We offer a range of secretarial services that will support your business in its journey from inception.
Our services for companies are detailed below.
Register Business Name, Register a Company, Purchase a Shelf Company
One of the first and most important steps in starting a successful business is to register business name.
When registering your business’s name, registering a company or purchasing a shelf company, you start creating the identity of your new enterprise. The process may seem simple enough, but it can be tricky to navigate, especially if one is a novice in the registration process. Luckily, we can assist in getting your business started.
A shelf company offers several advantages, primarily that you could commence trading immediately. Our shelf companies have never traded previously and are designed purely to facilitate immediate commercial activity. Once you have acquired a shelf company from Louis Meyer Secretarial, we will guide you through the process of changes to this entity to alter the business’ name, address, directors’ details, etc.
The timeframe for completion of changes to a shelf company is 5-7 working days after receipt of your documentation. These timeframes would be impacted by backlogs at the CIPC.
WE ARE PROUDLY ASSOCIATED WITH THE
MMS Group of Chartered Accountants.
Register Company
By registering your company, you would be in a position to trade formally, open a bank account for your business, grow your entity through contracts, tenders, supplier listings and much more.
When you register a company, you have the scope to apply your own unique company name. Read More about our services pertaining to new company registrations.
The CIPC timeframe in order for our team to register a new company on behalf of a client is 3-5 working days after submission of all required supporting documentation.
Register Business Name
Under South African legislation, a company may be registered with or without a company name. In the event of the latter, the registration number automatically becomes the company name. If your intention as an owner is to build your company into a brand, we would advise you to register your entity with a company name. When you register business names, you are ultimately protecting your intellectual property. More about our company registration service.
The time frame to register business names are generally 2 working days or 5-14 days for a name change. In both cases, we rely on standard timeframes of the CIPC and as a result, the process could take less or more time dependant on backlogs at the CIPC.
OUR NETWORK OF FINANCIAL PROFESSIONALS SPECIALIZES IN CLOUD ACCOUNTING SOLUTIONS
suitable for entrepreneurs and new business owners. READ MORE.
MOI
From time to time, a company may wish to amend its Memorandum of Incorporation or effect adoptions thereto under a special resolution. Examples of such changes include:
- Changing the main business of the company, if such is contained within the MOI.
- Changing the main and/or auxiliary powers of the company and its office bearers.
- Removing, amending or inserting ring-fending conditions.
A special resolution is required to amend the company’s MOI if the amendments are proposed by the Board of Directors or shareholders entitled to exercise at least 10% of the voting rights that may be exercised on such resolutions. Such special resolutions are adopted at a shareholders’ meeting.
If an amendment to the MOI is ordered by a court of law in South Africa, the amendment is affected by a resolution of the Board of Directors only, i.e. not by special resolution.
The timeframe for the processing of MOI amendments or adoptions is 10-15 working days from the date of receipt of the supporting documentation.
Annual returns of companies
and Close Corporations
All companies and Close Corporations are required to submit annual returns to CIPC. Failure to do so will result in penalties being levied and the consequences can extend to deregistration and company closure. Along with the annual return, certain companies are required to submit their AFS in iXBRL format. The failure to comply with these provisions can lead to penalties and even deregistration. Read further to understand these obligations and how we can be of assistance.
New NPC and
external companies
Non-profit companies (or “NPC” entities) are incorporated to serve public benefit or to serve interests such as cultural or social activities, or communal or group interest. The income and property of such entities is not distributable as this must be applied to advance the purpose for which the entity was created. External companies, on the other hand, are entities incorporated outside of the borders of South Africa with either non-profit or with-profit objectives. Where such an external company conducts or intends to conduct business in South Africa, the foreign company is required to register in South Africa as an “external company”.
Re-instatement of companies or close corporations
Where a company or close corporation has been deregistered by the CIPC, due to failure to timeously or accurately submit annual returns, or for reasons beyond this, a reinstatement only occurs in the following scenarios:
- The company or close corporation was in business at the time of deregistration. Sufficient documentary evidence in the form of bank statements for a period of 6 months before and six months after the deregistration date would be required.
- Immovable property is registered in the name of the deregistered business.
- An order re-instating the company or close corporation has been issued by a South African court of law.
Deregistration of a Company or Close Corporation
Business owners may deregister a company and so bring the entity’s legal status to closure. Once deregistered, the business may continue in a different form, but all assets and liabilities must be transferred to the new entity prior to final deregistration. A company or close corporation may also be deregistered in the event of non-compliance of the submission of annual returns or if the CIPC has reason to believe that:
- The company is not trading, or
- Has been inactive for 7 years, or
- Will not trade in the near future
We can assist in bringing a company or close corporation to termination and apply for the final deregistration on your behalf.
The timeframe for CIPC processing of deregistration can take up to 6 months.
Conversion of a Close Corporation to a Company
- A Close Corporation is permitted under Item 2 of Schedule 2 to the Companies Act, 2008, to convert into a profit company having shares, i.e. a private company, a public company or a personal liability company. Close Corporations and conversions are discussed in greater detail here.
- The timeframe for the processing of a conversion application is 15 working days from the date of receipt of the supporting documentation.
