Perfect, thank you for that. Now only if the instructions were clearly provided on Microsoft BUsiness Central setup guide. You are right, in the admin section I had to change my role to Global Administrator. Apart from this I then had to go to Business Central's admin section (pointed out by Marco) to create a new environment as none existed. Once the status changed from 'Preparing' to 'Active' for the environment, I was finally able to login..
Geez, this looks hard already :) But thank you all who responded to my query, we finally got there.