An important thing you need to do when setting up a new shortlet, is to adhere to certain laws and regulations.
Starting a shortlet business requires careful attention to various permits, licenses, and requirements, to ensure legal compliance and prevent the risk of being shut down.
Here’s a checklist for new shortlets in Nigeria to follow:
♾️Business Registration:
The first step in legitimizing your shortlet business is to register with the Corporate Affairs Commission (CAC). This process not only formalizes your business entity but also protects your brand and personal assets. Alongside this, obtaining a Special Control Unit Against Money Laundering (SCUML) certificate is a requirement for property and hospitality businesses.
♾️Tax Compliance:
Tax compliance is non-negotiable. Securing a Tax Identification Number (TIN) for your business , and filing your tax computations with the Federal Inland Revenue Service (FIRS), is a legal requirement that facilitates tax payments and remittances. It’s not just about contributing to national development; it’s about avoiding penalties and fostering a culture of corporate responsibility.
♾️Safety Standards:
Safety is paramount in the hospitality industry. Implementing rigorous safety standards are necessary to shield you from potential lawsuits resulting from avoidable accidents.
♾️Insurance:
Insurance is your safety net against unforeseen damages. Whether it’s property damage from natural disasters or accidents from guests, having a robust insurance policy provides peace of mind and financial security. It’s an investment in the continuity of your business.
♾️Data Protection:
In this digital age, data protection is critical. As a shortlet owner, you’re entrusted with sensitive client information. Establishing data security measures not only assures compliance with the Nigeria Data Protection Regulation (NDPR) but also builds trust with your clients.
♾️Noise and Nuisance Regulations:
Adhering to noise and nuisance regulations is essential for community harmony. Apart from avoiding complaints that may lead to a shut down of your business, it also gives you a positive reputation as a considerate business neighbor.
By following this checklist, new shortlet owners in Nigeria can set up their businesses on a solid legal foundation. Remember, compliance isn’t just about following rules—it’s about setting your business up for long-term success and fostering a trustworthy brand. Ignore these requirements at your own peril.
