New Business info:

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 (www.sars@gov.co.za) 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.