CC registration click HERE
 

Close Corporation registration 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 cc must be profit making in its intentions. A cc  provides the members with limited liability, but personal guarantees may negate a certain amount of this. A close corporation cc 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). A close corporation cc does not need to have an association agreement, but is recommended as it binds members and regulates the internal relationships between members. You can follow the model set out in the amended CC Act, No 17 of 1990. It lays down the voting powers, payments (dividends), members rights and duties, meetings, remuneration, benefits, obligations and the extent to which the cc will indemnify members from expenditure incurred for or on its behalf. The accounting officer is required to submit reliable annual financial records, which agree with the accounting records. Once the cc has been formed the Receiver of Revenue will ask for the name of your public officer, whose duty is to submit the annual tax returns to the Receiver. If you need to amend details of the founding statement then you will need to submit (CK2), in duplicate to the Registrar. If you need to amend the accounting officer then you will need to submit (CK2A), in duplicate to the Registrar. If you would like to convert your company to a CC you will need to submit (CK4), in duplicate to the Registrar. If you would like to de-register your CC you will need to submit a letter to the Registrar, informing the Registrar that the CC has ceased to carry on business and that they should take the necessary steps. CC registration click HERE

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