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Here are some guidelines to keep in mind when starting your own business:
Should you want to trade as a Sole Proprietor, you should register for the following:
- Provisional Tax and Income Tax (this can be done on SARS E-filing)
- Pay As You Earn This should be done for every employee earning more than R 6,000 gross per month.
- Unemployment Insurance Fund All permanent employees must be registered for UIF
- Skills Development Levy Registration for SDL is required should your yearly salaries exceed R 500,000
- VAT registration Registration for VAT is compulsory when your yearly income exceeds R 1,000,000.
- Voluntary registration can be done if your yearly income exceeds R 50,000.
- It is also advisable to open a separate bank account to keep personal and business expenses separate.
All the above-mentioned forms are available on the SARS website (firstname.lastname@example.org) and must be submitted to SARS in person.
Should you want to trade as a Company ((Pty) Ltd.), you should register for the following:
- All the registrations mentioned under Sole Proprietor.
- Register with CIPC (Companies & Intellectual Property Commission). This fee has to be paid on a yearly basis. See www.cipc.co.za
- A bank account must be opened in the Company's name.