DTI South Africa company registration process and requirements
DTI South Africa company registration is an essential legal requirement for all the local and international entrepreneurs who have interests in doing business in South Africa. The Department of Trade and Industry (DTI) has been outspoken on the corporation registration benefits and provides the citizens with guidelines on how to register a company in South Africa. These guidelines are straight to the point and easy to follow to get legal business certifications.
Source: UGC
In order to achieve DTI company registration or business registration, you will have to adhere to the requirements of the Companies and Intellectual Property Commission (CIPC). This is the government body that manages the process of DTI registration. In addition to that, CIPC is also tasked with the role of business information sharing and awareness campaigns. It covers topics ranging from how to register a small business in South Africa, among others. This is one of the DTI responsibilities that educate South African business community members about all the legal laws linked to the company and intellectual property ownership.
Business registration made simpler
As the Minister of Trade and Industry in South Africa, Minister Rob Davies confirmed to the public that the South African Government has made the DTI Cape Town and entire South Africa company registration process easy. This is through the simplified physical and online registration forms. The other good news is that the new application forms contain fewer and revised lists of requirements, making DTI registration easier for South Africa current and future entrepreneurs.
Earlier on, individuals who preferred the self-service option/physical registration had to consult with the DTI Pretoria centers at Sunny Park. Currently, the registration centers have been effectively distributed in numerous locations in the country. These include all the First National Bank (FBN) branches available in the country.
How to register a business in South Africa
Companies and Intellectual Property Commission (CIPC) took over from the Companies and Intellectual Property Registration Office (CIPRO company registration online) in 2011. This was concerning the newly passed South Africa Companies Act. The change also redefined the corporation registration process for all business owners. The application process is explained below.
Deciding on the type of company entity
The new act provides two significant categories in relation to the business registration of the various company entities. These include either Non-profit and Profit entities. Based on your preferred choice, the act provides specific requirements. Basically, a non-profit company is driven by its public benefits that include public groups and interests. On the other hand, profit companies have a principle of no restriction on shares transfer-ability and consist of 4 independent forms. These include a private corporation, a public business, personal liability company, and finally a state-owned company.
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Determination of a company's name
You will have to come up with the most appropriate name that your company will own during its business transactions. It is essential to follow the rules and guidelines that will enable you to come up with a name that is sure to serve you without the need of changing it. These include the spelling as you will spend lots of money and time when you apply for a business name change after CIPC has already reserved the name. The CIPC will then take a maximum of 2 days (48 hours) to confirm if the name is eligible. After the two days, you can do an online company name search South Africa through the CIPC website to confirm its approval.
Company registration requirements
You can agree that registering a business in South Africa has not been that easy. This process involves you providing a Notice of Incorporation together with Memorandum of Incorporation. The only way to access these company application forms is by visiting the CIPC website. You will then have to download them, fill, and submit them. A look at the Memorandum of Incorporation, you have to provide all the relevant details of incorporators, the exact number of the company's directors, or either alternate directors. Data concerning share capital follow this.
Source: UGC
Furthermore, the Notice of Incorporation possesses various information requirements that should be filled correctly. To register a business in South Africa, you require the below-listed documents.
- Company type
- Date of incorporation
- Fiscal year term (beginning and end)
- The official registered address for the main office
- Number of directors
- Company name
- Information on whether the companies name will remain to be its registration number
- Companies reserved name and reservation number
- A list of 4 other names that will be analyzed by CIPC
Supporting Documents for company registration South Africa
You will also need to provide copies of a credible identity card (ID) of all the included directors and incorporators.
One must also provide a national identification card copy as the applicant if one is not included among the initial business directors or incorporators.
In a scenario where one of the incorporators works under government jurisdiction, you will need the power of attorney who will be responsible for the incorporation of the company by signing the relevant documents.
In the case where a different person does the incorporation process on behalf of any of the mentioned incorporators, you will need to provide a copy of the helper's identification card and a power of attorney to sign the documents.
You will also need to provide valid name documentation in the case where the company name was earlier reserved before filing.
Online registration
Registering a business online is possible by visiting DTI company registration online avenues. The CIPC website involves payment of specific fee amounts that vary depending on the enterprise. The initial company registration fee is R175. If you are registering for a private corporation without the provision of its name reservation, the application process could be concluded within 24 hours. The usual period taken to register a company in South Africa is 15 days. You can also opt for the online company registration options that are provided in the CIPC website on how to register a business and how to check if a company is registered in South Africa.
DTI South Africa company registration is a fundamental legal requirement for all the business entrepreneurs interested in staring company related transactions. With a company registration fee of R175, you only need to go through the Companies and Intellectual Property Commission (CIPC) terms and conditions, fill the required details, and submit the form. 15 days is the period it takes for the corporation to be certified and registered as provided by the Department of Trade and Industry (DTI ).
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Source: Briefly News
