Which procedure to follow when registering a new company in South Africa?


  

Posted: July 06 2012


 NDBS: 

Posted: July 06 2012

Two types of companies may be incorporated under the Act, namely non-profit companies and profit companies. 

Check full Guide on New Registration Guide

Profit companies may be incorporated under the following types:

  • Private Companies
  • Public Companies
  • Personal Liability Companies
  • State Owned Companies

Non-profit Companies (NPC)

  • A company incorporated for public benefit or other object relating to one or more cultural or social activities, or communal or group interests; and
  • The income and property of which are not distributable to its incorporators, members, directors, officers or persons related to any of them.

Private Companies (Pty) Ltd

Private companies under the new Act are prohibited to offer securities to the public and the transferability of their shares are also restricted. Private companies however, are no longer limited to 50 members as was the case under the current Companies Act.

Public Companies (Ltd)

The definition of a public company is largely unchanged. The only difference is that a public company under the new Act only requires one member for incorporation compared to the 7 members under the current companies Act.

Personal Liability Companies (Inc)

The directors and past directors (where applicable) of such companies are jointly and severally liable together with the company for any debts and liabilities arising during their periods of office.

State-Owned Companies (SOC Ltd)

A State owned company is either a company defined as a “state-owned enterprise” in the Public Finance Management Act 1 of 1999 or a company owned by a municipality. The majority of the provisions of a public company will apply to state-owned companies as well.

Foreign and External Companies

A foreign company is a company incorporated outside of South Africa , irrespective of whether it is a profit or non-profit company or carrying on business in South Africa or not. A foreign company is prohibited from offering securities to the South African public unless it follows the specific provisions of the companies Act, relating to offers to the public.

A foreign company is required to register as en “external company” with the CIPC if it conducts or intends to conduct business in South Africa.  The Companies Act in terms of Sect 23 lists a series of activities which will be regarded as conducting business. This list is much broader than the provision in the 1973 Companies Act relating to a “place of business” in South Africa.

 

 How can Euro debt crisis affect global economy? 

Posted: July 05 2012


 Dummies.com: 

Posted: July 05 2012

Britain may be in the front line of the Euro crisis, but it is not the only country affected. The Eurozone is a massive market for businesses from the United StatesChinaIndiaJapanRussia and the other major world economic powers. China has considered lending money to Europe, they are that concerned that the Euro may collapse. Meanwhile, the International Monetary Fund (IMF), which was set up to help countries in economic difficulty, set aside hundreds of billions of dollars for a bailout of some of the Eurozone countries. The wider world is so keen to see the Euro survive — even if that means it has fewer members — for the following reasons.  

To preserve the Eurozone’s massive consumer market. 

A staggering 322 million Europeans use the Euro every day. It’s the currency of seventeen nations. Besides daily activities, these people use the Euro to buy goods and services from overseas — if there was a collapse in its value, then they would be less able to buy imports.

To prevent a global recession. A collapse of the Euro or a situation where some European governments would be unable to repay their debt would have a huge, negative impact on the world economy. It would resemble the financial crisis of 2007 and 2008 (in truth, it could be much worse than that). At the very least, businesses around the globe would think twice about investing and taking on new staff while others might start to trim their operations and cut jobs. A global economic recession would be highly likely.

To protect the world financial system. Banks around the globe have invested in the government debt of Eurozone countries. These banks also hold large amounts of Euros. If the current crisis gets much worse, then the government debt and currency that they hold will fall in value, which could undermine their own financial well being. It could be like the 2007 and 2008 financial crash all over again, with the global banking system under threat. This would be bad news for everyone.

It’s not just the 322 million people in the Eurozone which depend on their currency — there are 150 million people in African countries whose currencies are pegged to value the Euro. If the Eurozone fragments and the value of the Euro collapses, these African countries will see the value of currency collapse too.

The global economy is interrelated, so if major trading blocks like the Eurozone or countries like the US or China go into recession, it’s likely to affect economic growth around the world.

 

I will be turning 60 in a couple of moths. What would you advise me to do now so that I am better prepared for my retirement in five years

Should I acquire skills first or pursue the business idea that I have

 

    

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