Business Resources

Starting-a-business checklist

1. Choose your structure and name

   Decide whether a company is right for you and shortlist a few names.

2. Register the company

   Registration is completed with CIPC. You will need director details and identification.

3. Register for tax

   Companies generally need income tax registration, and may need VAT and PAYE depending on turnover and staff.

4. Register for UIF and COID if you employ people

   These are separate registrations with their own authorities.

5. Open a business bank account

   Banks set their own requirements and approve applications at their own discretion.

6. Keep records and file annual returns

   Keep accounting records and file CIPC annual returns every year.

7. Prepare tender documents if you plan to bid

   Gather tax, B-BBEE, banking and statutory documents before the closing date.

Glossary

CIPC

The Companies and Intellectual Property Commission, the authority that registers companies in South Africa.

SARS

The South African Revenue Service, the tax authority.

Annual return

A yearly filing a company makes to CIPC to keep its registration in good standing.

VAT

Value-added tax. Registration depends on a business's taxable turnover and other factors.

PAYE

Pay-as-you-earn: employees' tax that employers register for and pay over to SARS.

UIF

Unemployment Insurance Fund, which employers register with and contribute to.

COID

Compensation for Occupational Injuries and Diseases, a fund employers may need to register with.

B-BBEE affidavit

A sworn statement some small businesses use to declare turnover and ownership for B-BBEE purposes.

Tax clearance

Confirmation from SARS about a business's tax compliance status, often requested for tenders.