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Thread: Questions regarding a CC

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    Question Questions regarding a CC

    Hi,

    Please bare with me as I have many questions that I would love help with as I am young and whilst I have experience working for myself, I don't have experience owning a CC, I dont have any idea of what needs to be done legally or what the next step is and I do not have anyone to help me with this.

    1. I have a CC registered in my name. It was a shelf company and it was just changed to be registered in my name, however I don't particularly want to use that name as the trading name as it is not relevant to the industry I am in, is it possible to change this, and if so how?

    2. Is there a time frame that I have to get the company up and running? Or will it be registered in my name regardless of when I decide to start?

    3. I would like to offer 3 different services within my company - all in the same industry but different aspects of it, is this allowed and do I need to register them separately or can they all just fall under the registered name?

    4. My last question was regarding VAT, but I read an earlier post that helped me out a lot, so thank you.

    Thank you for your time.

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    Silver Member Darkangelyaya's Avatar
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    Hi Rix, for the latest info on CC's, go to the CIPC website (previously CIPRO) with regards to namechanges etc.
    There are annual fees to be paid to CIPC, failing which, they deregister the CC.
    You could offer the different services with no additional registrations.
    I will PM you the details of a good bookkeeper, who could help you out with the registrations, fees and such.
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    Quote Originally Posted by Rix View Post
    3. I would like to offer 3 different services within my company - all in the same industry but different aspects of it, is this allowed and do I need to register them separately or can they all just fall under the registered name?
    Take care when defining the scope of activities to make sure you're covered. It never hurts to add "and related activities" to whatever you may have specified to give yourself more wriggle room.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thank you.

    Can I also ask if this would be the correct procedure to get everything started after the company is officially registered:
    1. Open a business bank account
    2. Register for tax
    3. Get an accountant / bookkeeper to set up the systems to run the business

    Thank you ( apologies again for asking questions that might be straight forward )

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    Quote Originally Posted by Rix View Post
    Hi,

    Please bare with me as I have many questions that I would love help with as I am young and whilst I have experience working for myself, I don't have experience owning a CC, I dont have any idea of what needs to be done legally or what the next step is and I do not have anyone to help me with this.

    1. I have a CC registered in my name. It was a shelf company and it was just changed to be registered in my name, however I don't particularly want to use that name as the trading name as it is not relevant to the industry I am in, is it possible to change this, and if so how?

    2. Is there a time frame that I have to get the company up and running? Or will it be registered in my name regardless of when I decide to start?

    3. I would like to offer 3 different services within my company - all in the same industry but different aspects of it, is this allowed and do I need to register them separately or can they all just fall under the registered name?

    4. My last question was regarding VAT, but I read an earlier post that helped me out a lot, so thank you.

    Thank you for your time.
    1. Yes you can change your company name. www.cipc.co.za is the website where this is done. Its a matter of filling out a form and paying a bit of money. You will need to check their website for specific steps to take.
    2. There is no time frame in which you must start. You can take as long as you like, but every year you have to submit an annual return with cipc and pay a fee of a few hundred Rand. This has to be done whether trading or not to keep your company on their records, otherwise they will deregister it. You will probably have to also submit annual nil tax returns with SARS to and keep records of any transactions your cc does, although dormant you will still have the cipc fee for example.
    3. No need to register different companies. Do it all in one. Although Dave's advice is probably prudent (a good idea).

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    Quote Originally Posted by Rix View Post
    Can I also ask if this would be the correct procedure to get everything started after the company is officially registered:
    1. Open a business bank account
    2. Register for tax
    3. Get an accountant / bookkeeper to set up the systems to run the business
    1. Yes.
    2. Its supposed to happen automatically, but either way make sure you get a tax number (ncome taax) for your cc if it doesn't already have one.
    3. This can be done by you, but otherwise if you're not comfortable doing it, get a book keeper to do your accounts each month.

    Then most importantly, find paying clients

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    Quote Originally Posted by BusFact View Post
    1.
    No need to register different companies. Do it all in one. Although Dave's advice is probably prudent (a good idea).
    Just to relate a personal experience. I had also bought a CC of the shelf some time ago which name was O........Investments CC. This CC then began to run a fast food outlet. My recollection is that Cipro requested that the name be changed as either it was not related to the business activity that it was involved in, alternatively on the founding statement it was recorded that the activity of the CC was that of investments and that trading as a fast food outlet was on in keeping of that activity as stated on its founding statement.Am not sure now what the real problem was, but i think it was the latter.

    However when Dave says that "Take care when defining the scope of activities" , i am not sure whether you can do this, as the activity of the CC is already stated on the founding statement when bought off the shelf
    Last edited by flaker; 15-Nov-12 at 05:56 AM.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by flaker View Post
    However when Dave says that "Take care when defining the scope of activities" , i am not sure whether you can do this, as the activity of the CC is already stated on the founding statement when bought off the shelf
    I believe you can change the scope.
    The trouble with opportunity is it normally comes dressed up as work.

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