You need to formally register your business in the most cost-effective and least time-consuming way possible.
To register your business to allow you to reap the significant benefits which are not available to unregistered businesses. This will give your business a legal identity which empowers you to operate fully within the framework of the law. You need to formally register your business to get access to financial services provided by commercial banks. You want your employees to benefit from the welfare protections registration brings.