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Registering
a Close Corporation (CC)
When
registering a close corporation there are a number of legal
requirements and certain paper work needs to be completed and
signed.
One of the
documents required is called a Founding Statement.
The registration
process is explained below:
- The
Founding Statement of the CC needs to be completed and signed by every
member.
- The
Founding Statement needs to contain the following information:
- Full
name of the CC
- Letters
CC added to the end of the businesses name
- Postal
address of the registered office
- Principal
activity of the CC
- Details
of each members
contributions to the CC
- Full
names and identity numbers of each member
- Interest
of each member which needs to be expressed in percentage
- Date
on which the financial year ends
- Name
and address of the accounting officer of the CC
- The
Founding Statement is then sent to the Registrar of Close Corporations
- An
accounting officer must be appointed to the CC as he will draw up the
financial statements
- The
Registrar of Close Corporations will issue a Certificate of
Incorporation and a Registration number when the CC is registered. One
copy of the Certificate of Incorporation is kept by the Registrar,
another copy is sent to the CC and a third copy is sent to SARS (South
African Revenue Services) to register the business for tax purposes.
- The
CC may only commence business after the Certificate of Incorporation
has been issued.
When
registering a CC you will have to provide your desired name for the CC,
it is a good idea to have a few ideas as your first choice might not be
available.
Registering a CC is simple and easy with
today’s technology and the internet as there are a number of companies
that register CCs for customers. The process is done by filling in a
few forms either online or manually. The CC Registration Company will
then do most of the work required in registering your CC such as
registering the name
and details of the corporation.
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