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 who does assist with companies registrations and they are the best.
In order for you to register the pty . You will need a director and a director basically runs the company from day to day. So the first document you will need will be the directors 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.
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
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 .
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.
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.
Unfortunately not If the trading as name is the same as that’s already in use by a Pty company or Its too similar and misleading . You can be sued for passing off and benefiting from another business reputation and their goodwill.
Yes if you have not been using the company you can certainly deregister your company with cipc. All you have to do is write a letter to Cipc stating why you want to deregister your company. Prepare supporting documents for example your business bank account status. Get written information from Sars that your company has tax liability that is still outstanding. When you have all your documents you must scan them to cipc. If my company has been registered for while and It went into final deregistration while I was trading. Can my company be restored again.
Yes if you have been trading and was unaware of your annual fees . You can apply for a restoration of your company. If are doing the restoration with cipc directly I’t will be best to get the requirements first before you start gathering your information. However if you don’t simply have the time to do it yourself you can get a professional company to assist you like Swiftreg . You just have to get the requirements from them and and they can assist you.
Yes you can .When you decide to buy a property as a higher or as a additional rate tax payer you will have to pay income tax at 40-45%. However what you can do is when you buy your company trough Pty ltd company you will only pay the corporation tax rate which is 20%.
No when registering your company you have to give them 4 choices of preference. Then what cipc does they will search each name individually to see If Its available for you to use ., Once name is approved it will be reserved for six months for you. In that six months you have register the company or else the name will expire and you have to apply again for the name. Remember they cannot guarantee that you will get the same name again.
However there are ways of protecting your name for example you can trade mark your name. In order that no one else can use it. A trade mark is a unique symbol that distinguishes your goods or services from those who are competitors. The trade mark registra looks at certain requirements before your trade mark is accepted . They also advice that the trade mark must be distinctive . It may not simply describe the goods or services to which you applied and It may not be laudatory. Last but not least a trade mark registration lasts for ten years and may only be renewed for further periods of ten years.
Yes you can actually do the email setup and website for your company while you waiting for your registration documents. Reason being once your company name is approved. You can go and search to see if your domain which is in the company name is available. You can use a professional company like Swifreg that has a website team to assist you. Once your company name is approved you will get an automatic email from one of the consultants to let you know that your company domain is available. How awesome is that people.
Well I have great news for you. So yes you can have as many companies on your name as you want you are not just limited to have one company on your name.
Yes you certainly can open a business bank account. However as a foreigner you should have an assessment of your circumstances and what will be required of you.For foreigners who start businesses in South Africa they have to apply for a business visa.
There are two types of visas you as a foreigner can apply for Business visa- the business visa is for anyone starting a business as a foreigner in south Africa.Independent Financial Permit- A permit that does not get applied for that often but It does allow the holder to commence a business but also offers other benefits over business visa routes.
The purpose to get a business visa is designed to work in the business and foreign investors does not require a business visa. However any foreigner can own a business that’s not restricted . If the foreigner should have the intension to work with in the business or wants to live in South Africa a visa would be required.
No once the company is registered you will get a income tax number automatically from Sars. However in order for you to obtain a tax clearance certificate sars does require business banking details and who is going to be the public officer of the company. So in order to get a tax clearance company must be registered . The company must have an income tax number . Company must have a business bank account as well