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Thread: Registering a business???

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    Registering a business???

    Hi everyone, and Dave

    Need some advice from you guys please. Myself and 2 friends are wanting to register a new business together, we would all like to be named Directors on the application form, but now would this pose a problem with regards to opening up a bank account for the business? Reason I ask is, I am currently in the UK and will only be returning to SA in a couple of years time. Will the other 2 guys still be able to open up a bank account or do I also have to sign the papers? Is there such a thing as a silent or foreign Director?

    Thanks.

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    Sorry, one more thing, anybody know the cheapest place online to register a Trademark? I can only find 2 online application websites in SA, and they not cheap, lol.

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    Site Caretaker Dave A's Avatar
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    Howdy Viper. It's been a while. How are things in the UK? (Apart from cold, not enough sunshine, windy etc. )

    On the authority side of things, you could probably achieve what you need via granting someone local a power of attorney. You would need to get this notarised in the UK, and I suggest you'll need to be quite specific about what this nominated person may do on your behalf. It would also be a good idea if this person is an attorney (some legal knowledge to help nudge the obstructive in the right direction will probably help), and most certainly not one of the folk you are going into partnership with.

    Yes, I know the attorney is going to cost money, but with any luck that should work out cheaper than the alternative - regular flights to SA

    And yes, registering trademarks can be expensive. Assuming you're looking at a South African trademark - I don't know if you can tackle it directly with CIPC which would obviously cut out any middleman costs, but any mistakes along the way could end up being more expensive than the savings, I'm sure.

    Perhaps try contacting Anthony. He's a new member so I'm not vouching for him - but so far he does seem to know what he's talking about in the intellectual property area. Check out his posts for some useful information on the subject too.
    The trouble with opportunity is it normally comes dressed up as work.

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    Quote Originally Posted by viper357 View Post
    Hi everyone, and Dave

    Need some advice from you guys please. Myself and 2 friends are wanting to register a new business together, we would all like to be named Directors on the application form, but now would this pose a problem with regards to opening up a bank account for the business? Reason I ask is, I am currently in the UK and will only be returning to SA in a couple of years time. Will the other 2 guys still be able to open up a bank account or do I also have to sign the papers? Is there such a thing as a silent or foreign Director?

    Thanks.
    This is the problem I had, I run 3 international businesses. ZA is by far the WORST when it comes to banks. ALL my 7 directors had to be in the bank at the SAME TIME due to some FICA (replace IC with UCK) issues. It made it impossible to do business here. In USA and UK all we do is courier a signed doc to all the directors, DONE. ZA I must fly all the directors to ZA and take them all to the bank at the same time.

    No matter what size you are, documents appear to have to be signed INFRONT of a bank person, on a bank premises.

    However in the past 2 years, we've had some changes .... the banking relationship manager calls the bank manager to come to us. We can sign infront of a sales rep on our own premises. But still .... makes it impossible to work when having directors overseas.

    So before your business hits like 100M a year turnover, you're screwed as far as I've seen .... maybe someone else can give more light on this? I speak from experience only.
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    Thanks for the info guys, much appreciated.

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    Bronze Member Miro Bagrov's Avatar
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    Quote Originally Posted by viper357 View Post
    Sorry, one more thing, anybody know the cheapest place online to register a Trademark? I can only find 2 online application websites in SA, and they not cheap, lol.
    I can help you register a trademark.
    You will need to give me the sample and complete a few forms. You want to register the trademark in SA right?
    If so, let me get you the real price. (not the rip off price. those online guys are pirates of the Caribbean)

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    What is a ballpark figure for a trademark in ZA, UK and USA?
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    Quote Originally Posted by nkawit View Post
    ... ALL my 7 directors had to be in the bank at the SAME TIME due to some FICA (replace IC with UCK) issues.
    That sounds harsh, its never happened to me before. It would definitely result in me throwing a tantrum in the teller foyer. I've only ever had to arrive with the orginal documents for everyone.

    In response to the OP. Is it absolutely necessary to be a director now? Why not just have an agreement where by you will be appointed as one on your return to SA?

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    Bronze Member Miro Bagrov's Avatar
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    South Africa:

    Renewal: Every 10 years.

    Fees from Government:
    An application fee of R590.00 is payable in respect of every class in respect of which an application is lodged.
    Photo copies of documents - R1.00.
    Inspection of register, a file or documents - R4.00.
    For collating documents for certification - for every 100 words or part thereof - R4.00.
    Certification of extracts from register or documents (per document) - R34.00.

    Given the fees, best keep it short and sweet - 1 pager.

    Format:
    Picture + Slogan + Company Name

    Must not be confused with a patent.

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    Diamond Member Blurock's Avatar
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    Quote Originally Posted by nkawit View Post
    ZA is by far the WORST when it comes to banks. ALL my 7 directors had to be in the bank at the SAME TIME due to some FICA (replace IC with UCK) issues.
    Actually it is IQ that is a problem. There is no more expertise in a bank unless you deal with the very top, and even that can be dodgy at times. (Refer sub prime debacle and other examples)

    Documents can be certified and sent by courier. Arrangements can also be made with corresponding banks or you may give a power of attorney to a trusted person or lawyer.
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