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Sign up with GoogleHow to register a company online
- Thread starter Komrun
- Start date
I did a name registration in March. I paid on the 3rd, and received the COR9.4 document by email on the 12th.
House
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killerbyte
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What type of business will it be? A CC?
Sorry if that is a dumb question but I had a friend tell me that to register a business would cost a couple of grand.
Sorry if that is a dumb question but I had a friend tell me that to register a business would cost a couple of grand.
You can no longer register a new CC. You can buy shelf CC's from accountants who have left. Accountants usually charge a couple of thousand to do it. Don't forget you also need to register for income tax with SARS.
A name reservation should be completed within a month. Reserved a couple of names recently and had reservations within 7 working days.
A name reservation should be completed within a month. Reserved a couple of names recently and had reservations within 7 working days.
killerbyte
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Okay, so are you just reserving a company name? nothing more?
House
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Yep, I am just reserving a name for now.
Like said above, you cannot register CCs anymore. It is only PTY LTD that can be registered.
Once the name reservation is done I can start with the rest of the process - auditors, tax, banks, etc.
DA-LION-619
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Some help please. Can I reserve a name and go through the process of tax, auditors etc. Later on?
Yes reserved a name is just the start.
DA-LION-619
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Okay thanks. Going forward is this fee annually to keep the name or once off?
After u do the name reservation, u need to register within 3 months or longer, then the company will be register, and every year a annual duties is payable to Cipc based on ur turnover
House
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http://www.beeld.com/sake/2014-06-23-kommissie-se-gesloer-kos-maatskappye-miljoene
Unfortunately, this article is in Afrikaans, but in short, the CIPC appears to have ceased functioning and is about to fall apart. It appears no new companies are being reserved and registered since May.
The CIPC blames frustration on people who cannot conduct business and make money, but says there is basically nothing they can do.
I am trying another avenue now. I will see how possible it is registering a company abroad. Most of my income is from abroad in any event, so if I can do it, register a company and open a bank account abroad, I really do not mind where my company is registered. Will just report my salary to SARS as my annual income. The rest of my business will basically function abroad. I will rather pay taxes to another country.
Time to go speak to auditors and my attorneys....
Unfortunately, this article is in Afrikaans, but in short, the CIPC appears to have ceased functioning and is about to fall apart. It appears no new companies are being reserved and registered since May.
The CIPC blames frustration on people who cannot conduct business and make money, but says there is basically nothing they can do.
I am trying another avenue now. I will see how possible it is registering a company abroad. Most of my income is from abroad in any event, so if I can do it, register a company and open a bank account abroad, I really do not mind where my company is registered. Will just report my salary to SARS as my annual income. The rest of my business will basically function abroad. I will rather pay taxes to another country.
Time to go speak to auditors and my attorneys....
Last edited:
Would love to hear more as you find out
House
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Will keep updated. Spoke to my attorneys and it is possible. There are some pitfalls in some countries, which will require things like partnership agreements, local majority shares, etc., but they are setting up a meeting with a local business consultant who assist in registering companies abroad and opening business banking accounts. Since my online income comes into 3 Paypal accounts, I think this is the route for me to go. SA company registration is far too risky and almost impossible to do at CIPC.
For tax purposes this will also be much easier for me.
House
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Okay, just a quick update...
yesterday morning I received an email stating that my company name was reserved. I added directors online, and they allowed me to print the documents.
I did not add any auditor information as yet.
I took the documents through to Pretoria. It was handed in and yesterday afternoon I received an e-mail that the company was registered. I was able to download the documents (registration certificate and confirmation) and got my PTY(Ltd) number.
I read somewhere that you have 4 months to complete another form with the auditor information.
So, the name reservation took almost 2 weeks. Handing in the documents personally to registering the company took 6 hours.