion the effect on your cash flow. Here are three hacks:
Cut back on unnecessary spending.
Get financial assistance when and where possible (loans, grants, e.t.c)
Identify your major income stream and double down on it.
Keep Existing Customers Closer
During a recession, purses get clamped shut, and people may be uneager to try new products, so it becomes challenging to get new customers, except maybe you sell a “recession-relief pack”. Build genuine relationships with customers. Whatever connection you build will turn them into loyalists even during hard times. If you don’t know where to start, start by making your brand more human. Customer care/relations team, over to you.
In navigating a recession, businesses who stay afloat have been proven to know the ins and outs of their model; to the extent that plans were made in anticipation of an economic downturn. However, like the popular saying, “it’s never too late to start”, so start with the three steps above and keep going.
In the course of registering a business, especially when you are expanding to another country, you would no doubt have come across the words “Holding company” and “Subsidiaries” during your research.
However, before we get into how you can register a Holding company in the U.S, let’s talk you through what these terms mean.
What is a Holding Company?
A holding company (HoldCo) is any business entity that owns the controlling shares in another company or companies and influences decision-making in these entities.
Usually, a holding company does not conduct any operational activities; Rather, they hold and control assets of other companies whose equity they have acquired.
In addition, this type of company will sometimes act as a financial organisation that lends, borrows, and invests in the operations of the entities they own without trading goods or services themselves.
A good example of a HoldCo in Nigeria is Flour Mills of Nigeria, with over five subsidiaries spanning major sectors like Food, Su, Agro-allied, Port Operations and Logistics, Packaging and Real Estate.
Among other benefits, a holding company helps reduce risks. In essence, if one company fails, the other businesses are protected. Also, subsidiaries of a Holdco get access to tax and lending benefits.
What is a Subsidiary?
A subsidiary is a business that belongs to a parent company or a holding company. These holding companies can claim ownership of a subsidiary as they may own more than half its stocks. If a holding company possesses 100% of these stocks, the entity can be said to be a wholly-owned subsidiary.
Subsidiaries have independent operations reflected in their taxes, liabilities, and governance. That is to say that these businesses are legally distinct and separate from the holding company.
Golden Pasta, Golden Shipping Co, Niger Mills, and Kaboji Farms are only but a few subsidiaries of Flour Mills of Nigeria.
As the owner of a new business or an already-existing one, starting a holding company is a straightforward process with Norebase. Here’s how you can set up a holding company in the U.S if you fall into any of these categories.
How to Set up a Holding Company in the U.S
I. When you have an existing African company only
If you already have an African company you want to turn into a subsidiary, simply go to www.norebase.com and register the U.S company. When the registration is completed, the shareholders of the African subsidiary will be required to either transfer or surrender and reallot their shares to the US HoldCo.
II. When you have no existing company
Firstly, register a HoldCo in the U.S by simply following these steps. If you then want to register an African subsidiary, simply start the registration process on norebase.com, select your country and fill in the name of your already registered U.S Holdco as the company owner.
III. When you have a U.S company only
The process is half-done if you already have a registered company in the U.S. You simply have to register your company in any African country on norebase.com and fill in the name of the U.S Company as the owner of the African entity and assign shares as needed.
Whether you want to register a U.S HoldCo or a subsidiary company in any African country, we have made the process as easy as the click of a button on norebase.com
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With Norebase, it is easy for any business or person to start their company or register their trademark in any African country, right from the Norebase platform. However, many times customers have run into one problem – difficulty of paying across different currencies .
Because Africa has 41 currencies, several payment platforms with some having no linkages, several times customers have complained about “how do I make payments from my country” or “what currency do I pay in” or “my card won’t allow me pay up to that amount”
Well, that is now a thing of the past.
This is why we have now enabled “PAY WITH CRYPTO” feature on Norebase. You can now pay for any of our services with Ethereum!
Don’t let multi-currency conversion hinder you from incorporating your company in any African company. Here’s how to pay using crypto:
Step 5: Select Ethereum (ETH) as your payment choice and make payments seamlessly.
Now, that’s one more step closer to borderless payment when building your borderless business
This means that whether you want to set up your fintech in Ghana, start a hospitality business in Kenya, or own a subsidiary in Nigeria, you can do this from anywhere in the world on your phone or laptop from www.norebase.com
Starting and expanding your business has always been a huge decision to make and an even bigger one to execute. Hence, we have been deliberate in our mission to make expansion across Africa and the rest of the world as easy as the click of a button.
Excellence in long distance races is one of Kenya’s major exports and now, the country should be going for gold in the race to be your next target market. Other than the amazing wildlife, Kenya has created an environment that is ripe for investment.
Kenya is one of the leading markets in east/central Africa boasting of budding infrastructure, a strategic location and economic stability that has led to an established private sector. The country ranks 56th on the World Bank’s list of Starting a Business and Getting Credit. This means that the process of incorporation and operating is mostly straightforward and hitchfree.
Now that you’re sold, here’s what you need to get started
Requirements for company incorporation in Kenya
With a minimum of two directors and one shareholder you can be on your way to incorporating a company in Kenya.
However, there are are some essentials you’ll need to get started.
A nominee director who has a pre-existing tax pin.
A registered office address within Kenya.
At least three proposed names
A company secretary is mandatory only where the share capital is above five million Kenyan shillings ($42,900).
As a foreigner and non-resident, there are certain non-negotiables that you need before you can incorporate your company in Kenya. These may sometimes be constraining so we provided a Norebase solution.
KRA Pin: The lack of a KRA pin will hinder any non-resident from moving along in the registration process. Although an appointed nominee director who has a pre-existing pin can apply for incorporation, all foreign directors must apply for an investor visa and pin.
Norebase solution – We have trusted partners who can act as your company secretary as well as your nominee director while you are obtaining your KRA pin
Registered Address: a foreign company must have a local address in Kenya to operate.
Norebase solution – We provide a Norebase address you can elect to use as your registered office address.
Notarization: Where the shareholder is a foreign corporate entity, the certificate of incorporation must be notarised before they can be submitted to the Registry.
Norebase solution – We have notary publics to assist with the notarisation process.
If you are reading this, you’re probably thinking of expanding your company to a new country. However, the big move into a new country comes with its own complexities right from the get-go.
We have taken these learnings and simplified the process of expanding into any African country and U.S (Delaware) on our platform, but before you begin, here are 4 factors that will help you make the right decision.
Factors to consider when expanding your business
An essential first step is for you to conduct market research; this involves gathering information on the viability of your business or product within a particular pool of customers.
This will give you a good understanding of how prospective customers will interact with your products using previous data. But, of course, you don’t want to create a solution for a non-existent problem.
Your research should answer questions like: “Who is my target audience?” “Who can afford my services/products?”, “How should I price my product?”, “How large is the market for my service?” and “Who are my competitors”.
Having answers to these questions will steer you towards data-driven decisions.
Language and Culture
With about 7,151 languages spoken in the world today and 2,000+ in Africa alone, there is a need to familiarise yourself with the culture in each region and individual country.
Different regions come with a difference in culture, which influences how people interact with products and services. This raises some concerns for businesses planning to start in a new market – “How will we speak with our customers?”, “How will they understand us?” etc.
This can hinder your choice of a target country; however, it should not deter you from starting your business in a country where you do not speak the local language. An easy fix is to have at least one member of your team who has intermediate fluency.
Every country has its laws and regulations that govern interactions, and the business sphere is not left out. For example, some countries have prohibitive rules towards foreign investment, while others strongly encourage foreigners to start businesses.
Before deciding on what country to expand to, you should pay attention to what laws govern your industry and how those may affect you with the help of a local legal advisor.
Political upheaval directly impacts the economy of a country. Many countries have had their fair share of political turmoil with lasting impacts such as increased debt, high unemployment rate, and volatile exchange rates.
To make the right choice, your target country should have some (or all) of these: low inflation, stable exchange rates, low unemployment and a growing middle class.
The best way to know more about the internal situation of your target country is to follow local news and thought leaders who share unbiased viewpoints or subscribe to our newsletter to get updates on policies across Africa that may affect your business.
Ready to expand your Business?
Let’s show you the seamless way. With Norebase as your incorporation partner, whether you are launching or expanding your business to any African country or the U.S, the process is straightforward and quick.
Some African countries we can help you expand to include Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Cote D’Ivoire, Togo, Tanzania, Egypt, Burkina Faso and counting.
Incorporation, in basic terms, is simply the legal process of turning your business into a company. But, first, let’s explore a few reasons why you should incorporate your business.
Why do you need to Incorporate?
Easy access to business loans capital.
When you incorporate, your credit worth increases to the point where it becomes easier to get loans from banks and other financial institutions. Hence, it kills the question, “Is your business legal/legit?”
Increased credibility with customers, competitors, and investors
A business is not truly a business until it has customers to serve, competitors to outperform, and investors to convince. One way to build credibility with these parties is moving your business from just an idea or a building to the papers and vice-versa, incorporating it.
Ability to open and manage a business account
The saying “your business is not your personal bank” speaks for itself. To live up to this saying, businesses require a business account. However, one cannot open and manage a business account without getting the documents that will only be available and valid after incorporation.
With the large volume of individuals looking to register their businesses, the process becomes a lot slower than you would necessarily want. The tons of paperwork, and in-person meetings, while keeping your business afloat is enough to stop the journey to incorporating even before it begins.
But what if I told you that there was a faster way to incorporate your business? And we mean it when we say you can own a company with just a click when you get started at Norebase.
Watch this video to see how
Our incorporation processes are seamless and will let you incorporate a business before you have second thoughts.
The best part? With Norebase, you have access to countries like Ghana, Kenya, South Africa, Nigeria, Rwanda, Senegal, Cote D’Ivoire, Togo, Tanzania, Egypt, Mauritius, Burkina Faso and the U.S (Delaware)
In honor of International Women’s Day, Norebase gifted five (5) outstanding female entrepreneurs with company incorporations and business name registrations, according to their preference.
How did we select them?
We asked female entrepreneurs to tell us what a business registration will do for their businesses and had Odunayo Eweniyi (of Piggyvest) select 5 winners.
In today’s episode of Norebased, we sit down with one of the winners of the IWD Giveaway, Barakat Olatinwo (Creative director of Tiwarewa), to talk about your workspace and productivity.
Tell me about yourself.
My name is Barakat Olatinwo. I am a graduate of Obafemi Awolowo University. I currently work as the growth and marketing lead at Lazerpay while running my Tiwarewa on the side.
I’m curious as to which came first. Tiwarewa or your career in tech?
I’ll say my career came first by chance. I’ve always been in the tech space right from school. I studied Computer Engineering, so I had quite some access to many resources, including talks from startup founders. As a result, I was interested in having a career in tech; but I didn’t want to code, so I took up digital marketing, grew my skills, and transitioned to growth marketing.
When did Tiwarewa get into the mix?
In 2020, at the peak of the lockdown.
Interesting! What Inspired this?
I’ve always loved Interior Decor. Then during the first lockdown in 2020, people began working from home, so I noticed a need for comfort, especially with home workspaces. Tiwarewa was borne as a solution to this.
Wow! How did you start?
I rounded up my NYSC in 2020, and because I was working while serving, I was able to save my allawee until I was done. This made up the capital I used to start Tiwarewa.
“Tiwarewa” is an interesting name. Any story behind your choice?
I think it’s here I mention that I had the name of my business before the idea.
LOL. Tiwarewa is Yoruba for “ours is beautiful”. I’ve always had the name in mind right from my University days. I always wanted to start a business back then, but my parents were opposed to the idea; they believed I should focus on graduating with good grades. I just had the name without the idea or the structure. So at the slightest opportunity to use the name, I took it and started the Tiwarewa brand.
Do you currently have a team?
Yes, I do. Internally, I have a small team of myself and the social media manager who handles the brand’s pages. I also work with a logistics company to manage deliveries.
What challenges does your business currently face?
The major challenge, for now, is logistics. Most of the items I sell are imported, so I have to look for the right shipping companies. I also have to pay the shipping rates in dollars, and we all know how discouraging the exchange rate is. Another problem I’m trying to solve is building a business structure that can support itself. There could be blurred lines between my personal cash and business revenue, especially when I have to sort some financial needs from my pocket.
What sets your brand apart from your competition? One thing people always get from the Tiwarewa brand.
I try my best to ensure that people always have a reason to keep coming back while recommending the business to their contacts. To ensure this, I take my time to specially curate the items I stock. In addition, I look for suppliers that sell items that are not very common. So Tiwarewa items are unique. Customer satisfaction also stays on top of our goals.
Eh, let’s just say competitive pricing because we all know what the economy is like. So we are literally trying our best.
LOL. Fair enough. Where do you see Tiwarewa in 5 years?
I’d want to have a physical store specifically for showcasing what we stock. Because our items are for interior decor, customers would like to see or have a feel of how the pieces will occupy their space. Currently, we depend solely on pictures, and clients just trust, buy, and eventually get satisfied with their purchase when they get installed. So I’m looking to own 1 or 2 walk-in stores. Also, my long-term goal is to find a way to infuse tech into Tiwarewa.
Awesome! What African country will you like to expand to?
Not really. Based on my research, the products I stock tend to do well in the Ghanaian market. So I’ll start here and consider other countries eventually.
You can register your company in Ghana on www.norebase.com whenever you’re ready to
Definitely! I will.
What are three things you want people to know about your brand and beliefs?
Tiwarewa is a brand that stocks items used in interior decor to drive comfort and productivity in your homes and offices, respectively. We take pride in customer satisfaction, so our pieces are tailored to your needs.
Many people need to take cognizance of their environment because you still come back home needing to relax at the end of a long and tiring day. When your space is free of clutter, it enables you to rest and think, which begs the need for people to invest in their homes and workspaces.
To fellow entrepreneurs, I’ll say I don’t think the journey gets easier, but the best thing to do is have a team of people who share your dreams and vision as an entrepreneur so your business can survive without you. You don’t have to spend every waking hour stressing about your brand because you know that you have a team that can be there for and grows the brand.
What will a business registration do for your brand?
I believe it’s the first step to establishing my business. Also, with Tiwarewa having its bank account, I can properly separate personal finance from my business finance. Finally, it will help fast-track building a structure for the brand.
Interesting! Any questions for Norebase or me?
How long does it take to complete a business name registration on Norebase?
After filling the application on www.norebase.com, we begin processing your application, And it typically takes between 3-5 days to get your registration documents sent to you.