Page 1 of 3 123 LastLast
Results 1 to 10 of 22

Thread: Register a CC or a PTY Ltd

  1. #1
    Email problem
    Join Date
    Feb 2010
    Location
    Sandton
    Posts
    2
    Thanks
    2
    Thanked 0 Times in 0 Posts

    Register a CC or a PTY Ltd

    I would like some general advice on to whether I should register a CC or a Pty Ltd. I am starting a new company that will deal with small to medium size companies and a CC to me is the logical option, but with the laws that will affect the future of CC's is it a better option to proceed with a CC. Also, what are the costs of associated the start of these options.

  2. #2
    Email problem
    Join Date
    Jan 2010
    Location
    Fochville
    Posts
    43
    Thanks
    0
    Thanked 22 Times in 14 Posts
    Hi Jozi

    CC's still remain the most suitable entity for a business. It is easier to manage a CC than a company seeing that the formalities that you have to comply with are far less than in the case of a company.

    To start a CC is actually quite easy, and there are quite a few companies that specialize in the registration of CC's and companies. Just look online, and you will find quite a few of these companies. When you decide who to use, look at the prices and the turnaround times.

  3. #3
    Junior Member RogerH's Avatar
    Join Date
    Jan 2010
    Location
    Pretoria
    Posts
    16
    Thanks
    11
    Thanked 6 Times in 5 Posts

    I beg to differ...

    The new business operating environment (in terms of the New Companies Act which comes into effect later in the year (2010)) is effectively doing away with cc's and making it far easier for small companies to get started and operate. I would caution against starting a business in a cc right now and advise doing so in a company up front - the New Companies Act will effectively treat existing cc's like companies anyway...

    In addition company structures (which are based on a separation of ownershop and control) are far more robust and sustainable as your company grows - which is what I am sure you are planning...

  4. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,973
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Is CIPRO still accepting registration of new CC's? For some odd reason I thought that was over already.
    The trouble with opportunity is it normally comes dressed up as work.

  5. Thanks given for this post:

    Jozi (02-Mar-10)

  6. #5
    Junior Member RogerH's Avatar
    Join Date
    Jan 2010
    Location
    Pretoria
    Posts
    16
    Thanks
    11
    Thanked 6 Times in 5 Posts

    Mixed messages

    Dave, I agree there are mixed messages currently about whether one can still register a cc - I suspect that the only cc's in the market are those already "on the shelf" with accountants and the like... it also does appear that once the New Companies Act comes into play (later in the year) any changes to a cc will trigger a conversion into a company so these shelf cc's will effectively become "worthless"... if I hear anything more I will post it...

  7. Thank given for this post:

    Dave A (06-Mar-10), Jozi (02-Mar-10)

  8. #6
    Silver Member
    Join Date
    Sep 2008
    Location
    Cape Town
    Posts
    464
    Thanks
    81
    Thanked 69 Times in 62 Posts
    While on the topic....

    I am a sole prop, and quite happy with it so far. Need to now register for vat - if I would do the convert from sole prop to pty/cc, now would be the time. But, so far, only see negatives with regards to tax - am I being stupid?

    I do, now, have a bookkeeper and 4 staff, and am in retail.

  9. #7
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,973
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Having your business out of your personal hands and in its own legal entity should increase your options to optimize your tax affairs, not make it worse.
    The trouble with opportunity is it normally comes dressed up as work.

  10. #8
    Email problem
    Join Date
    Mar 2011
    Location
    Pietermaritzburg
    Posts
    7
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Hi Dave

    I have read a few of the comments about CIPRO, but am Finding it very hard to change directors. CIPRO seems to be so backed logged and this is effecting my trade with suppliers and banks. any ideas on how to speed up this process, its driving me nuts
    thanks
    mike

  11. #9
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,973
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Mike, that sort of transaction needs a verified user to do online last I checked. Because becoming a verified user with CIPRO is such a PITA, I just toss it to my auditors to transact and bite the bullet on the fee (they rush me about R342.00 on top of the CIPRO transaction fee so no biggie).

    After all, how often does the typical company change directors.
    The trouble with opportunity is it normally comes dressed up as work.

  12. #10
    Junior Member Marius1975's Avatar
    Join Date
    Mar 2011
    Location
    Cape Town
    Posts
    20
    Thanks
    0
    Thanked 0 Times in 0 Posts
    We registered as a new CC 3months ago, takes like for ever.. But it done. The only down side now is that we can't register for VAT as we were told we need to have been trading from 3 months ( Need 3 months bank statements ) and a turnover of R2mil. Was wondering what the perception is when dealing with a supplier that's not VAT registered? We also need to import from China / Hong Kong and was told only VAT registered companies can import, I can't believe that surely? Sorry for going of topic!!

Page 1 of 3 123 LastLast

Similar Threads

  1. The attendance register
    By Marq in forum Labour Relations and Legislation Forum
    Replies: 3
    Last Post: 11-Nov-09, 11:13 PM
  2. [Article] Unemployment Insurance Fund (UIF)
    By BBBEE_CompSpec in forum Labour Relations and Legislation Forum
    Replies: 0
    Last Post: 03-Nov-09, 06:03 PM
  3. Today is the last day to register for e-filing
    By Dave A in forum Business Finance Forum
    Replies: 0
    Last Post: 29-Jan-08, 01:34 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •