The beginning of the new year is the ideal time to get a new business off the ground. South Africa is renowned for its many prosperous start-up companies and entrepreneurs. Unfortunately for many people, the process of launching a business can seem too daunting or complicated. However, with the right guidance and support, you can navigate all the paperwork needed to start your business off on the right footing. Here are some essential steps you need to take to get your business going.
Register your new company
No matter what the size of your new business, there are many legal advantages to registering your business in South Africa. These can include business name protection, business compliance, and the ability to raise equity capital. It will also simplify your administration processes. You have the option to register your company as a non-profit, profit, personal liability, public or private company.
Ensure you have a tax number
All businesses must comply with the South African Revenue Services (SARS) regulations and be registered with SARS. Once you have registered with SARS, you will be given a tax number for your company. You need to register your company within 60 days of starting operations.
Get a VAT number
You won’t need to pay VAT until your income exceeds a specific profit margin or a turnover of R1 million in a 12-month period. You can also voluntarily register for VAT if your income exceeds R50 000 over a 12-month period. Ideally, you should register your business for VAT before beginning trading to be legitimate and tax compliant.
Appoint a tax advisor and accounting team
An experienced tax consultant will ensure your company has the lowest tax liability while remaining compliant. They will ensure your dealings with SARS are as painless as possible and will complete and file your business’s tax returns. An accountant or accounting team can help you determine the best business structure for your situation and assist with a wide range of services including the financial analysis of your business plan, cashflow projections, and your financial statements.
Set up your business seamlessly with our expert assistance
The EA Group can assist you with everything you need to get your business going from the registration of your new company to specialist tax and accounting services. We take pride in educating our clients on growth in their business and give personal attention to every business. For more information contact our expert team today.