Basic Requirements for registering a company in South Africa
A registered company is a firm authorized and registered by the appropriate statutory authority of the country as a corporation or a company. This article will discuss what is needed to register a company in South Africa.
A registered company is entitled to abide by all the country’s laws. It has to report to the government’s higher authorities regarding the organization’s state affairs.
Basic requirements to register a company 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.
Frequently Asked Questions
Still looking for more info? We’ve compiled a list of FAQs – Check them out!
1. Why do you need to register your company?
If you want to legalize your company, you have to register it with the state authority. It will be your brand, and you can create a professional relationship with your customers.
2. How much time does it take to register a company in South Africa?
The company registration process takes up to 15 working days with all the processes of legalizing the organization and tax verification and clearance.