Types Of Business Registration In South Africa
Tax registration also known as SARS registration must be completed within 60 days from when your business begins generating an income. This is the one man business as it is often called.
Your preferred Company Structure is the first consideration you need to make when you want to register a new business at the Companies and Intellectual Property Commission CIPC.
Types of business registration in south africa. This ensures that you or your company can pay any tax owed as well as receive business benefits. This is an association of doctors lawyers etc. Types of business structures in South Africa.
The name is followed by the letters SOC. It can be registered as a Personal Liability. In most cases an SME can be either a sole proprietorship or a partnership.
You can register your business within 24 hours if you arent reserving a name first. The Personal Liability Company and its directors past and present are jointly liable for any debts and liabilities incurred. Types of business structures in Southern Africa 1 Sole Proprietorship.
You can register a company as a non-profit company or profit company with the Companies and Intellectual Property Commission CIPC. Mobile phone for SMS verification. Its primary purpose is to make profits and does not offer shares to the public.
Once youve registered as a CIPC customer you now have access to their transactional portal. You need to consider which company structure will work best for your businesss setup and goals. If one of your plans is registering a business in South Africa especially a small business in the form of a small-medium enterprise SME or a startup you will not have to register the entity like a company.
This type of company is registered by professionals such as Doctors Lawyers Engineers Accountants etc. There are no co-owners in this business. Depending on the type of business registration can cost you anything between R125 and R475.
If youre operating as a business or are self-employed its important to register as a taxpayer with the South African Revenue Service SARS. Four business names in order of preference. State-owned companies are owned by an organ or a division of state.
A company is a legal person which has capacity and powers to act on its own. New E-services wwwcipccoza Online Transacting New E-services. Since 1 May 2011 the Companies and Intellectual Property Registration Office CIPRO ceased to exist.
Types of Companies in South Africa. Government has recently launched a new website and registrar of companies called Bizportal for online company registration and compliance in South Africa. Visit the Bizportal website and do the following to get started with the company registration process.
Available Platforms for name reservations. Your business must be registered with Companies and Intellectual Property Commission CIPC. Different types of Companies in South Africa.
Private companies are incorporated by one or more persons must have at least one director and may not offer its securities shares or debentures. Youre reading Entrepreneur South Africa an international franchise of Entrepreneur Media. A sole proprietorship which is often referred to as a sole trader is a business structure that is owned and run by one.
There are services which facilitate this process which will allow you to complete your registration online with minimum fuss. The law sees a company in the same light as a natural person. It offers shares to the public.
You can use the CIPC website to register your company online. It is a business in which one person owns and operates the business. Banks as part of company registration process Associated name reservations or names requiring supporting.
Sub divisions of South African companies.
