Register A Company - Online financial service

By: Myfinance-online  11-11-2011
Keywords: Financial Statements, Credit Card, Income tax


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Private Company Registration Form

1. How does it work? Step 1 - fill in the form belowStep 2 - pay the R785 online via credit card or any other method.Step 3 - sign and post the power of attorney together with certified copies (signature of Commissioner of Oath must be original) of ALL directors of the Company and post back to PO Box 28845, Danhof,9310 We do the rest. As soon as the Company is registered you will receive the incorporation certificate  directly via e-mail. You will get SMS and e-mail notifications on the progress of your order.
2. What is the turnaround time?

Reserving a name and registering a new company with CIPC takes anything between 4 - 8 weeks 

3 . What happens after the Company has been registered?

As soon as you have received your registration document you will have to register your Company with SARS. As a myfinance-online user you will be able to this by going to the section. The Company will then be issued with a Income Tax Number which should not be confused with the CC Registration Number with CIPC. You will also have to register the Company for Workman's Compensation Insurance (WCA). This is mandatory and can be done on this site by going to the ' section. The members will also have to determine if the Company will have to register for VAT, PAYE and UIF. All of this can be done on this site. Visit the services section for more info in this regard. As from 1 September 2008 Companies's must annually submit a form and pay over a prescribed fee to the Registrar. You can here. The Company will also have to prepare financial statements every year end (normally February) to enable the CC to complete the Income Tax Return (IT14). Proper bookkeeping of all transaction are necessary. It will be the duties of the directors to see to it that proper records are kept. For assistance or more information in this regard please visit the page. 

4.  What is a Private Company (PTY) Ltd?

Private companies are comparable to companies of the same status under the Companies Act, 1973 and are characterised by the following: 

  • They are subject to fewer disclosure and transparency requirements.
  • A private company will still be prohibited from offering its shares to the public and the transferability of its shares will be restricted, but it may now have more than 50 shareholders.
  • The name of a private company must end with the expression “Proprietary Limited” or its abbreviation “(Pty) Ltd”.
  • The board of a private company must comprise at least one director, or any other minimum number as stipulated in its MOI. Each incorporator is a first director of the company.

5. Directors of a Company

Section 76 of the Act, in particular, requires a director when acting as a director, to act:

  • in good faith and for a proper purpose
  • in the best interests of the company
  • with the degree of care, skill and diligence that may reasonably be expected of a person
    • carrying out the same functions in relation to the company as those carried out by the director
    • having the general knowledge, same skill and experience of that director – a reasonable man/women test.

Number of Directors

Private Company – 1 Director Minimum. Can have shareholders but not compulsary. Shareholder can also be a director.Public Company/Non Profit Company – 3 Directors minimum

Keywords: Credit Card, Financial Statements, Income tax, Online Application Form, Power Of Attorney, Registration Number, tax return

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