Frequently asked questions

It usually takes 1 to 3 business days, unless there are delays at CIPC.

Payments are processed through the Yoco payment portal. All payment information is secured and your debit/credit card details are not stored.

All details are safe using security processes on our website. We will never share your detail with any 3rd party.

After the company is registered, you will receive a company document called the COR14.3. This document must then be used to open a bank account at the bank of your choice. As soon as the company has a bank account, a public officer must be appointed at SARS. The public officer can be anyone of the directors. If the company does not have a registered public officer at SARS, you won’t be able to get an eFiling profile, which is needed to submit taxes and request a tax clearance. Read more here.

Only people can act as directors of a private company.

Either a person or another company can be the director of a private company. This includes trusts and other associations.

Share certificates are not issued by CIPC. The company has to issue their own share certificates.

A private company must have at least one director. There is no limit on the amount of directors that can be appointed.

The MOI refers to the memorandum of incorporation of a private company. This documents describes the rights and duties of directors and shareholders of the company. When the company is registered, a standard MOI can be used, or it can be amended. This document sets out all the do’s and dont’s of what directors and shareholders may do, how meetings are to be held, and money borrowed etc. The standard MOI is called the COR15.1A at CIPC. Click on the link below to download a copy of the standard MOI.

Click download below to download a copy of the standard memorandum of incorporation.

The central supplier database is a database run by the government. This is where companies are registered and kept track of. The main goal of the central supplier database, or CSD, is for companies who wish to do business with government. Once your company is on the database, they keep track of information like your tax compliance and BEE status. This is the first thing any department of government will look at when you apply for a tender.

A company can only be deregistered once a tax clearance is obtained from SARS. After this. a request must be made to CIPC to deregister the company.

A company needs to register for PAYE as soon as one of the employees earns more than R7 632 per month. The employer then needs to deduct PAYE from the employee on a monthly basis and ppay it over to SARS. The PAYE form, also known as the EMP201, needs to be submitted to SARS before the 7thof the following month.

All companies have to submit an annual return every year on the anniversary of the company. The annual income then has to be declared to CIPC. If the annual returns are not submitted in time, CIPC will raise penalties and deregister the company.

Only companies with an annual turnover of less than R10M per annum can qualify for turnover tax. This also includes sole proprietors. The company/sole proprietor will only qualify if it’s not clssified as a personal service provider. Click the link below to read the SARS document about small business and the full defination. When a company only makes use of the director’s/owner’s skills to generate an income, the company will not qualify. As soon as the company employees 3 or more employees during a financial year, the company will qualify. This means that the oddus doesn’t rest on the director to genereate all the income. Also, the investment income, re interest received/ dividends received has to be less than 20% of the total revenue for the financial year. The current tax rates for turnover tax is as follows:

Click below to download a file containing a definition of a small business.