What you need to create a profile for a Sole Proprietor

What is a sole proprietor or trader?

It is simply where a person starts trading as themself. For example, they could fix peoples’ cars for which they then get paid. A sole proprietor is running a business, but there is no need to create a company name or structure. This is the simplest form of business and requires small effort to set up.

What documents will you need to complete the profile

You need to have these documents before you start creating the sole proprietor’s profile. These documents will also need to be emailed to iKhokha once the profile has been created.

• The ID of the applicant, also known as the sole proprietor.

• A bank statement for the account that will be used by the business to transact, as well as a bank confirmation letter (this confirms that the specific account is active at that bank).

• The POA – Proof of Address (like a municipal bill, DSTV account, a store account, a phone bill etc). Remember the details on these documents need to reflect the details of the sole proprietor, so for example, the water bill can’t be in a relative or a spouse’s name, it has to be in the name of the business owner.

• A selfie of the applicant.

• The trading name and nature of the business. For example: “Nelson’s car wash”, car wash service.