How do you register a pty?
There is basically a few ways to do a pty registration for example you can do the registration online with cipc directly or you can get a professional company who does registrations via cipc for example Swiftreg. SwiftReg has specialised in making the registration process simple and easy, and bypasses the complexities associated with government websites and admin.
What are documents that you will require to do pty registration?
In order for you to register the pty . You will need to know who are going to be the directors. The directors are responsible to run the company from day to day. To register each director you will need their identity document. Remember if you are a South African and you have the smart card cipc does require the front and the back of the smart card. If you are a non citizen cipc will require a valid passport from the director.
However if you are planning on using a professional company like Swiftreg they do have their own requirements as they are doing this registration on your behalf which can save you alot of time trust me.You will also need the name confirmation certificate which is COR9.4 and If you are using the professional company like I prefer, they will apply for the name on your behalf. Then last but not least Power of attorney which is document that give a 3rd party permission to do the registration on your behalf.
What is a Pty Ltd company in South Africa?
A private company is a legal juristic person where the liabilities of its shareholders are limited. This means that the company is liable for its own debts and not the shareholders personally.Remember that shareholders own the company and appoint the directors to run the company on their behalf and shareholder can also be a director of a company.
A private company or like we all know It a Pty Ltd. Company can have unlimited shareholders. When you in a private company, if a shareholder wants to sell his shares he must first offer it to a fellow shareholder in the same company before he can sell it to the general public
How long does pty registration take?
The normal time frame to register a pty can be anything from 3-5 business days according to cipc. However when using a professional company like Swiftreg you will get your pty registration done within 1-2 business days how excellent is that!
How old should an individual be to register a Pty?
In order for you to register a pty . The requirement is that you should atleast be 18 years of age and have an id document.
Is a Pty Ltd a Sole Proprietor?
No not at all . A Sole Proprietor is an individual that does not enjoy limited liability. For example everything the sole proprietor owns the business owns which means If a client sue the company they can actually take your personal belongings.
Must a private company register for tax as well?
The benefit of registering your pty company. When your company get registered you will be registered for income tax number automatically. Reason being cipc and sars has collaborated so when your company get issued a registration number you will receive a income tax number. If you do get the sms or the email from sars you can call the sars call centre and they will give you the income tax number telephonically.
Can I register a Pty Ltd without a name?
Yes indeed you can however your registration number will be your company name . So I do suggest to apply for a company name first and then do your registration.
Can you do changes on your Pty when It has been registered?
Yes you definitely can. You can change your companies name you can change the directors , shareholders as well as the companies address. In many cases when you register a pty you often use your residential address and at a later stage you have your own office space. So you have nothing to worry about changes can happen after registration is done.
Benefits of registering a Pty Ltd.
You can have unlimited directors and shareholders. There is no auditor required when registering a company. Remember in the past when you registered a Close corporation an accounting officer was required well that is not required with registering a Pty Ltd. With the Pty Ltd you can get taxed only 28% and It’s Limited Liability.
Do all companies need to be audited?
No not all companies need to be audited and companies that not require an audit are normally the companies that have their financial statements independently reviewed and by this the companies directors are also the shareholders.
Will there be any fees that needs to be paid after registration is done?
Yes there is fee or let me say annual returns that need to be paid on your companies anniversary date.When I mentioned anniversary that means when the company was registered. The reason why you have to pay your annual returns is to keep your company active so even when you don’t use the company and you have not been trading on the company as long, as you pay the annual returns your company will remain active.
Remember you get annual returns for your company and then you get tax returns. Normally clients get confused with the two returns but as long as you know the difference between the two. You can either get a professional company to assist you with the submitting of your annual returns for example Swiftreg they have a excellent system where you request a quote directly on their website and you can use the credit card method or you can simply just do a electronic payment.
Can a Trust be part of a pty registration?
Yes they can be part of the registration. However the director of the company must be a natural person. The trust can be the jusrictic shareholder of the company. Which means that the company will be run by a natural person but the trust will own the company. So if you register your pty and you have two directors and two juristic people on the company, which mean that two entities that’s already registered and they have registration numbers.
Will my Pty Ltd automatically be VAT registered?
No unfortunately not. In order for your Pty to be VAT registered your turnover must exceed 50 000 per annum the you can apply voluntary to be VAT registered. Once the company is registered within 1 year or even 6months and you can prove by invoices or bank statements you exceed 50 000 you can apply with SARS for Vat number or you can use a professional company like Swiftreg .
Can I open a business bank account while I wait for my registration documents?
No you won’t be able to. Reason being when opening business bank account your company must be entirely registered , because when you go to the bank they going to ask your for registration documents which you do not currently have . So It’s best to wait upon registration and then go and open your bank account.
Will I receive share certificates with my registration documents?
It all depends where your registration is done. When you register your company with CIPC directly they do not issue share certificates .However all is not lost when you do your registration trough Swiftreg they will issue your share certificates with your registration documents.
Even if your registration was done trough Cipc by yourself you can still use professional company like Swiftreg to issue share certificates for your company by using their quick and easy share vault website.