CIPC (Companies and Intellectual Properties Commission)

One of the first steps is to ensure that you submit your annual returns on the anniversary of the month that your company was registered at CIPC to ensure your compliance with the Companies and Intellectual Properties Commission. Failure to submit return of earnings of more than three consecutive years, will result in the de-registration process.

SARS

When a Company is registered, it will automatically be registered for Income Tax at SARS. It is important to note that there are different tax types for different sizes of companies. Small, micro and medium enterprises. Submissions must be filed via SARS E-filing six-monthly.

PAYE

The company must register for PAYE within 21 days of appointing it’s first employee. This is the Tax that is deducted from the employee’s monthly salary and paid over to SARS monthly.

VAT

A Company can voluntarily register for VAT when the total income exceeded

R 50 000 in the past 12 months. A VAT Registration becomes mandatory when the total of income is more than R 1 million in a 12-month period.

Please take note that this is income, and not profit.

Labour

The moment when you employ someone at your company, ensure that you understand and know how to navigate the Basic Conditions of Employment Act which sets out workings hours, workplace conditions, leave policies and disciplinary processes.

Unemployed Insurance Fund

You will be required to register for UIF and contribute towards the fund once you have appointed employees who works more than 24 hours in a month.

Compensation Fund

You will be required by Law as an employer to register with the Compensation Fund within 7 days of appointing employees. The return of earnings must be declared and submitted to the Compensation Fund, whereafter the employer will receive an assessment fee payable directly to the Compensation Fund to obtain a Letter of Good Standing, which will only be valid until 30 April each year and must renewed each year by March.

Construction Industry Development Board

The benefit of registering your Company at CIDB is that it will qualify you to start doing contract work and applying for government tenders. Your Company will also be listed on the CIDB website and the Company will automatically receive alerts about relevant construction tenders form CIDB.

There are different level and grades at CIDB starting at Level 1, and 9 being the highest level. There are annual renewals and 3-year renewals that Companies registered at CIDB must ensure to keep updated.