What is a private company?
When registering a private company, what information will I need to supply?
1. Company name
2. Company address
3. Authorised share capital
4. Incorporators, public officers, Directors, and shareholders
What is an incorporator?
What is a public officer?
What is a director?
Shareholders
5. Required Documents
In addition to any documents stipulated above, the incorporators and each Director will need to supply a clear, colour copy of an identity document. The only acceptable identity document for South Africans are a green barcoded identity book or both sides of the new identity cards. Non-South Africans require a passport.
What supporting documents does a company need?
To register a company, you need to go through some of the processes to get it done. We will discuss some basic requirements for a registered company in South Africa.
1. Memorandum of Incorporation (MOI)(Required)
By default, your new company will have a standard MOI. If you intend on deviating from this standard MOI, you will need to file an amended MOI with your company application. An example of a deviation would be where you need different share classes from those in the standard MOI. Legalese can assist with drafting your custom MOI.
2. Tax Verification (Required)
For tax verification, companies should register with the South African Revenue Service (SARS) for income tax verification. Once you get your income tax reference number you can file taxes online.
3. Tax clearance certificate (Required)
A tax clearance certificate ensures your company is clear of undue taxes, and you can proceed with the other registration process.
4. A BEE certificate or Affidavit
A Broad-based black economic empowerment certificate (BEE) empowers black people to participate in the country’s economy. It verifies all your company’s data, including name, address, category, and issuance date.
5. UIF registration
UIF is an unemployment insurance fund, and you must register with the UIF if you have employed people for more than a day in a month.
6. COID registration
If you have more than one employee, you have to register with the compensation for occupational injuries and diseases (COID) from the first day of hire.
7. A business bank account
You must open a business bank account to register your company with the state affairs.
Frequently Asked Questions
Still looking for more info? We’ve compiled a list of FAQs – Check them out!
1. Why do you need to register your company?
If you want to legalize your company, you have to register it with the state authority. It will be your brand, and you can create a professional relationship with your customers.
2. How much time does it take to register a company in South Africa?
The company registration process takes up to 15 working days with all the processes of legalizing the organization and tax verification and clearance.
