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0 Finding how to register a business in South Africa is a very good idea if you want to follow your entrepreneurial spirit. The truth is that registering your business brings you one step closer to your dream, and that’s why it can be a great idea to give it a shot. Thankfully, the process when you figure out how to register a business is not overly complicated.
Where can you start registering your business?
If you want to create a business in South Africa, you will need to register with the Companies and Intellectual Property Commission. You can visit their website here and then you can choose to register the type of company you want. It can be anything from a private company to public company, foreign company, nonprofit company, personal liability company, state owned company and so on. each one has its own requirements, and you will be guided through the website.
What documents are needed?
First, you need the Notice of Incorporation. This document needs to have the company type, incorporation date, registered address, financial year end, number of directors, company name, if the company is serving as the registration number, Reservation number and reserved name and 4 names that can be checked by the commission.
Then there is the memorandum of incorporation. In this one you must have details regarding the founders, but also the number of directors. Within the memorandum of incorporation you also need to show how much share capital is there.
Aside from these, you also need some supporting documents. That includes the admin papers, the CoR 14.1, CoR 15.1A or B, depending on the type of private company. Aside from these, you also need certified copies of the ID. You will also have to pay a registration fee that’s R125 to R475 depending on the business type.
Registering with SARS
You will need to register with SARS so you can get an income tax reference number. It will take around 3 months to get things sorted. You can register to be a SARS taxpayer via the IT77 form and you might be liable for a large variety of tax duties.
Open a business bank account
Opening a business bank account requires going to a bank and here you have to show the proof of CIPC registration, proof of address, personal bank statements and identity documents.
Aside from these, you may have to register a trademark, you can do that with the CIPC as well. Depending on your business type, other things might be needed. One thing is certain, registering your business is very important and you really want to keep that in mind. It will be a crucial aspect to consider, and results will be impressive. Just take that into account for the best results.
