What Is Needed To Register A Business In South Africa
In this article, Satacts.co.za tries to answer this question by publishing the requirements needed to Register A Business in South Africa
To register a company, you need to go through some of the processes to get it done. We will discuss some basic requirements to register a company in South Africa.
1. Register your company
It would help if you had a unique name for your company for registration. Your company should be located in South Africa and must have a legal location of where it is located.
If you have shareholders, mention them in the registration process and decide the share capital in the agreement.
2. Tax Verification
For tax verification, companies should register with the South African Revenue Service (SARS) for income tax verification. Once you get your income tax reference number you can file taxes online.
3. Tax clearance certificate
A tax clearance certificate ensures your company is clear of undue taxes, and you can proceed with the other registration process.
4. A BEE certificate or Affidavit
A Broad-based black Economic Empowerment Certificate (BEE) empowers black people to participate in the country’s economy. It verifies all your company’s data, including name, address, category, and issuance date.
5. UIF registration
UIF is an unemployment insurance fund, and you must register with the UIF if you have employed people for more than a day in a month.
6. COID registration
If you have more than one employee, you have to register with the compensation for occupational injuries and diseases (COID) from the first day of hire.
7. A business bank account
You must open a business bank account to register your company with the state affairs.
What licenses are needed to start a business in South Africa?
Below are some of the necessary legal requirements needed to start your own business:
- Business Registration
- Business Permits and Licenses
- Tax Registration
- Employment Regulation
- Intellectual Property Protection
- Health and Safety Compliance
- Financial Reporting
- Compliance with Industry-Specific Regulations:
How much does it cost to register a business in South Africa?
A company registration is R125 for both private companies and non-profit companies registered without members. A private company must have at least one (1) director and a non-profit company must have a minimum of three (3) directors.