1. What names can I use for registering my business
You can use any name, just try to avoid those common names as most likely someone will have taken it.
2. What are the different types of Companies, (Companies Act 2008)
The two types of companies incorporated under the Act are a non-profit company and a profit company.
Profit companies are incorporated as follows:
- Private Companies
- Public Companies
- Personal Liability Companies
- State Owned Companies
Non-profit Companies (NPC)
- A company incorporated for public benefit or other object relating to one or more cultural or social activities, or communal or group interests; and
- The income and property of which are not distributable to its incorporators, members, directors, officers or persons related to any of them.
Private Companies (Pty) Ltd
Private companies under the new Act are prohibited to offer securities to the public and the transferability of their shares are also restricted. Private companies however, are no longer limited to 50 members as was the case under the current Companies Act.
Public Companies (Ltd)
The definition of a public company is largely unchanged. The only difference is that a public company under the new Act only requires one member for incorporation compared to the 7 members under the current companies Act.
Personal Liability Companies (Inc)
The directors and past directors (where applicable) of such companies are jointly and severally liable together with the company for any debts and liabilities arising during their periods of office.
3. How long does it take to register for VAT?
This registration process is normally completed within 21 working days after your interview with them and are depended on the SARS office where you have to be registered at.
Your Accounting officer can help you determine how much you need to pay to SARS. Once this is determined, you can go to www.sarsefiling.co.za and follow the instructions online.
4. How long does it take to register for Income Tax?
This registration process is normally completed within 10 working days after your interview with them and are depended on the SARS office where you have to be registered at.
Your Accounting officer can help you determine how much you need to pay over to SARS. Once this is determined, you can go to www.sarsefiling.co.za and follow the instructions online.
5. Which Accounting Officer must I use?
You are not obliged to use the Accounting Officer appointed by us and are free to appoint any new accounting officer at your convenience.
6. When should I register for VAT
Registration is also necessary if there are reasonable grounds for believing that turnover in the next twelve months will exceed R1 million. A person can also register voluntarily if turnover in a 12 month period has exceeded R20 000 or is likely to exceed R20 000. The minimum turnover limit is higher, at R48 000, where the enterprise is an accommodation business.
7. When must i register for tax
You can register for Company Tax anytime, but normally when your CC is registered as a new entity, SARS will register your CC for Tax automatically, but might take up to 6 months before you will receive feedback from SARS to your registered postal address.
You can however register for tax yourself if the need is there to have a tax number sooner. This forms can be downloaded from our website at any time after your CC's registered.