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Thread: business registration ?

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    Full Member Electrode's Avatar
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    business registration ?

    I am a total newb to business in general and use to work for a power station. I am thinking about leaving them and to return as a contractor. I will be able to work better hours and have much less stress.

    So how does one get started? Do I use a lawyer or an accountant as both offer a service to help register a business and all the technical stuff gets done by someone that knows the process.

    Is this the best way to get started?
    DISCLAIMER - The above does not constitute to legal advice or formal advice in any manner or form

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    Bronze Member Brett Nortje's Avatar
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    Quote Originally Posted by Electrode View Post
    I am a total newb to business in general and use to work for a power station. I am thinking about leaving them and to return as a contractor. I will be able to work better hours and have much less stress.

    So how does one get started? Do I use a lawyer or an accountant as both offer a service to help register a business and all the technical stuff gets done by someone that knows the process.

    Is this the best way to get started?
    You need to go to a bank, or, phone a bank tomorrow without anyone listening, and ask them. it costs about 700 rand to open a business account though, or, you just cut your cards.
    !! Going to my destruction !!

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    Diamond Member adrianh's Avatar
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    @Brett; is there a reason why you are making silly comments in every forum?
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    Quote Originally Posted by Electrode View Post
    I am a total newb to business in general and use to work for a power station. I am thinking about leaving them and to return as a contractor. I will be able to work better hours and have much less stress.

    So how does one get started? Do I use a lawyer or an accountant as both offer a service to help register a business and all the technical stuff gets done by someone that knows the process.

    Is this the best way to get started?
    I use a company called Ptyregistrations. You can find them on the internet. Everything gets done via email and they even open an FNB Business Account for you.

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    Electrode (10-Dec-15)

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    Diamond Member HR Solutions's Avatar
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    Quote Originally Posted by Electrode View Post
    I am a total newb to business in general and use to work for a power station. I am thinking about leaving them and to return as a contractor. I will be able to work better hours and have much less stress.

    So how does one get started? Do I use a lawyer or an accountant as both offer a service to help register a business and all the technical stuff gets done by someone that knows the process.

    Is this the best way to get started?

    I would recommend you get hold of an accountant that you would trust going forward - speak to them and get them to advise you what sort of company you need to open. Once this has been registered you would open up a bank account. You do not need a lawyer to do this.

    You cannot go to a bank to open up anything without registering a company first, so that first bit of "advice" will not work.
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    You do not have to create a company to start a business. You can trade as a sole proprietor, which means you trade as yourself, using your own name and ID number. This means you can use your existing bank account or create a separate one in your own name at another bank. This is the simplest and cheapest way to run a business.

    If you decide to go the company creation route, you will most likely open a PTY LTD (Private company). You can do this yourself at www.cipc.co.za

    More information can be found at http://www.bizempire.co.za/html/type...tructures.html

    That said, I'm not so sure that you will find running your own business less stressful or with less hours. Think carefully why you think this will be. Your own business means you need to record business accounts, file tax returns, and if you choose the company route you will become an employer - even if you are the only employee. Then comes the stress. No business means no pay. Where is your next job coming from? How many customers? What if the customer pays late? There is no more CCMA to protect you.

    Most people go on their own so they don't have to listen to a boss. Well the reality is more like every customer plus your banker becomes your boss. If you have a critical supplier, they may be another type of boss.

    Negativity aside. Good luck with whatever option you choose.

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    Electrode (08-Dec-15), jkamuz (20-Dec-15)

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    Full Member Electrode's Avatar
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    Quote Originally Posted by BusFact View Post
    You do not have to create a company to start a business. You can trade as a sole proprietor, which means you trade as yourself, using your own name and ID number. This means you can use your existing bank account or create a separate one in your own name at another bank. This is the simplest and cheapest way to run a business.

    If you decide to go the company creation route, you will most likely open a PTY LTD (Private company). You can do this yourself at www.cipc.co.za

    More information can be found at http://www.bizempire.co.za/html/type...tructures.html

    That said, I'm not so sure that you will find running your own business less stressful or with less hours. Think carefully why you think this will be. Your own business means you need to record business accounts, file tax returns, and if you choose the company route you will become an employer - even if you are the only employee. Then comes the stress. No business means no pay. Where is your next job coming from? How many customers? What if the customer pays late? There is no more CCMA to protect you.

    Most people go on their own so they don't have to listen to a boss. Well the reality is more like every customer plus your banker becomes your boss. If you have a critical supplier, they may be another type of boss.

    Negativity aside. Good luck with whatever option you choose.
    Thank you.
    DISCLAIMER - The above does not constitute to legal advice or formal advice in any manner or form

  11. #8
    Full Member Electrode's Avatar
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    In a short while from now drastic changes will take effect as of January next year. Many positions may no longer be needed and I alongside many others may have to prepare for this eventuality. In order to be eligible for contract work or subcontracting, we need to be registered as a PTY. I decided to go with the accountant since the relationship will be long term.

    Thank you for your contributions.
    DISCLAIMER - The above does not constitute to legal advice or formal advice in any manner or form

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    Diamond Member HR Solutions's Avatar
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    Good move
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    You can contact me ,can help you with every Company registrations including Tax Clearance,Income tax,CIDB registration,BEE if you want one,share certificate etc....
    everything can be done online you can recieve you documents via email

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