Procedure to start a business in South Africa

At the end of apartheid, South Africa opened the world. Two decades after the slow but steady economic growth, the country occupied the international business and reached the 43rd World Bank's business. Today, South Africa is still offering many entrepreneurs. If you are going to start a business in South Africa, what steps will you take to a successful organization?

1) Determine the structure

The legal structure of your business is influenced by tax, legal and financial obligations. The Acts Act of 2008 defines the legal entities in South Africa, and the list includes "Small Businesses", "Trust", "Nonprofit" and "Company", the most popular new businesses:

Sole proprietorship: A person who controls all aspects of the activity. The sole owner is responsible for all taxes and taxes.

Partnership: The company controls two twenty owners and profits on the basis of its interests. Apart from a limited liability agreement, partners are not responsible for any business commitments.

Private Company: Phys is the most popular form of business in South Africa. Pty provides additional protection for personal and business liabilities.

2) Reserve the name

Prior to registering with CIPC, the company must be registered and registered. You can register your name as a start-up company (see below) - or later register your name and company.

3) Registration with CIPC

The official registration of your new company can be used in Johannesburg, Pretoria and Cape Town, one of the CIPC 's help centers or branches. The process can be made via e-mail or CIPC web portal. If you are going to register for the company, the process is R175 and the company registration only costs R125.

After the CIPC registration is required:

Contact information for all business owners and managers.
Personal documents, such as passports.
Company information, including financial data, email address and physical address.

After submitting the original document, CIPC requires certified copies of the identity of the administrator and the applicant for registration (unless they are the manager). CIPC also requires the signature of the application form.

4) Open a bank account

Your business must have a bank account in South Africa. To open an account, you must forward your identity card, business documents and residence in South Africa. Even if it is easy, proof of residence of foreign companies can cause problems. Make sure you meet the preliminary requirements. Depending on your type of activity, you may need additional information.

5) Registration with Vat and Tax

Income tax: South African Tax Service (SARS) is electronically linked to CIPC so that the available information is available. Income tax, PAYE and other taxes, you should visit SARS office documentation, including registration certificate and bank requirements.

VAT: Companies with a turnover of more than $ 100 million should apply to the SARS branch.SARS requires full IVA 100 form, certified copies of financial and identification documents and registration documents.