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it’s difficult to believe that it is date time of the year again, income tax returns can be filed as from the 1st of july 2010.c
cipro has announced they will de-register all cc's/companies who haven't submitted their outstanding annual returns before
provisional tax returns for the period 2010 for all businesses are due before the end of the week
Register a Close Corporation (CC)
REGISTER A NEW CC FOR ONLY R349 - SERVICE GUARANTEED!!
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You have to be a registered user to submit the online application form below.
Registration is free and will take 1 minute. REGISTER HERE.
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1. How does it work?
Step 1 - fill in the form below
Step 2 - pay the R349 online via credit card or any other method.
Step 3 - sign and post the power of attorney together with certified copies (signature of Commissioner of Oath must be original) of ALL members of the CC and post back to PO Box 28845, Danhof,9310
We do the rest. As soon as the CC is registered you will receive you incorporation certificate (CK1) directly via e-mail. You will get SMS and e-mail notifications on the progress of your order.
2. What is the turnaround time?
To reserve a name for the CC and get it registered at the Registrar can take anything between 7 and 15 working days. It all depends on the workload at the Registrar and it can be quicker or in some instances take longer.
In short the process of registering a CC will work as follows:
- You submit the online form and make payment.
- Sign and post the Power of attorney form to us ASAP.
- In the meantime we submit your proposed names to the Registrar for approval.
- Turnaround time is currently 10 -15 working days to get feedback from CIPRO on the names submitted.
- If name is approved we will e-mail you the name reservation document (CK7) and submit final registration docs together with the Power of Attorney form to CIPRO. (Note we can only proceed with this step if we have received the ORIGINAL Power of Attorney Document). CIPRO will then issue the CK1 document (time frame varies depending on the workload at CIPRO).
- We will e-mail you the CK1 document upon receiving it from CIPRO.
- You will get an e-mail and SMS update on each stage of the process.
3. What happens after the CC has been registered?
As soon as you have received your registration document (CK1) you will have to register your CC with SARS. As a myfinance-online user you will be able to this by going to the "Register CC for income tax" section. The CC will then be issued with a Income Tax Number which should not be confused with the CC Registration (CK) Number.
You will also have to register the CC for Workman's Compensation Insurance (WCA). This is mandatory and can be done on this site by going to the 'Register a business with the Compensation Fund' section. The members will also have to determine if the CC will have to register for VAT, PAYE and UIF. All of this can be done on this site. Visit the services section for more info in this regard.
As from 1 September 2008 CC's must annually submit a form and pay over a prescribed fee to the Registrar. You can submit your annual CC Return online here.
The CC will also have to prepare financial statements 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 visit the "Request Accounting Services" page
What is a CC?
The Close Corporation (CC) is a more simplified and flexible business than a company. It is ideally suited to small businesses. The managerial and administrative requirements for Close Corporations are less formal than for companies.
Although a Close Corporation is required to have an Accounting Officer, audited financial statements are not required. The Companies Act prescribes compulsory meetings for Companies, such as annual general meetings. There are no equivialent requirements for Close Corporations. Meetings are usually held between members on an ad hoc basis. The members of CC's do not all have to take an active role in the running of the business. Although in most CCs, the “members” are also the managers of the business.
Close Corporations are governed by the Close Corporations Act 69 of 1984
Why form a 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.
Members of a CC
The members of a CC are the registered "owners" and are listed as part of the registration process.
- Non South Africans may be members of a CC, provided that their membership details are authorised by the Registration Office.
- A Close Corporation may have a minimum of one member or a maximum of 10 members. However there are no limitations in respect of the number of employees in a Close Corporation.
- If the member of a CC is under 18, the registration document must be signed by a parent ort guardian.
Important: please scroll down the page and make sure you have all the information on hand which will be needed to complete the form below, e.g. member details, at least 6 names for the CC etc.
Additional forms that need to be posted to us after completing the form below:
1. Power of attorney. This form together with certified copies of all ID's of all members must be posted to us in order to complete the registration process The POA form can be downloaded at the bottom of this page.
2. If any of the member's country of origin is not in the RSA please post the following documents together with the POA form to us :
- an original signed letter by the foreigner, providing the land of origin, passport number and date of birth.
- copy of work or immigration permits.
- certified copy of passport.
Also note : The Registrar doesn't accept the character "&" , e.g. if you want your CC's name to be "John & Son CC" it will automatically be converted to "John and Son CC"
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This service costs R 349.00. This form will be added as "Register a Close Corporation (CC)" in your basket.
Please make sure information on this form is entered correctly as we rely heavily on information supplied. Incorrect information will cause a delay in the service.
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