How to Register a Small Business in South Africa

 

Where do I register my small business?

1. You register your company online on the Bizportal.gov.za website, a platform created by the CIPC (Companies and property Commission) that provides company registration and related services.
   
2. You will be able to also register your company via a bank, including Nedbank and First National bank. 
   
3. Registering your business administration with companies that have experience in providing business registration and related services. Many of them offer package services that include business registration and related services like SARS counseling, employment registration, CIDB registration and updates, tax returns/compliance or bookkeeping services.

What types of companies can register with the CIPC?

1. Public companies:A public company could be a company that has issued securities through an initial public offering (IPO) and is listed on a minimum of one security market. It's quite 50 shareholders and its shares are offered to the public.
2. Private companies: These are very like what become formerly called near corporations. A number of the modifications made to non-public agencies encompass fewer disclosure and transparency requirements, not being restrained to 50 shareholders, and with a board that need to incorporate at the smallest amount one director. The decision of a private agency need to stop with the expression ‘Proprietary Limited’ or ‘(Pty) Ltd’.
3. Personal liability companies: The administrators of the corporate and former Directors shall be jointly and severally chargeable for the debts and liabilities arising during their tenure. The corporate name ends with the word "incorporated".
4. Profit companies: A business/organization whose primary objective is to create money, this includes everything from retail stores to restaurants, insurance companies and assets companies.
5. Non-profit companies: A commercialism integrated for public advantage or different item bearing on one or extra cultural or social activities, or communal or institution interests.

How long does it take to register a company?

According to the web PTY register, it takes between seven and 21 days to order a reputation. An organization certificate will be registered within three to 5 days, betting on whether you've got submitted your documents on time and the way busy the registry office is.

How many Directors are allowed in a company?

At least one director.

Can I register a company if I have been blacklisted?

Yes.

Can foreigners register a company in South Africa?

Yes. To try to this, you would like to produce a sound passport copy or RSA ID document and have a residential address in South Africa.

Am I allowed to register a company without a company name?

Yes. Under the CIPC, an organization may be registered under the businesses Act 2008 with or without a corporation name. An organization registered without a reserved name continues to be given an identification number, which automatically becomes the company's name.

CIPC says the corporate can trade under a billboard (commercial) name, otherwise you can request to feature a reserved name at a later date. During this case, the corporate must first reserve a reputation and so request a reputation change.

How does the name reservation work?

The process: The CIPC requires you to use for brand-new names if your original name reservation application isn't approved. During each application process, you'll be able to request up to four names per application process. 

The cost: Each name reservation request costs R50. Company registration can range from R125 to R475 (R125 for a non-public company, R475 for a registered non-profit company with no members).

Should I register my new small business for tax?

For any newly formed business, you need to register along with your local SARS office to get a tax reference number. Registration must be done within 60 days of starting business by completing an IT77 form, which is accessible from your local SARS office or the SARS website.

Small businesses with sales of up to R1 million each year are now allowed to pay certain taxes (VAT, VAT and employee tax) twice a year rather than once, making the method more efficient for tiny business owners.

VAT could be a simplified legal system to form it easier for micro-enterprises to fulfill their tax obligations. Excise tax is calculated by applying a charge per unit to a micro-enterprise's taxable sales.

Depending on other factors like B. Turnover, salary totals, whether you're involved in imports and exports, etc., you will also have to register for other taxes, duties, levies and charges like VAT; PAYE (Pay-as-you-earn) UIF contributions (unemployment insurance contributions).

 

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