One of the most exciting moments of an inspiring entrepreneur’s life is when they decide that the time has come to take the leap and open their own business. Some will start their business as a sole proprietor, while other may go the route of a partnership etc.
But there comes a point when you start to wonder whether it wouldn’t be more beneficial to make it a bit more official, to register your company. Then you start to google and ask around, asking friends who own companies, asking accountants what the process entails. And it sounds daunting, it makes you realise that this is something to leave for the professionals. So you start to look around for companies who has this as their field of expertise.
The benefits of registering a company is immense: Companies get special tax deductions that are not available to sole proprietors (think depreciation), and companies have their own legal identity. This means that the owner is protected from the creditors of the company, and unlike the sole proprietor, you won’t lose your house when your business isn’t on the right track. Another benefit is that companies can have more than one shareholder, which means that the business and your legacy gets to live on long after your soul has left this earth.
There are certain responsibilities that needs to be complied with, but these ultimately makes your life as a business owner easier. Your company needs to register for different types of taxes, and will need to file returns timeously along with making payments on time. Your company will also need to file Annual Returns with CIPC in the anniversary month of registering your company every year, along with paying a fee calculated according to the turnover you have made. These fees are small, but they do exist.
The documents required for registering your company are certified copies of the IDs of all directors, and doing the actual online registration with CIPC. It sounds easy but it is a bit complicated and can become messy, especially if your are not familiar with the terminology being used and you are not an expert on the Companies’ Act. Also, going the direct route or trying to do the registration through FNB or Standard Bank does have its own pitfalls – It is not as fast as using an independent expert like Business Level, and it also does not come with the one-on-one support, dedication and the extra mile that we go through for our clients.
Being an entrepreneur myself, I know the fears and uncertainties that you face, and we do everything in our power to make registering your company in South Africa a smooth ride, making sure that all your documents are in order, and that you receive expert advice and assistance on your journey to becoming a company owner, and far beyond. We don’t disappear the moment we have sent you all your company documents and Share Certificates, we will assist with all your questions and concerns that you have going forward!
Should you need anymore advice or have any questions regarding the registration of your company, please feel free to get in touch via email info@businesslevel.co.za or give us a call on 074 584 5952.
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