In the article I’m going to tell you about The Land Of Opportunities. Africa has a number of business opportunities businessmen may consider. The huge number of people living in Africa is probably one of the causes why businesses thrive well in this place especially when companies are powered by smart and diligent people who know how to run a business. Smooth sailing is not a guarantee but once you learn the science and art of starting and doing a business in Africa, then the game is yours.
Africa’s economic growth rate is shooting up due to a relative increase in terms of investment, notably by the People’s Republic of China. The year 2007 has seen a lot of business growth in Africa because of the unceasing campaign by the World Health Organization and other concerned institutions to improve the lives of people living in Africa.
It is a known fact that the African people have suffered greatly because of poverty, illness, and malnutrition. However, the joint effort of various institutions and organizations has contributed greatly to the surprising interest of many nations to invest in Africa. This country is seeing an economic growth which investors are quick enough to spot.
Africa is starting to globalize their market and tap these natural resources which they could use to revitalize their economy.
For people who see this land as a place where they could start a business, then it is important that they start their plans in the proper way. There are a number of procedures to follow in starting a business in Africa. A quick review would give a great help to people who are in need of assistance in doing business.
First, the company must register its name in order for the Registrar of Companies to reserve the name. The registration of name takes three days and has to be paid with the right amount. The applicant is required to get an agent account where the company is to deposit all the necessary payments for the business registration. The applicant must also lodge formation of documentation with CIORO which is located in Pretorea, Gauteng Province, South Africa.
A company may commence business after it has procured a certificate. Trading and raising finance prior to the granting of certificate is prohibited by law. Lodging takes five to seven days. The third step is for the company to open a bank account which only takes a day. Following this is the registration with the office of the local receiver of revenue or SARS where the income tax number is allocated after the relevant South African Revenue Service office is advised. This takes 12 working days.
Then the company must register with the Department of Labor for Unemployment Insurance and which takes four days to finish but must be done simultaneous with lodging. The last step is to register with the commissioner according to the Compensation for Occupational Injuries and Diseases Act. This takes ten days and has no charge. Following these procedures takes effort but doing so would ensure the legal security of you business.