Despite the fact that you are making a profit or the rapid growth of your business, there are benefits to opening a business in South Africa. Those benefits can be protection, financial grants, tax incentives, and business compliance.
The South Africans are known for business and it is perfectly okay if you are looking for a new county to put your money in, the advantage of starting your business in South Africa is because they offer limited liability protection.
Registering a business permits you to have an official account. This is where all the finances go. It makes it much faster to access and manage the finances when they are not tangled with your personal finances, it also makes you seem that much more responsible.
Another benefit is that you get to give your clients your business account name for deposits, which makes you seem more licensed. It is much easier to increase funding when you have a registered business. Investors will not take you seriously if you are managing an unregistered business, it is also very difficult to control a business that is not registered.
To register a business in South Africa you have to go through the detailed steps
- You can Create an account by going to the CIPC eServices website
- Start by giving your business a name
- Make researches on what you want the business to be about
- Online Registration is very important: Registering a company online with the use of CIPC(Companies and intellectuals property commision) because it offers company Registration and services alike, Banks like First National Bank and Ned banks can also help in registering a business
- The final step will follow immediately
There are documents needed for the Registration of a business in South Africa which are mentioned below
- A Proof of identification:Experience identity and evidence of knowing the owner of the business, its proof of evidence which convinces the mind of any truth or fact and produces belief.
- The Address of the sole proprietor of the company, the Address should not be older than three months for easy identification
- Proof of Identification from a Director is also very important, Without this, Registration will be incomplete
- Income tax Number is needed too and important for business Registration
- Bank statement for the last three months is also required for the Registration.
There are documents and files needed as support system to the above which are
- Identity of the applicant in an original copy
- Legal Documents and passport that identifies the owner
- A certificate that has the name of the business.
People tend to identify with registered businesses more than unregistered ones because it shows that your brand is not a scam made by you or a Ponzi scheme. Some people are so skeptical to a point that they will ask for your business name just to check if it’s registered before they patronize you or trust you enough to seek partnership.