Register a Close Corporation from only R 600.00 excl. 

How does the registration work?

• Complete the online application form
• One of our consultant will contact you and issue a quotation
• Sign and fax accepted quotation to 086 692 4141
• Deposit R 600.00 excl. into our bank account (Details will be emailed after completion of application)
• Complete the Power of Attorney and fax back to 086 692 4141

How long does it take?

We estimate the application will take from 3 - 5 days depending on the workload at the Registrar.

What happens once the registration is complete? 

Once you receive your CK1 document from Finduo via email you would need to register for the following which are all mandatory according to law:

• VAT Number (VAT)
• TAX Number (Income Tax Purpose)
• Workman's Compensation Insurance (WCI)
• Pay as you earn (PAYE) and Unemployment Insurance Fund (UIF)      

As from 1 May 2008 CC's must annually submit a form and pay over a prescribed fee to the Registrar. Finduo will be able to do this for you as a registered client.

The CC will also have to prepare financial statements on 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 members to see to it that proper records are kept. For assistance or more information in this regard please contact us.

What is Close Corporation (CC)?

• A close corporation is founded by means of a founding statement and cannot exceed 10 members who own and manage the cc. Their interest in the cc must always add up to 100% and be expressed as a percentage.
• The close corporation must be profit making in its intentions.
• It provides the members with limited liability, but personal guarantees may negate a certain amount of this.
• A close corporation is a legal entity on its own.
• A Company cannot become a member, as ownership is limited to natural persons.
• A close corporation is governed by the Close Corporations Act No. 69 of 1984.
• Dividends can only be paid if the close corporation is both liquid and solvent (dividends can only be paid if after they have paid, assets exceed liabilities and the business can still pay debts when they fall due).

Why register a Close Corporation (CC)? 

Small businesses, whose members have a close relationship and want to start up with simple administration and legal procedures, are advised to register for a CC. Other advantages include:

• A CC is a legal entity.
• Audited financial statements are not required.
• Meetings are not compulsory and can be held on an ad hoc basis.
• CCs may become shareholders in other companies.
• All members may take part in management.
• The proprietor or member is not personally liable for the debts of a CC.
• The legal procedures for registration and administration are kept relatively simple

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