The options available for the company registration process
Numerous options are available for company registration in South Africa. You could use an external company that provides company registration services on your behalf, at a fee of course. Banks offer online PTY registration services however, some may request your business account be opened once the company registration process is completed.
The most important part of company registration is for you as the business owner to have full control over the company registration process. Entrepreneurs and small business owners should try to avoid using an external company for company registration, to save on costs.
The easiest and cheapest way to register your company in South Africa, is using the online company registration platform, Bizportal.
How much does it cost to register a business in South Africa?
This depends which option you choose in some cases business owners have paid approximately R800 to register a business, when using an external company.
You can save time and money using the online PTY registration process. The cost is R175 when done correctly this includes; your company registration certificate, company registration number, company registration paperwork, registered company and a free B-BBEE certificate.
The online company registration process in South Africa
Government has recently launched a new website and registrar of companies called Bizportal, for online company registration and compliance in South Africa.
Visit the Bizportal website and do the following to get started with the company registration process:
- Four business names in order of preference
- RSA ID Document
- Mobile phone for SMS verification
- Pen and paper – write down you user details
- Email address – make sure your email address is correct, you will receive email confirmation
These are the steps to follow with links to the guides provided by CIPC. Download each guide before you start the process. Here is a screenshot of a page of the business registration guide.
Bizportal is the new platform for the company registration process however updated guides have not yet been included on the website. The guides below will help you through the online PTY registration process.
- Register as a customer – How to Guide
- Once customer registration is completed you will deposit funds into CIPC’s account using your unique reference number. The funds will be available on your customer profile and will be used for services you purchase
- Reserve your company name – once the name is reserved you will receive email confirmation to proceed with the business registration – How to Guide
- Register your business – documents will need to be emailed all the details will be sent to your email address – How to Guide
The user guides include screenshots of the process and are easy to understand, keep them opened while you register your account and business.
Benefits of registering your business online
Registering your business online will save you money, the cost for online registration is R175. You also have full control over the process, so you do not need to pay an external company annually to access and update your business information. The online company registration process is simple and easy to understand.
As a registered company you need to keep your business legally compliant annually by submitting your business annual returns. The cost is R100 each year and now that you have your own customer profile you can do this online yourself.
Important steps to take after the company registration process is completed
Remember the company registration process is one of the first steps to get your business started and compliant.
To ensure your small business is geared for growth and remains compliant you should ensure you start with the next steps on Bizportal;
- B-BBEE certificate – available for free on Bizportal when registering your business
- Tax Registration for turnover tax with South African Revenue Services (SARS)
- Unemployment Insurance Fund (UIF) registration
- Compensation Fund (CF) registration
- Domain Name Registration – ensure you register a domain before starting your website
- Bank Account Opening – remember to compare bank fees before choosing a Bank
- Record keeping – save electronic copies of your company registration certificate and company registration paperwork
- Visit our Website and Youtube channel for tips, tools and resources to help you grow your business.