Registering a company in South Africa is very easy and it can be done in a matter of hours or few days. You may ask yourself what the next step is after you have registered your company. Often startups will register a company and then go straight to pitching and sending proposals to clients right after they get their registration documents. Sadly some startups are told by clients to go back and get certain documents for the business in order to supply or provide services for them. The last thing you want is to be told by the clients or potential investor to get a business bank account. Below are a few things to do after you have registered a company in order to make sure your company if compliant.
- A Bank Account:
To register for a business bank account you will be required to submit the following at the branch:
* Company Registration Documents
* Director/s ID
* Proof of Residential Address for directors
- Register on the Central Supplier Database (CSD)
This is especially if you want to do business with the Government or bid for Tenders. Some private companies may require that you register with the CSD for compliance on their side.
- Register with SARS
By default, when you register a company, a Tax Number is also registered for your company. Contact SARS to get your Tax Number. From here on you must apply for SARS Tax Clearance for Good Standing and for Tender if you wish to bid for tenders. Just like the CSD, some private companies or government organizations may require that you provide the TCC (Tax Clearance Certificate)
- Register with UIF
Register with UIF for compliance when you begin to hire employees. You can also register with the UIF even if you are the director. Being self-employed can help when you want to take a loan, apply for credit card and/or apply for accounts / contact phones/computers.
- Fill-in the B-BBEE Sworn Affidavit
As with the SARS TCC and CSD, this is often a requirement by some organizations.
- Register on Government Databases
You may need to be registered with some government / municipal databased in order to do business with them. because some organizations may take time to capture business information into their databased, it helps to register on time.
There are other requirements to take into consideration after registering a company, such as: Registering a domain name and making sure you use company personalized email address to look more professional, printing business cards for networking purposes and looking professional as well. Preparing business plans and profiles as well as getting the website designed and live. Such things are crucial to any business, even though they may not be considered the basic needs of any company.
Article by PC Lepulana @TwistterC