Business Structures & Business Bank Account in SA

[nigelm]

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

[Dave A]

Nigel, are you looking to set up the business as a juristic person - ie. ruling out sole proprietor or partnership as options?

[nigelm]

Hi, Sole proprietor could work initially, yes.

Nigel, are you looking to set up the business as a juristic person - ie. ruling out sole proprietor or partnership as options?

[Erika Gordon]

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

[nigelm]

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?

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