Category Archives: Company Registrations

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COMPANY (Pty) Ltd

PRIVATE COMPANY (popular)

  • Incorporated by 1 or more persons for financial gain for the shareholders.
  • Must have a minimum of 1 directors.
  • This is a business structure for entrepreneurs to run their business with no limit on the number of directors.
  • Private companies are not allowed to offer securities to the public and is also restricted from transferring its shares.
  • Registered private companies are granted Proprietary Limited or “(Pty) Ltd” status.
  • No annual audits required if all requirements are met (e.g. all directors are also the only shareholders of the company).

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NON PROFIT COMPANIES (NPC)

NON PROFIT COMPANIES

  • Incorporated by at least 3 persons for public benefit, social activities, communal or group Interest, etc.
  • Must have a minimum of 3 directors.
  • The primary objective is to be a benefit to the public and not to make profit.
  • Income/property may not be distributed to the incorporators, members, directors or officers.
  • Only reasonable compensation for services rendered by them may be be taken.
  • The name of a non-profit company will end with “NPC”.

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PERSONAL LIABILITY COMPANY (Inc)

PERSONAL LIABILITY COMPANY

  • Incorporated by 1 or more persons for financial gain for the shareholders (owners).
  • Must have a minimum of 1 directors.
  • As a professional, you can  register a company that you want to be personally liable for.
  • The Personal Liability Company and its directors, past and present, are jointly liable for any debts and liabilities incurred.
  • This type of company is registered by professionals such as Doctors, Lawyers, Engineers, Accountants, etc.
  • Registered personal liability companies are granted Incorporated (Inc) status.
  • The company name ends with “Incorporated” or “Inc”.

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TRUST

There are three types of trusts under South African law:

  • An “ownership trust”, under which the founder or settlor transfers ownership of assets or property to a trustee(s) to be held for the benefit of defined or determinable beneficiaries of the trust.
  • A “bewind trust”, under which the founder or settlor transfers ownership of assets or property to beneficiaries of the trust, but control over the property, is given to the trustee(s).
  •  A “curatorship trust”, under which the trustee(s) administers the trust assets for the benefit of a beneficiary that doesn’t have the capacity to do so, for example, a curator placed in charge of a person with a disability.
    Trusts can be described in various ways:

 


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COMPANY NAME

One of the very first and most important decisions you will make when starting a new business, is to choose a company name.

Why?

Well, first of all, your name will be the very first thing that all of your customers will see and a good name will be one that identifies your product or service while at the same time being memorable.

Top 10 mistakes in choosing and applying for a company name

  1. Spelling your company name incorrect on the application
  2. Providing us with only one or two names on your application (please supply us up to 4 names)
  3. Not adding a description to your name (see example below)
  4. Using only one word for your name – example Pandecta. This might be declined with another company called “Pandecta Plumbers”
  5. Naming your company ACZWE Supplies or something similar that no one will remember easily.
  6. Don’t give your company a horrendously long name.
  7. Don’t call yourself Micro Computers or Fords Auto Repairs or you could end up in legal trouble. Also stay away from Trade Marks!
  8. Don’t use the words Holdings or Group, unless you can actually proof that you are part of a group as this is a requirement.
  9. Don’t use words “International” unless you specify import, export or international trade in your description.
  10. Don’t use the word “Enterprise”, if you do – qualify this with what you are going to do. (see example below)

Example of a successfully company names submission application (Use a description with your company name)

1. Pandecta Engineering

2. Pandecta Engineering and Maintenance

3. Pandecta and Sons Engineering

4. Panson Engineering and Maintenance

Or go with the professional name

If you are a business to business model, you are going to need to keep your business name professional.

A good formula to use is to use your surname followed by what you do, for example, Smith Engineering

Keep your name truly unique!

Think of Google, Yahoo, Mango, Nike, Microsoft and Samsung to name just a few.

Or leave out your name

You may wish to leave your name out altogether, and simply become Anytown Engineers. This makes you sound like the first choice locally, but on the other hand, this will make you sound a lot more generic of a company.

Going corporate

The dry corporate names are long gone. Today’s corporations are embracing hip, futuristic company names. A good trick is to think of a word that describes your business and then look up how it is said in Latin. Then, add a random suffix that sounds cool.

Playful names

Naming your business after a cute animal is sometimes the catch for many businesses.

This is a good way to get quick brand identity because everyone will be able to associate with your company name. It also leaves the door wide open for promotional tie-ins. If, for example, you call yourself the cheetah cab company, you might want to have your cabs painted with polka dots and use a cheetah as your company mascot.

The shortened name

More often than not, you come up with a good name but it’s way too long. Microsoft, for example, is short for Microcomputer Software, and Fed-ex is short for Federal Express. If all else fails, a great way to make up a name is to just string together sounds that you like until you come up with a made-up word.

Chances are, the word will be memorable and unique.

Whatever you do, make it easy!

Make sure your name is easy to pronounce and spell. Come up with something easier or you’ll lose out on an enormous amount of word-of-mouth business.

You will also want to check for competitor’s names to make sure no one else is already using them.

Also consider checking the www.yourname.co.za domain if not already taken. Click here to search.

Bottom Line:

Keep the company name simple, unique and descriptive.