Steps To Starting A Business

Register your business

1. Choosing the name and registering your business.

Choose a name that is easy to pronounce, is memorable and is easily recognisable. Register the name and the business with the Companies and Intellectual Property Commission (CIPC).

2. Decide on the legal structure for your business.

The new Companies Act stipulates the way owners can register their businesses. You need to decide how your company should be structured, i.e. will it be a non-profit company, profit company, personal liability company, state-owned company, public company or private company?

3. Opening a Business Bank Account.

The business bank account can be opened after 22 days of your company registration with CIPC. The banks will expect you to produce the following documents or more depending on the type of company you are starting.

• The original company documentation, and;
• Proof of the identities of the director/s of the company.
• Formation documents from CIPRO/CIPC
• Memorandum and articles of association
• Articles of Association
• Certificate of Incorporation
• Certificate to commence business
• Agreement by a registered practitioner to act as the company's financial officer
• Statement by each Director indicating there is adequate capital in the Company for the purpose of the company's business, also needs to be completed by the directors of the Company
• Certified copies of directors' identity documents

With these in hand the business owner will be able to open a cheque account for the business after making a deposit in the account.

4. Prepare a business plan.

This should include an outline of how you want to start the business, how you are going to make money, who you wish to target as clients and why this idea will work. There are organisations that assist people on how to develop a business plan.

For more information on this contact SEDA (Small Enterprise Development Agency) on 0860 7663 729 or visit their website's factsheet by clicking here to see the guidelines of how to compile a business plan.