11 steps to register a company in South Africa
By requesting Healy Consultants Group PLC to register their South Africa company, our Clients do not have to travel to South Africa. Our Firm will complete the incorporation procedures on their behalf. Please refer to the section below for further details on the steps to setting up a company in South Africa.
Prior to commencing the South Africa business set-up, we discuss our i) Client’s business goals, ii) requirements for their new entity, iii) plan the optimal structure for the entity iv) fees payable for the engagement; v) potential licensing requirements and vi) desirable amendments to the model articles and memorandum of association. Thereafter, Our Client i) settles Healy Consultants Group PLC’s engagement fee; ii) signs and returns our Client Engagement Letter; iii) provides us all the due diligence documents required by our Compliance Team;
- Planning Phase:
We supply our Client with a detailed project plan, mapping out weekly deliverables to engagement completion; including i) South Africa business incorporation; ii) tax registrations; iii) corporate bank account opening; and iv) obtaining applicable licenses, thereby increasing transparency as well as setting Client expectations and minimizing disruption to project completion;
- Name reservation:
Thereafter, we help our Clients to choose three unique names for the company, listed in their order of preference. We perform a company name search with the Companies and Intellectual Property Commission (CIPC) and, if available, we submit Form COR 9.1 to reserve the same on our Client’s behalf.
- Registered office:
In accordance with the South African Companies Act, our Client is required to file an address with the companies’ registry to which official correspondences can be sent and statutory records can be inspected. The Client may use their own physical space in South Africa or request Healy Consultants Group PLC to provide a virtual office space; this service is also included in our standard service offering;
- Public Officer:
In accordance with the South African Companies Act, our Client must appoint a public officer who is tax resident in South Africa. Most of our clients appoint one of their local staff members as public officer or or request Healy Consultants Group PLC to appoint its representative as public officer for our Client’s firm; this service is also included in our standard service offering;
- Document submission:
Healy Consultants Group PLC’s South African company secretary prepares and files the Memorandum of Association together with the new company registration forms for the South Africa company declaring the financial year end and register the same with the Companies and Intellectual Property Commission (CIPC);
- Incorporation approval:
Within 2 weeks of submission, the business entity will be incorporated. Following South Africa company registration, our Firm immediately emails our Client with the proof of incorporation, known as a CoR14.3; Healy Consultants Group PLC will then retrieve the disclosure certificate, allotment of shares, registers of directors, shareholder and company secretary from the CIPC website.
- Name reservation:
- Income Tax and e-filling registrations
Healy Consultants Group PLC’s company incorporation team register our Client’s company with the South African Revenue Service (SARS) for Income Tax and E-Filing to enable them to submit tax returns online.
- Employer registration:
If required, simultaneously with the above processes, Healy Consultants Group PLC will register our Client’s company for employee tax (PAYE), Unemployment Insurance Fund (UIF) and Skills Development Levy;
- Bank account opening:
Once incorporated, the Client can apply for a corporate bank account for his business. Our Team helps our Client to prepare a quality business plan for the bank to optimize the probability of corporate bank account approval.
- Engagement completion:
Following the receipt of all necessary approvals and documents, Healy Consultants Group PLC supplies a full company kit to our Client, including original corporate documents, unopened bank correspondences, and lastly a Client feedback survey to make sure that all the Client expectations were met during the entire engagement period.
- Income Tax and e-filling registrations
List of the documents needed to register a company in South Africa
The below listed documents will be required when incorporating a South African private company:
- Completed Notice of Incorporation form CoR14.1;
- Completed forms CoR15.1A in the case of a standard private company or CoR15.1B for a customized private company;
- A valid name reservation confirmation certificate (CoR9.4);
- Certified true copies of national ID/passport of all individual shareholders and directors;
- A certificate of incorporation, M&AA and latest annual return for corporate shareholders;
- A power or attorney authorizing the company representative (if applicable);
- Complete VAT101 form to register the local entity for VAT with SARS;
- Complete EMP101 form to register the local entity for PAYE with SARS;
- Complete WAs2 form to register for Compensation for Occupational Injuries and Diseases (COID) with the Department of Labour and Compensation Commissioner;
- Complete UI8 to register employees for unemployment insurance with UIF.
Frequently asked questions
Does my South African business need a company secretary?All South African companies must appoint a public officer, who will be a individual resident in the country.
What are the capital requirements for incorporating a company in South Africa?The capital deposited after company incorporation can be as low as US$1.
Will there be any restrictions for non-resident entrepreneurs when they incorporate in South Africa?No. Foreign entrepreneurs may invest in South Africa without restriction, although a resident will need to act as the bank signatory for your South African company.