Step One: Choosing Your Business Name
When it comes to starting your own business, the very first task you should begin with is choosing a company name. There are several considerations to keep at the forefront of this decision.
Your business name should be closely related to your company’s trade
No matter what the function of your business is, by seeing or hearing your business name potential customers should easily be able to know why they would engage with your company. It is no good registering a plumbing business called “Tom’s” – until your business becomes well-known no one will know what you do. Similarly it is no good registering a business name for the same plumber with any other terms related to other business, for example “Tom’s Electrics”.
Your business name should be able to double as a URL
ou will want to choose a business name that you can use in your website address if you want to take your business online. Contact us if you would like to check if your preferred business URL is available.
When you begin the process of registering your business name, it is a good idea to have more than one name in mind. When you are ready to apply, you can apply for up to four names at a time. The Companies and Intellectual Property Commission (CIPC) will select the first suitable name on your list and approve it. Reserving your name may take a few days, but not usually more than three. Once your name has been approved you are ready to register your company.
Filling out the application
You will need the following information to complete your business registration application:
- Full names of all of the directors
- Residential, business, and postal addresses of the directors
- ID numbers of the directors
- Cell phone numbers of the directors
- E-mail addresses of the directors
- Full names of all the shareholders
- Addresses of the shareholders
- Financial year-end (Usually February – unless that is a busy time for your business)
- Your postal and physical business address
- The number of authorised shares you want
- The number of issued shares you want
Registration should take a maximum of three days. Once you are registered it is time to go through the formal procedure of your first meeting as director and issue shares.
Step 2: Setting Up Your Bank Account