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  • Company Registration

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    Tsitsi Abigail
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    Company Registration Registrar of Companies WHY SHOULD I REGISTER 1. To qualify for a company bank account 2. To be able to access financial loans and other SME facilities 3. To be able to qualify to apply for any formal tenders in the market 4. To set up sensible legal platform and formal business operations that aid in attracting investors 5. It is one step the ladder of growth of an SME There are two ways of registering a company: 1. Private Business Corporation 2. Private Limited Companies Private Business Corporation What is a Private Business Corporation? It is a body corporate formed by one or more natural persons, but not exceeding 20, formed for the lawful purpose of carrying on business with the object of acquisition of gain. It must be incorporated in terms of the Private Business Corporations Act(Chapter 24:11) Requirements for PBC Registration A name search must be done by way of PBC 1 form An incorporation statement (Form PBC2) must be submitted in duplicate Details of the Accounting Officer (can be provided by TIPS) Pay the registration fee PBC is more suitable for SMEs (Advantages) 1. PBCs are cheaper forms of registration & faster to process 2. Forms are straight forward and easy to complete 3. No extensive drafting of legal documents is necessary as is the case with companies 4. Less paperwork as the Incorporation statement serves also as the certificate of registration. 5. No further requirements ,except when there are major changes.PBC3 filled in Post Incorporation requirements 1. No other burden of requirements is put upon the PBC once it has been incorporated 2. Except where major changes take place, such as changes in shareholding structure in which case a Form PBC 3 is filed. Private Limited Company A Company means a body corporate with one or more persons formed for the lawful purpose of carrying on business that has for its object the acquisition of gain by that association. It must be incorporated in terms of the Companies Act (Chapter 24:03) It is a body corporate formed by two or more natural persons, but not exceeding 50, formed for the lawful purpose of carrying on business with the object of acquisition of gain. Requirements for Registration A name search must be done by way of C.R.21 form. Where in seven proposed names are listed according to preference. Objectives are communicated to the Registrar of Companies. Physical and postal addresses of directors are also stated. Pay the registration fee. The registered office should also be given. Prepation of the Memorandum and Articles of Asssociation.CR 14 and CR 6 are submitted to the Registrar of Companies. Advantages 1. Shareholders have Limited liability 2. There is sepation between owners and workers. 3. Greater potential to raise Capital 4. Easier transfer of ownership Disadvantages 1. More paper work compared to the PBC 2. Expensive to start up and operate 3. Rigorous legal requirements

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    Company Registration Registrar of Companies WHY SHOULD I REGISTER 1. To qualify for a company bank account 2. To be able to access financial loans and other SME facilities 3. To be able to qualify to apply for any formal tenders in the market 4. To set up sensible legal platform and formal business operations that aid in attracting investors 5. It is one step the ladder of growth of an SME There are two ways of registering a company: 1. Private Business Corporation 2. Private Limited Companies Private Business Corporation What is a Private Business Corporation? It is a body corporate formed by one or more natural persons, but not exceeding 20, formed for the lawful purpose of carrying on business with the object of acquisition of gain. It must be incorporated in terms of the Private Business Corporations Act(Chapter 24:11) Requirements for PBC Registration A name search must be done by way of PBC 1 form An incorporation statement (Form PBC2) must be submitted in duplicate Details of the Accounting Officer (can be provided by TIPS) Pay the registration fee PBC is more suitable for SMEs (Advantages) 1. PBCs are cheaper forms of registration & faster to process 2. Forms are straight forward and easy to complete 3. No extensive drafting of legal documents is necessary as is the case with companies 4. Less paperwork as the Incorporation statement serves also as the certificate of registration. 5. No further requirements ,except when there are major changes.PBC3 filled in Post Incorporation requirements 1. No other burden of requirements is put upon the PBC once it has been incorporated 2. Except where major changes take place, such as changes in shareholding structure in which case a Form PBC 3 is filed. Private Limited Company A Company means a body corporate with one or more persons formed for the lawful purpose of carrying on business that has for its object the acquisition of gain by that association. It must be incorporated in terms of the Companies Act (Chapter 24:03) It is a body corporate formed by two or more natural persons, but not exceeding 50, formed for the lawful purpose of carrying on business with the object of acquisition of gain. Requirements for Registration A name search must be done by way of C.R.21 form. Where in seven proposed names are listed according to preference. Objectives are communicated to the Registrar of Companies. Physical and postal addresses of directors are also stated. Pay the registration fee. The registered office should also be given. Prepation of the Memorandum and Articles of Asssociation.CR 14 and CR 6 are submitted to the Registrar of Companies. Advantages 1. Shareholders have Limited liability 2. There is sepation between owners and workers. 3. Greater potential to raise Capital 4. Easier transfer of ownership Disadvantages 1. More paper work compared to the PBC 2. Expensive to start up and operate 3. Rigorous legal requirements

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    309 views2 pages

    Company Registration

    Uploaded by

    Tsitsi Abigail
    Company Registration Registrar of Companies WHY SHOULD I REGISTER 1. To qualify for a company bank account 2. To be able to access financial loans and other SME facilities 3. To be able to qualify to apply for any formal tenders in the market 4. To set up sensible legal platform and formal business operations that aid in attracting investors 5. It is one step the ladder of growth of an SME There are two ways of registering a company: 1. Private Business Corporation 2. Private Limited Companies Private Business Corporation What is a Private Business Corporation? It is a body corporate formed by one or more natural persons, but not exceeding 20, formed for the lawful purpose of carrying on business with the object of acquisition of gain. It must be incorporated in terms of the Private Business Corporations Act(Chapter 24:11) Requirements for PBC Registration A name search must be done by way of PBC 1 form An incorporation statement (Form PBC2) must be submitted in duplicate Details of the Accounting Officer (can be provided by TIPS) Pay the registration fee PBC is more suitable for SMEs (Advantages) 1. PBCs are cheaper forms of registration & faster to process 2. Forms are straight forward and easy to complete 3. No extensive drafting of legal documents is necessary as is the case with companies 4. Less paperwork as the Incorporation statement serves also as the certificate of registration. 5. No further requirements ,except when there are major changes.PBC3 filled in Post Incorporation requirements 1. No other burden of requirements is put upon the PBC once it has been incorporated 2. Except where major changes take place, such as changes in shareholding structure in which case a Form PBC 3 is filed. Private Limited Company A Company means a body corporate with one or more persons formed for the lawful purpose of carrying on business that has for its object the acquisition of gain by that association. It must be incorporated in terms of the Companies Act (Chapter 24:03) It is a body corporate formed by two or more natural persons, but not exceeding 50, formed for the lawful purpose of carrying on business with the object of acquisition of gain. Requirements for Registration A name search must be done by way of C.R.21 form. Where in seven proposed names are listed according to preference. Objectives are communicated to the Registrar of Companies. Physical and postal addresses of directors are also stated. Pay the registration fee. The registered office should also be given. Prepation of the Memorandum and Articles of Asssociation.CR 14 and CR 6 are submitted to the Registrar of Companies. Advantages 1. Shareholders have Limited liability 2. There is sepation between owners and workers. 3. Greater potential to raise Capital 4. Easier transfer of ownership Disadvantages 1. More paper work compared to the PBC 2. Expensive to start up and operate 3. Rigorous legal requirements

    Copyright:

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    Download as DOCX, PDF, TXT or read online from Scribd
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    Company Registration

    Registrar of Companies

    WHY SHOULD I REGISTER 1. 2. 3. 4. To qualify for a company bank account To be able to access financial loans and other SME facilities To be able to qualify to apply for any formal tenders in the market To set up sensible legal platform and formal business operations that aid in attracting investors 5. It is one step the ladder of growth of an SME There are two ways of registering a company: 1. Private Business Corporation 2. Private Limited Companies Private Business Corporation What is a Private Business Corporation? It is a body corporate formed by one or more natural persons, but not exceeding 20, formed for the lawful purpose of carrying on business with the object of acquisition of gain. It must be incorporated in terms of the Private Business Corporations Act(Chapter 24:11) Requirements for PBC Registration A name search must be done by way of PBC 1 form An incorporation statement (Form PBC2) must be submitted in duplicate Details of the Accounting Officer (can be provided by TIPS) Pay the registration fee PBC is more suitable for SMEs (Advantages) 1. 2. 3. 4. PBCs are cheaper forms of registration & faster to process Forms are straight forward and easy to complete No extensive drafting of legal documents is necessary as is the case with companies Less paperwork as the Incorporation statement serves also as the certificate of registration.

    5. No further requirements ,except when there are major changes.PBC3 filled in Post Incorporation requirements 1. No other burden of requirements is put upon the PBC once it has been incorporated 2. Except where major changes take place, such as changes in shareholding structure in which case a Form PBC 3 is filed.

    Private Limited Company A Company means a body corporate with one or more persons formed for the lawful purpose of carrying on business that has for its object the acquisition of gain by that association. It must be incorporated in terms of the Companies Act (Chapter 24:03) It is a body corporate formed by two or more natural persons, but not exceeding 50, formed for the lawful purpose of carrying on business with the object of acquisition of gain. Requirements for Registration A name search must be done by way of C.R.21 form. Where in seven proposed names are listed according to preference. Objectives are communicated to the Registrar of Companies. Physical and postal addresses of directors are also stated. Pay the registration fee. The registered office should also be given. Prepation of the Memorandum and Articles of Asssociation.CR 14 and CR 6 are submitted to the Registrar of Companies. Advantages 1. 2. 3. 4. Shareholders have Limited liability There is sepation between owners and workers. Greater potential to raise Capital Easier transfer of ownership

    Disadvantages 1. More paper work compared to the PBC 2. Expensive to start up and operate 3. Rigorous legal requirements

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