Set-up Your Company in South Africa
South Africa, also known as the Republic of South Africa, is a country placed at the southern edge of Africa and is considered the economic powerhouse of Africa. It is one of the most sophisticated and promising emerging markets globally attracting investors from all over the world. One needs to look at the various options for company formation prior to setting up a business in South Africa.
Deciding the structure can have a significant effect on all the future operations and therefore, it is vital for the business owner to consider a number of options before company formation and seeking professional advice is emphasized to have efficient structure. The team of professionals at NNRoad can help and guide you throughout the company formation process and will make sure that you have a structure in accordance with the African laws.
Business entities you can open in South Africa
1) Sole Proprietor
This is the simplest of business entities, a sole proprietor trades under his/her own name, with no separation of assets and liabilities.
2) Private Company (Pty Ltd)
This business entity may be founded and managed by just one director (known as a One-Man Company), and must have at least one shareholder, but no more than 50.
3) Personal Liability Company (Inc.)
This is a business entity in which both current and previous directors may be held jointly and severally liable for any debts and liabilities which occur during their time in office. This form of business enterprise is most often used for firms of professionals, such as doctors, lawyers, and accountants.
4) Public Company (Ltd)
This is a business entity that issues shares and is often listed on a stock exchange. Public companies are liable to shareholders and management is invested in a Board of Directors.
5) State-Owned Company (SOC)
This is a business entity that is either state-owned or owned by a municipality.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Assist with the name or business name of the entity.
- Guiding and preparing legal documents like incorporation forms, a draft of Memorandum, and other related incorporating documents if needed.
- Assist with bank account opening.
- Assist with registration of the company with mandatory social securities like Unemployment Insurance fund (UIF), Occupational Injuries and Diseases Compensation, etc.
- Support with mandatory registration of income tax, value-added tax, and any required licenses.
- Support with after company setup services.
- Assist with other licenses, if required by Law.