So, for the most part it’s pretty easy for you to register a company yourself. You can do that at CIPC. Though to be honest, I leave that up to our CIPC expert!
But once you have registered your Company, and are now a proud business owner, here are the next few steps that need to be done :
Issue yourself a Share Certificate. This is not done by CIPC and is so important! The Director is listed on the Company Document and is basically the person that runs the business and is responsible for the daily management. But the Shareholder actually owns the business and is entitled to profit share. So, in most cases, in a small one-person business, these two are usually the same person. But that Share Certificate is the only proof of Shareholding. Banks often ask for it. There are basic templates online. If you are not the only shareholder of your business, then ask an accountant to assist with the certificates!
Check your Company Document for the Business Registration date. The month your business was registered, is the same month you need to log on to CIPC every year and file your annual CIPC Return. This is separate from your tax returns, and failing to do this can result in your company being deregistered!
You would have received your Company Tax Reference by sms when your Company was registered. Register this reference on Efiling
Once your Efiling is active, review your Tax Compliance section, and see if anything is outstanding. If not, print yourself a Tax Clearance Certificate. This is often asked for in business. If it’s not up to date, you can see here what is outstanding and either file or get help.
Check your Company Year End on your Company document. This is the month that your business books “close-off” each year. If you didn’t ask for another month, it is usually February. This means your books will run from March to February every year. Your provisional tax returns will be due six months before year-end (Aug) and the month of your tax year-end (Feb) and your company tax return needs to be filed within 12 months of your year-end (So your Feb 2018 tax return needs to be filed by Feb 2019).
Setup an online accounting profile. It’s not worth the effort of running it manually. Issue professional invoices, track your income and expenses and link your bank to the system to save you time. We prefer Sageone as it’s local and offers support. But there is also Wave, Xero and Quickbooks. Take a look and find one that works for you! Keeping your basic info of income and expenses means the hard work has been done and will only save you money on bookkeeping fees in the long run!
Keep every invoice.
Make an appointment with an accountant to just chat about your business, what you need to know, tax and all other important bits we work with every day. There is a lot you can do yourself but it needs to be set up from the start, not a year down the line!
Here are nhb.business we offer various options to help you on your journey! These include one free phone or in-office consultation to run through your business basics, workshops for new businesses, monthly packages to do all the compliance for your business and also coaching and strategy programs. Remember keep an eye on Facebook for plenty of resources, blogs and videos!
We are here to help you build that business dream.