As unemployment levels rise in South Africa, more and more people are looking to start their own businesses.
In most cases, this involves registering a private company. Therefore, Briefly.co.za provides a simple guide on how to register a company in South Africa.
How to register a company in South Africa: A simple process explained
Registering a company in South Africa is a fairly straightforward process. This is done through the Companies and Intellectual Property Commission (CIPC).
The first step is to register as a customer on the CIPC website (cipc.co.za). You will receive a customer code and a password to access the website.
The second step is to deposit funds into the CIPC bank account for the company's registration. The amount is R125 for a company without a name and R175 for a company with a name.
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The third step is to reserve a company name should you wish to do so. In case you register without reserving a name, the allocated registration number becomes the company name.
Reserving a company name is also done through the CIPC website. You will need to provide your proposed names for your company, which CIPC will then approve.
The fourth step is to generate your company's Memorandum of Understanding (MOI). You may do this on the CIPC website.
At this stage, you'll need to provide names and details of all company directors. These details include ID/passport numbers and proof of addresses.
Additionally, you will need to specify the company's financial end, authorised shares, email address, website, and physical and postal address.
Once you have verified that all information provided is correct, click the “Lodge a Private Company” button.
You will then need to upload all the required documents or send them via email to eServicesCoReg@cipc.co.za.
Documents needed to register a company in South Africa
- Certified identity copy of applicant;
- Certified copies of the Identity Documents of the Directors and Incorporators;
- The name confirmation certificate (COR9.4), if applicable;
- Power of attorney (if applicable).
These are the same documents required by the department of trade and industry when registering a private company.
How much does it cost to register a company in South Africa
As alluded to earlier, it costs R125 to register a business without a company name and R175 to register with a company name.
As can be seen, how to register a business in South Africa is a relatively simple process.
Watch Mzansi's billionaires in the video below from our Briefly - South Africa YouTube channel.
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