When you want to register a new business in South Africa there are a few options to getting started. You can either go directly through CIPC ( www.cipc.co.za ) previously known as CIPRO, use a company registration service, go through an accounting company or make use of the service that some of the banks offer.
Once you have decided on the name and waited between 2-6 weeks for the registration to complete you are issued with the relevant documents from CIPC and can get started. You are officially a legal entity and can begin trading as such once you have opened a bank account.
Every year on the anniversary of your registration date you are required to submit a return to CIPC. This return will require you to provide the turnover for the past financial year and based on that will charge you an Annual Return Fee to remain registered as a Company/(Pty) Ltd. The standard fee is R100.00 for a company that has a turnover of less than R1.0m.
Should you not make the return in time you will be charged a penalty for late renewal of normally R150.00 Additionally they can begin a de-registration process to close your company down.
If you need any assistance in this process or have any further queries please contact us on email@example.com.