FAQ (Frequently Asked Questions)

Are there any liabilities with our Shelf Companies?
No, all our shelf companies are dormant, have no assets and liabilities and have never conducted any business. A statement of this nature is given with the sale of each shelf company.

How long does it take to register a New Company?
The normal time period is 3-4 weeks but the processing time of all company documentation varies considerable depending on the backlog at the Registrars office (CIPRO). Unfortunately, SwiftReg has no influence over the speed of this process. All documents receive a tracking number and can therefor be monitored by clicking on "document search" and the "delay bulletin" on the CIPRO website www.cipro.co.za or by calling the help desk on 0861843384 Please note that we have the same access to CIPRO as the general public, to check on the status of the registration process, it is therefore advised that your queries are directed towards CIPRO.

Can I perform any type of business with my shelf company?
Yes, all our shelf companies are registered as "general trading in all aspects" you are therefore not limited in any way as to the nature of your business.

Can I operate more than one business from my company?
Yes, but this is not advisable because if one business fails it will bring down the other business as they are both trading in the same legal entity. Furthermore it is easier to manage different businesses, by using different companies with their own bank accounts to manage the profitability of the cost centers.

How do I authenticate the documents?
As all the Close Corporation documents are emailed and printed at our office the Authentication and Verification happens online via the banks credit departments as they are linked directly to the CIPRO database or you could call the help desk on 0861843384

Who will register a trademark for us?
Please contact CIPRO on 0861843384

How can I find out who the member of a Close Corporation is?
We can instantly draw a disclosure certificate at a cost of R60

Which Accounting Officer must I use?
You are not obliged to use the Accounting Officer appointed by us and are free to appoint any new accounting officer at your convenience.

When can I open a bank account?
Due to the FICA requirements the banks are very reluctant to open up business accounts for shelf companies until the amendments have been processed by CIPRO. We do however have special relationships with certain banks, which will assist in this matter.

Can a trading name also be reflected on close corporation forms?
No, a trading name cannot be reflected on the Close Corporation forms. The Close Corporations Act stipulates that only the registered name and number, as allocated by CIPRO, may appear on official documents. The trading name must be recorded with the Banks and can appear on the cheque book and the letterhead of the business.

Can all members of a close corporation be foreigners?
Yes, as long as the registered address of the close corporation and that of the Accounting Officer's is in South Africa. If the members do not have SA identity documents, then they must provide the following: · Date of birth, (to be filled in on the form in place of the Identity number) · Reason why no identity documents can be supplied and which nationality they belong to.

Can a minor be a member of a close corporation?
Yes, if his parent or guardian consent to it. A minor is below the age of 18. Consent is given on the CK form or in the case of registering online, through an extra link which produces a letter for minors. The guardian signs on behalf of or with the minor but the details of the minor are recorded. The guardian should also indicate below his signature, his full names and relationship to the minor.

Can one person form a company?
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.

What is the difference between a CC and a PTY?

Close Corporation	(Pty) Ltd
28% Tax Rate	28% Tax Rate
Limited liability (Protection)	Limited liability (Protection)
Max. 10 People	Max. 50 Shareholders
Only natural persons can be members. (or trusts provided that the beneficiaries are natural persons)	Any legal entity can be a shareholder
Only bookkeeping is required	Bookkeeping plus an Audit is required
Members manage the business	The Directors manage the business, but the shareholders own the business
No compulsory meetings	Compulsory meetings
Unlimited employees	Unlimited employees

How do I apply for a VAT registration number and a tax clearance certificate?
We do not deal with the VAT registration numbers or tax clearance certificates. You will have to contact your nearest SARS Office to assist you with this registration. You personally have to go the SARS office to collect your tax clearance certificate. It is suggested that at the same time you register the company for company tax by completing an IT 77C form (Obtainable at the SARS Offices)

Where do I get copies of documents?
We can only supply online disclosure certificates. Copies of documents must be obtained by contacting Pat du Toit on 0837287177

Will we sign the documents to transfer the property into a Shelf Company?
Yes, but only if an indemnity form is signed by all the members and a copy of the amendments, which have been sent to CIPRO is attached.

Who can sign for a deceased member of a close corporation?
An executor of the estate must be appointed and only he or she can sell or transfer the membership. If no executor is stipulated in the will then the government appoints an executor.

I want to apply for deregistration of a close corporation, are there any forms?
No, A letter, on the letterhead of the company, applying for deregistration must be posted to CIPRO (P O Box 429, Pretoria, 0001) The Letter, which must be signed by all the members, must state that there are no assets or liabilities in the close corporation.