You have now decided to go ahead with starting your business and have a business plan. Now its time for some not so exciting admin.

Step 1 is to create and register your company:

If you are a sole proprietor (sole trader) which means that you simply trade in your own name and not as a company or cc, then simply skip this step and move on to step 2. If you are intending to trade as a private company (pty ltd) then you will need to be audited each year. The documentation required in setting up a private company generally requires some professional help. We suggest you choose your auditor first and then they can assist you in this regard. The third common type is that of the close corporation (cc). This is simple and inexpensive to do. The cost should be under R500 and there are many companies who will do this for you.

You can however register the cc by your self. Simply go to www.cipro.gov.za and follow their guidelines. First you will need to reserve the name you want for your cc by filling in the relevant form printed off their website. Once you receive approval for the name, you can apply to register your cc by filling in another form which is also found on the site. If you would like us to arrange this task for you, please email us at register@bizempire.co.za requesting more information and a quote on registering your cc.

Step 2 is to open a bank account:

If you are a sole proprietor you can trade with your existing personal bank account. However if you have a cc or company, you will need to open a bank account in the name of the cc/company. Simply take your company registration documents, the ID books of all members or directors and proof of business address and home addresses of all members and directors to your bank. They should be able to then open an account for you. If there is more than one owner, you need to give careful consideration as to who will have access to your banking details and who will be able to make payments out of your account.

Step 3 is to start trading:

With a bank account you can now make and receive payments. With your company documents you can now trade as a corporate entity. Welcome to the business world and an exciting journey.

Note 1:

It is beyond the scope of this page, but in many cases you will also have to register for VAT, UIF, COID, PAYE, SDL and certain tax categories depending on the size of the company and whether there are any employees. More information can be found on our legislation pages.

Note 2:

Certain types of businesses will require a license to operate. Examples include food, liquor, gambling and erotic businesses. For more information on this contact your local municipality.

BIZEMPIRE
(South Africa)

Helping you start and build your small business empire

The subject matter dealt with on this site is of a general nature only. It is always advisable to consult a professional for your specific situation. All information provided on this site has been carefully chosen and is to the best of our knowledge correct and current. If however you find errors, broken links or disagree with facts provided, please contact us at webmaster@bizempire.co.za so that we can make the correction and provide South African business owners with relevant and error free factual information. If you believe there is relevant content missing and you wish to add this value to the site, then you can contact us at the same address