New Company Registration in South Africa during COVID-19

Content provided by Company Partners, the leader in Fast Company Registration for South African entrepreneurs. Learn more about how we can empower your new business at https://www.ptycompanyregistration.co.za/

While the world sat in silence and witnessed the onslaught of economic devastation during the global lockdown, South-Africans in excess of three million, were left unemployed after a mere six months of stringent lockdown regulations. As businesses scaled down or closed shop, those left in the trenches of the aftermath, were forced to stand up and restart.

During the course of the last twelve months, companies who facilitate company registrations, such as Company Partners, saw a rise in the demand for new business registrations.

The reason, quite simply put, is that South-Africans have been forced to tap into their innovative and creative selves, in order to sustain their families financially.

The creative founding of new companies and interesting ways in which new business owners have adapted in becoming financially independent and successful, is astounding – but where do they start?

Building a business is no easy task, aside from tedious hours, hard work and inventive thinking, there is the legal side of getting your company off the ground, that at times, baffles even the most knowledgeable candidate.

In this post we outline the three key factors that play a formidable role in getting you started.

The Business Idea

Getting your creative juices flowing and conjuring up a failsafe idea is a challenging concept, but as we’ve learnt during 2020, South-Africans rose up to the bar and pushed themselves.

Creating a solution around an existing problem, (which was lockdown) and implementing that solution in a sound way that promotes profitability, was exactly what many South-Africans did.

Reading your target market is key to understanding what you should offer and how to successfully provide an answer to a need in the market.

The Business Plan

Once an idea has budded, the finer details are to be laid out. It comes as no surprize that teething problems follow, but an innovative mind accepts the obstacles and solves the puzzles, reinventing the trade you plan on entering to something new and exciting is what new business is all about.

Ensure you have a solid plan in place by getting a business plan specialist to assist you to setup a professional business plan.

A Business plan serves as your company’s roadmap, which will give you focus, direction and a clear pan to follow from the start. Here’s a quick overview of what a business plan consists of:

  • 5-Year Financial Projections
  • Market Analysis
  • Customer Segmentation
  • Industry Analysis
  • Industry Trends
  • Competitor Analysis
  • Business Model Description
  • Competitive Advantage & Unique Selling Points

 

Company Registration

While the aforementioned factors of creating and establishing your business may have been tedious ventures, one of the most vital steps in your move towards financial freedom, is getting the company paperwork in order.

The Company Registration process in South Africa is split in 2 phases: first Company Name Reservation and then Company Registration. For a complete guide on the CIPC company registration process in South Africa, Click here.

Company registration can be done directly at the Companies and Intellectual Property Commission, but the greater part of business owners prefers to have it done professionally through an accountant, or businesses who provide company registration services. Using experts in the field ensures accuracy, seamless activation, and expert advice on the correct company structure, as well as the next steps after registration.

Online company registration has made the task, of getting your company documents in order, far easier than it was in the past. In recent years online company registrations services became the go-to platforms of registering your business, simply because, much like everything else that happens online – it’s faster and easier.

Conclusion

As the dust settles and a vaccination strategy is deployed, many south-Africans look forward to life returning to normal. But a new normal is at the order of the day. Small businesses who were forced to take shelter, while they operate from home, have now come to grasp the magnitude of this shift. Saving money on overheads and office space rental has become the new normal.

While the Pandemic has left many in ill fate and talks of a 3rd wave may cause many uncertainties, it has also created new opportunities for innovative ideas and solutions to existing businesses, in the way they operate.

Starting a company during COVID-19, while painstaking and stressful, has certainly left its footprint on new company registrations for SA entrepreneurs and whether the future holds a virus-free outlook, or a new way of life, one thing remains certain – as South-African Entrepreneurs we will stand strong, and find a way – not only for ourselves, but also for that of our fellow citizens, our country and economic growth.

Liam Stander, Co-Founder of Company Partners, also shares his opinion on dealing with the business opportunities on offer in 2021. Read his post here.

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