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Company Registration in South Africa
Company Registration in
South Africa
Why Incorporation in South
Africa?
South Africa has an abundant supply of
natural resources.
It has well-developed financial, legal,
communications, energy, and transport
sectors and a stock exchange that is the 18th
largest in the world.
It has a modern infrastructure which supports
a relatively efficient distribution of goods to
major urban centres throughout the region.
It is cost-effective because of low government
registration fees and the absence of a
minimum capital requirement.
Why is South Africa Recommended for
Incorporation?
Investments for industrial projects are eligible
for having grants which range between 10%
to 30% of the total development costs.
Companies moving machinery to the country
can apply for grants from the government
equal to either 15% of the value of the
equipment or US$ 2.7 mn, whichever is lower.
South Africa possesses the infrastructure
comprising of 31,000 km railway line, eight
international airports and 21 seaports.
Incorporation in Industrial
Development Zone
Incorporation in five Industrial Development
Zones of South Africa gives the following
benefits:
100% exemption 100% exemption
on custom duties on VAT.
30% grants on cost
of plants,
machinery,
equipment,
commercial
buildings and
vehicles.
Advantages of Incorporation in
South Africa
Registration of a LLC requires a minimum paid
up share capital of just $1.
It can be 100% foreign owned.
It is quick and generally completes within 2
weeks.
The government’s National Development Plan
allows reduction in the cost of incorporation
and encouraging entrepreneurship.
...contd.
The South African government supports
Research and Development Projects and has
various schemes for them.
Companies setting up BPO are eligible for
grants up to US$ 8,550.
Disadvantages of Incorporation in
South Africa
A resident public officer is required to be
appointed for all companies.
The tax rates in South Africa are very high.
It is tough to find skilled and qualified labour.
A South African resident business faces many
bureaucratic challenges such as various
approvals from SARB, interference of labour
unions.
...contd.
The South African Rand is one of the most
volatile and uncertain currencies in the world.
South Africa is a dangerous country to live in
with its homicide rates ranking 5th in the
world.
The South African economy has experienced
years of fiscal and current account deficits.
Procedure for Incorporation
Company Incorporatio Approval of
Name n of Incorporatio
Reservation Company n
Registration Opening of Employer’s Corporate
Registration for Tax and VAT Bank Account
Procedure Explained
1. Company Name Reservation: A name for
the company is recommended to the CIPC,
and if it is available, it is reserved for the
Company.
2. Incorporation of Company: In this step, a
memorandum of association is to be filed,
thus registering with the CIPC.
3. Approval of Incorporation: On approval,
the CIPC emails a proof of incorporation.
...contd.
4. Opening of Corporate Bank Account: The
incorporator needs to open a corporate bank
account in an international bank, and is
required to deposit the proposed shared
capital.
5. Registration for Tax and VAT: Then, you
need to register with the South African
Revenue Service for registration for taxes.
6. Employer’s Registration: Lastly, the
company needs to get registered for the
Unemployment Insurance Fund (UIF).
Notice of
Incorporati
on
Registratio
n
Certificate Name
for UIF Reservation
Registratio Documents Certificate
n
Required
for
Incorporati National ID
Registratio on and n Passport of
Certificate all Directors
for other and
Taxes Shareholde
rs
Registratio
n
Certificate
for VAT
Conclusion
We can conclude by saying that incorporating
a company in South Africa is not a hectic or
lengthy process. There are however, some
disadvantages of starting a company in South
Africa, but still, it shows great hope for the
future and an investment there in the right
manner may lead to great profits in the future.
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