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How to Start a Business in South Africa

How to Start a Business in South Africa

If you want to establish a business or are looking to add another source of income, you need to be aware of the fundamental requirements before you start. Even though there is risk when beginning something new, with careful preparation and execution, danger can be reduced and even eliminated.

Here are some actions to take:

First Step: The Companies and Intellectual Property Commission (“CIPC”) company registration

Each and every company in South Africa must register with CIPC.

You must first choose the organizational structure for your company. Are you going to form a company, a partnership, or a single proprietorship? This is where legal expertise is useful, thus it would be wise to obtain legal counsel on the ideal structure that fits the needs of your business.

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Registration with the South African Revenue Service is the second step. (SARS)

The benefit of CIPC is that when you register a company, your business will already be registered with SARS. However, it is crucial that you register with SARS if you don’t register your firm with CIPC. The best course of action would be to consult a tax expert who can walk you through the process.

Protecting your intellectual property is the third step.

Your “wonderful ideas” (intellectual property) should typically be protected to reduce the likelihood of imitation.

The intellectual property of your business consists of trademarks, patents, designs, and copyright. These are all governed by CIPC.

Fourth Step: Basic and Legal Requirements for Workers

For the members of your full-time staff, you must make sure you (or your employees) are registered and in conformity with:

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Act No. 130 of 1993 Concerning Compensation for Occupational Diseases and Injuries, which protects employees’ rights to health and safety while at work;

Unemployment Insurance Fund (UIF), which provides coverage for your employees during maternity leaves and other long-term illnesses;

If you anticipate that your annual payroll will exceed R500 000, you must pay the Skills Development Levy (SDL).

If your employee makes more than R40 000 per year, pay as you earn (PAYE).

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Step 5: Consult a legal professional

You might not be aware of all the by-laws and rules that have an impact on the kind of business you can start. For this reason, we always advise discussing with a lawyer or someone else who works in the legal field.

 

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