South Africa Business Solutions

Close Corporation Registration/Formation in
SOUTH AFRICA.

Registration Requirements

(1)

Provide a list of names of Directors and their copies of passports. Minium 1 and Maximum 10 names & addresses in South Africa.

(2)

Provide 6 possible company names All names must describe/show the nature of the business to be carried out. Eg Recta Trading, or Recta Investments, Recta Enterprises, will not be accepted but Recta Transport Brokers, Recta Computers, Recta Financial Investments etc are easily accepted

(3)
Provide the nature of business to be done.

   REGISTRATION CHARGES

     Payments: R750 or US$100

     Registration process takes 7- 9 working days.

Upon registration you will receive a Certificate of Incorporation delivered by e-mail within 2 weeks, Founding Statement, free Accounting Officer details.

Question: What is a CC?

Answer: C C stands for Close Corporation. A Close Corporation is the simplest, most practical independent legal business that can be established in South Africa.

Question: Can all members of a close corporation be foreigner?

Answer: Yes, as long as the registered address of the close corporation and that of the Accounting Officer's is in South Africa.

Question: Can one person form a company or close corporation?

Answer: Yes, one person can be the sole director and shareholder of a private company or an only

member of a Close Corporation. Any individual may be a director of many companies.

Question: What are the best reasons for registering a CC?

Answer: The assets of the business are clearly separated from those of its owner(s). if the CCs fails to pay debt, the creditor cannot come after the assets of the owners of the CC. The CC is sued for the debt, not its owners.

WHAT ARE THE ADVANTAGES OF A CC?

1). More simple to operate and relatively inexpensive to register.

2). Carries corporate status in the same way as a company.

3). Becomes a juristic person with the same capacity and powers as a natural person on registration.

4). No Audit to be carried out, therefore no auditor required.

5). Have much less legal governances and provisions to comply with.

6). Members have the same benefits of limited liability except for certain instances.

7). Registration not as complex as companies, A CC is very easy to organize & membership transfer is simple, Etc.

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