Registering your company means you are finally ready to make your business official. It is an important step in your path to be an entrepreneur. So, we decided to write an article about the process of company registration in Cape Town, South Africa. This article also applies to other regions in South Africa. So, even if you are not based in Cape Town, the information is still viable to you.
Let’s dive into the article to find out more.
What is CIPC?
Companies and Intellectual Property Commission or CIPC is a government entity that assists with the company registration in Cape Town. They mainly assist with company registrations and registrations of other intellectual properties, but there is more to that. Their primary functions are:
- Company Registration, co-operatives and intellectual property rights.
- Information disclosure on its business registers.
- Education and awareness regarding Company and Intellectual Property Law.
- Promotion of compliance with relevant legislation.
- Efficient and effective enforcement of relevant legislation.
- Monitoring compliance with and contraventions of financial reporting. standards, and making recommendations thereto to Financial Reporting Standards Council (FRSC).
- Licensing of Business rescue practitioners.
- Report, research and advise Minister on matters of national policy relating to the company and intellectual property law.
Note: This information is directly sourced from CIPC Website.
It is simple to register your business through CIPC. Simply go to their registration page for more information.
While we are talking about CIPC, it is important to talk about their digital registration portal – BizPortal.
A little about Biz Portal.
BizPortal is a digital initiative by CIPC. This is the online company registration process in Cape Town, which means zero paperwork. What’s more? The process is simple, fast, and done within one working day. It is as follows:
- Provide and verify the Company Director’s information.
- Fill up your company details and company name*.
- UIF (Unemployment Insurance Fund) and CF (Compensation Fund) registration.
- B-BBEE Certificate details (you can apply for one).
- Bank account details.
- Fee Payment.
And that’s it! Now just wait on their end to finish the registration.
*Note: You do not have to register the company name right away (if you haven’t decided on one.). In this case, you will be assigned a business registration number – which will also act as your company’s name. If you choose a company name afterwards, you will be able to reserve and register it. Each name reservation costs you R50, and you can submit up to 4 different name suggestions.
Related: Choosing a Business Name.
Alternately…
You can also register your business via a bank. Nedbank and First National Bank are the most popular choices in this method. You need to have a business account with these banks prior to registration. After that, you just have to submit the necessary documents and they will do it for all for you.
Company Registration in Cape Town: Taxes
South African Revenue Service or SARS handles tax registration in South Africa. Once you are done with company registration in Cape Town, you must register your business for taxes within the next 60 days.
The registration process has been simplified on their website. You can either register on their website or register through SARS MobiApp. If you are registering for taxes for the first time, SARS will automatically issue a tax reference number. You must have a valid South African ID to register your business.
To register your company for taxes in Cape Town, simply go to their website and follow the instructions.
Conclusion
And that’s all the important information you should know about company registration in Cape Town. You may think that this is your final task, but this is just the beginning. From here onwards, you are going to have a huge responsibility of managing and growing your business.
Small Enterprise Development Agency (SEDA) is a government agency that provides support and financial aid to small businesses. Visit their website for more information.
We are in a digital age. Having a website for your company is very advantageous in Cape Town. Digital Lime Green is a Cape Town based web design and digital marketing agency. We provide affordable and high-quality services. Contact us for more information.