The Covid-19 pandemic severely impacted companies across South Africa, with many having to let employees go and others struggling to survive during periods of devastating economic turmoil. Alas, lockdown protocols are easing and businesses are working towards re-establishing themselves in the socio-economic landscape while aiding in the country’s efforts to flatten the curve. In many instances, new companies are emerging in the wake of the new normal as entrepreneurs seek to take advantage of fresh opportunities presenting themselves in the current economy.
Whether you have spent the lockdown creating an innovative product to launch in the market or have used your time developing a business idea you’re eager to set in motion, company registration is the first step in turning your dreams into a reality. The thought of legitimizing your business prospects may be daunting, however, business registration is more simple than you may realize and this step by step guide is designed to help you easily register a business online.
The main organisational body allowing the registration of businesses in South Africa is the Companies and Intellectual Property Commission (CIPC). The agency is tasked with governing all business entities registered in the South African market, from closed corporations to private companies, in terms of the Company Act. While CIPC stands as the primary organisation to register a business online, the process can be completed several ways, with MBS paving the way for one of the most efficient business registration South Africa methods possible. They are an ideal partner for any entrepreneur wishing to formalize their company.
The most critical step in establishing a business is determining an appropriate name that will best represent your product and/or service and guide your collateral branding. A brand name that is distinct, differentiated, and clear will do wonders for your image and set you apart from the competition, in saying so it is essential that you pinpoint a name that does not infringe on an existing business name. Your company name will be the very first thing reserved in the registration application process.
From Private (Pty) Ltd to Non-Profit Organisation (NPO) and many more, there is a myriad of company entities that can be reserved for a business. Choosing the appropriate entity is essential, and you should consider conducting appropriate research into each of South Africa’s entity types to select one that matches your business objectives. Furthermore, partnering with MBS in business registration South Africa will help you quickly determine this without you having to do extensive research.
There are several documents needed to complete the company registration process and, as well as being instructed by members of MBS, we have listed the crucial ones below for your convenience:
MBS will assist you in the preparation of these documents for successful business registration, making the entire process much more efficient than when done through the CIPC by oneself.
Upon successful completion of the company application and processing of the business, you will receive all the certification legitimizing your new business within a matter of days. Once you have acquired these certifications, you can successfully state that your business is registered. While a business can exist and operate on social media platforms or websites, one is only official and considered a legal entity once these certifications are received. With all of these in check, you may now apply to open a business bank account as well as register for SARS for tax purposes. The steps that you take from here are all within the legal business parameters as spotlighted by your official company registration certifications.
It may seem incredibly simple to follow these steps in completing company registration in South Africa, and that is because it is. With the guidance of MBS, and by following the steps outlined above, you can register a business in South Africa in no time and begin actualizing your goals today.