Formalize Your Business (FYB) Training
Enterprise formalization is not an objective in itself. It is a means to an end. It promotes progress towards transforming economies and strengthening the resilience of men and women entrepreneurs and the workers that they employ, many of whom are currently part of the informal economy, to promote decent work.
The ILO Formalize Your Business (FYB) programme is an in-class training which is implemented over 3 half-day sessions (15 hours). It is designed to support the transition of informal economic units and their workers to the formal economy. It aims to create awareness among entrepreneurs on the importance of formalizing their businesses and complying with national legislation, and seeks to address key constraints faced by small enterprises to achieve a just transition to formality. The training can be implemented as part of a wider approach to create a more conducive environment for entrepreneurship, business development and growth.
The FYB training contains two components:
- Generic component: Explores the various dimensions of business formalization relating to, among others, business registration, bookkeeping systems, labour laws, taxation and social security requirements.
- Country component: Explains the practicalities of achieving enterprise formalization at the national and local level. These relate to, among others, documents, time and money required for business registration and compliance.
