One of the main advantages and the reason private companies are so popular, is that the law sees a private company as its own legal entity. This means that shareholders cannot be held personally liable for any debt the company might incur during the course of doing business, if everything is done within the law. Besides this major advantage, private companies are also flexible in that they have a perpetual lifespan, even if one of the directors dies. And finally, this company form is suitable for both small and large businesses, which means your company can grow without the need to change the company form. Because of these advantages, many entrepreneurs and small business owners make use of this form of company for their business.
What do you need to register a (Pty) Ltd?
In order to register a private company with CIPC the following documents are needed:
- An application for Reservation of Name: Companies are allowed to register with or without a company name. If a name is not included in the application the company will be registered with its enterprise number. A name may be added at a later stage.
- Notice of Registered Office and Postal Address of the Company.
- Statement by directors regarding share capital, memorandum and articles of association: All companies must have a Memorandum of Incorporation (MOI). The MOI sets out the rules regarding the management and maintenance of the company as agreed to by the shareholders. Private companies may be registered with a standard or a customised MOI.
- Certified ID copy of applicant.
- Certified ID copy of all incorporators and directors.
- Power of Attorney (only if a third person is acting on behalf of promoter or promoters).
- Certified copy of the representative’s ID (only if a third person is acting on behalf of the promoter or promoters).
Registering a company can seem complicated when you haven’t done it before. For easy and quick registration of your new company it is advisable to contact a professional to do it for you. This will ensure quick and efficient registration so you can focus on what really matters to you - your new business.
To register your (PTY) Ltd the easy way, contact Ptynow!