How to Register Your Small Business in South Africa
Unemployment is a major driver of small business formation. People are increasingly looking to strike out on their own. This can be considered one of the benefits of being unemployed. However, starting a business is not easy. In addition to attempting to succeed, you may become overwhelmed by the amount of paperwork you must complete. Don’t be alarmed. We’ll make it simple for you by showing you how to register your small business in South Africa.
What Information Do I Need to Register My Small Business?
-A company can only be registered by someone over the age of 18. You must gather all of your documents before you can register. What you’ll need is as follows:
-Certified copies of the applicant’s identification card or passport
-A certificate of confirmation of name (downloaded from the CIPC website)
-Certified copies of all company directors’ identification and power of attorney (only if someone else is registering on your behalf)
Where to Begin?
The internet is where to begin your search. Using the internet to register your small business has never been easier. There are three main approaches on how to register your business.These are some of the ways to register your business
1.Companies and the Commission on Intellectual Property (CIPC)
The CIPC website allows you to register both for-profit and non-profit businesses. When you register with the CIPC, you must file annual returns in order to keep your company’s rights.
The CIPC is a government organisation, created to enforce and uphold the Companies Act (2008). New e-services allows companies with South African directors (that’s you!) to register without having to (stand in a long queue and) physically submit any paperwork – it’s all online.
2.Register through a bank
South African banks have joined the effort to make business registration easier. Banks such as Absa, FNB, and Nedbank have collaborated with the CIPC to streamline the process of registering a business and opening a business account.
3.BizPortal
BizPortal is part of the CIPC. You can register your company for R125 without a name and R175 with a name on its website. Before naming your business, you must first check the CIPC database to guarantee that the name is not already in use.
What further options do I have?
Don’t want to do all of the administrative work yourself? Then you’ve come to the right place. Companies that specialize in registering businesses on your behalf exist. And, contingent on your budget, you might be able to get a package deal. Import/export permits, e-filing registration, B-BBEE affidavits, VAT registrations, and other services may be included in this package deal.
