You’ve brainstormed your idea for months; you’ve carefully put all the right structures and processes in place, and you’ve launched your first-ever product or service. Starting your business has been time consuming and has taken a lot of hard work and effort. If you’ve recently started a business, you may be wondering what the next step is. The next step in taking your business to a higher level is to make it official: You have to register your business. Many new entrepreneurs delay this process because they think it’s complicated and after all the hard work in getting their businesses up and running, they don’t want to spend any more valuable time and money on difficult processes. Luckily, registering your business as a legal company in South Africa is not time consuming or complicated. If you don’t register your company, you miss out on many benefits. 1-grid is here to answer all your questions about company registration in South Africa.
Let’s have a look at 10 questions you may be afraid to ask about the registration process:
Do I need to register my company if I have no partners, directors or employees?
Yes. Even if you are the only one running your company at the moment, you still need to get it registered. You can simply add yourself as the director of the company. Once more directors join your company, you can change your business structure.
What does it cost to register a company?
Many new business owners don’t register their companies, because they think it may be too expensive. However, this is not the case. At 1-grid you can register your company online with the Companies and Intellectual Property Commission (CIPC) and get a domain for your new business website for just R899.
Does it involve a lot of paperwork to register a company?
Absolutely not. When you register a company, all you need is your identification document, as well as the identification documents of your directors. At 1-grid we will take care of everything else, including:
- Company Name Reservation Confirmation
- Company Registration Certificate
- Notice of Incorporation
- CIPC Processing
- CIPC Filing Administration Fees
- Domain Name Registration
- Income Tax Number
Does it take a long time to register a new company?
Not at all. Registering a company takes just a few days.
What if my company’s name is not available?
When you register your company, you will need to provide three options as names. If your first option is not available, we will use the second option or third option. It is important to carefully consider your company’s registered name. It is advisable to choose a short and memorable one – remember, this will be your legally registered business name.
If I don’t have a physical office, can I add my home address as a business address?
Yes. If you run your business from your home, you can add your home address as a business address. Should you move to an office in the future, this can easily be changed.
Do I have to register with South African Revenue Services (SARS)?
Yes, all businesses have to be registered with SARS and comply with their regulations. Luckily, you do not have to do this yourself. Registering your company with 1-grid, you will automatically be registered with SARS.
What is a financial year and why is it important?
In South Africa, a company is required to operate within a financial year. This means there must be a start and end date to your business’ operations. For South Africans it is standard practice to have your financial year-end in February, meaning your financial year starts on the 1st of March. Having a financial year streamlines processes and it is also when SARS requires your tax returns.
Can foreigners register a company in South Africa?
Yes. You will have to provide 1-grid with a valid passport or South African identification document copy and have a legal residential address in the country.
What happens after you’ve registered your company?
After you’ve registered your company, you can get other valuable documents and structures in place. This may not be a requirement, but it can add a lot of value to your business. These include:
- BEE certificate
- Tax Clearance
- Letter of Good Standing
Get started now
Ready to register your company? At 1-grid we remove all the stress and make things as simple as possible for you. With us, you can complete the registration process online within minutes and have an outcome in just a few days. We’ll make sure everything is correct and complies with the standard regulations. Register your company today.