Starting a company: your first 90 days with SARS and CIPC

Registering a private company takes a day or two. Getting it properly set up with SARS, CIPC and the Department of Employment and Labour takes a little longer. Here is everything a new company needs, roughly in the order you will need it.

Week one

Register the company with CIPC, through BizPortal or with an accountant
File the beneficial ownership details: who ultimately owns and controls the company
Confirm SARS has registered the company for income tax (it happens automatically)
Open a business bank account in the company's name
Issue share certificates and set up the securities register

Before you pay anyone

Register for PAYE with SARS within 21 business days of becoming an employer
Register for SDL too, once your annual payroll will be over R500 000
Register with the Department of Employment and Labour for UIF
Register with the Compensation Fund for injury on duty cover
Pay directors through the payroll if they earn a salary

As sales start

Choose accounting software and connect your bank feed
Track sales monthly against the R2.3 million VAT threshold
Decide on your financial year-end (most companies use end of February)
Diarise your first provisional tax payment, six months into the year
Keep every invoice and slip from day one

Every year after that

CIPC annual return within 30 business days after the anniversary of registration
Annual financial statements and the ITR14, within 12 months of year-end
Two provisional tax payments
Update beneficial ownership details within 10 business days of any change

General information, correct as at the date above. It is not tax advice for your situation. Plumbline is a fictional firm on a CodeLab One concept website.