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Thread: Business Structures & Business Bank Account in SA

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    Email problem nigelm's Avatar
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    Business Structures & Business Bank Account in SA

    Hi,

    We are trying to set up a business in South Africa. We don't really know much about the types & indeed benefits of the different business structures avaliable ie closed corporation vs others. Where are the benefits of the various options available?

    We also need to open an bank account; any advice or suggestions on the banks to approach? Any banks to avoid?

    Many thanks in advance.
    Nigel

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    Site Caretaker Dave A's Avatar
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    Nigel, are you looking to set up the business as a juristic person - ie. ruling out sole proprietor or partnership as options?
    The trouble with opportunity is it normally comes dressed up as work.

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    Email problem nigelm's Avatar
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    Hi, Sole proprietor could work initially, yes.

    Quote Originally Posted by Dave A View Post
    Nigel, are you looking to set up the business as a juristic person - ie. ruling out sole proprietor or partnership as options?

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    Hi Nigel,

    Sole proprietor is the easiest. With regards to the banks, it is six of this and half a dozen of that. They are all the same. Rather compare the services / facilities that they will offer you. For example, is there a branch within walking distance of your office for any banking emergencies.

    Also the banks will ask you for proof of residence and ID of the owners of the business.

    Good luck

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    Email problem nigelm's Avatar
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    Thanks for this info. Proof of residence? Moving to SA in December but would like to start trading beforehand say August? That's going to be a problem right?

    Quote Originally Posted by Erika Gordon View Post
    Hi Nigel,

    Sole proprietor is the easiest. With regards to the banks, it is six of this and half a dozen of that. They are all the same. Rather compare the services / facilities that they will offer you. For example, is there a branch within walking distance of your office for any banking emergencies.

    Also the banks will ask you for proof of residence and ID of the owners of the business.

    Good luck

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