What To Know Before Registering A Small Business In SA

It is often said that lack of knowledge is what usually hold many entrepreneurs back from implementing actions towards moving their business forward. Those who have attempted to get their businesses off the ground could easily relay stories of how the registering process is quite daunting and confusing, which has sadly resulted in them feeling defeated.

But what if there are other ways of successfully and effortlessly registering a small business in South Africa? We, at Start Up, have compiled a list of five steps that entrepreneurs need to adhere to when registering their small businesses.

1. Online and Bank Registration :

Companies and Intellectual Property Commission (CIPC) and banks such as FND, Nedbank assist entrepreneurs in registering their business, on its respective online services.

2. Government Support :

After the registering process is complete, the Small Enterprise Development agency (SEDA) will then provide all the necessary information on how to start and maintain a business, including drafting a business plan and so forth.

3. Register Business For Tax:

All new businesses are required to register at SARS offices, to obtain an income tax reference number. This must be done within 60 days after business operations.

4. No Company Name? Relax

Entrepreneurs can register a company without having decided on a name yet. In this case, the unnamed company will still get a registration number and thus automatically becoming the company’s name.

5. Foreigners Can Register A Company in SA:

Foreigners need not worry about establishing businesses in South Africa. a valid RSA ID document or passport copy and a residential address in South Africa form part of the requirements.