Every company in the whole of South Africa is registered through CIPC (Companies and Intellectual Property Commission). You may register your company through a CIPC agent – I prefer doing it myself and go through every detail in the process. Registering a company doesn’t require a lot of paperwork.
Companies can now be registered with a company name in terms of the Companies Act, 2008. You can register a company without a reserved name, and use the registration number as the company name. This makes it the quickest and most convenient way to register a company with CIPC.
When you have registered without a reserved name, your business may transact with a trading business name, or apply to add a reserved name in time. You’ll need to reserve a name and apply got a change of business name which constitutes a change to its Memorandum of Incorporation (MOI).
Your initial name reservation application has to be approved in order to apply for new names. You will be given an opportunity to apply for between 1 and 4 names during each application process. The cost for each name reservation application is R50.
Company registering may vary from R125 to R475; the non-profit company registration fee is R475 without members, whereas private companies’ registration is R125.
You can register for 5 types of companies in South Africa; a private company is perfect when you want to run a franchise as well as a private school (depending on its objectives). A non-profit company is perfect when you want to register a church as well as a private school (depending on its objectives). Professionals can register companies as a personal liable company.
What is Memorandum of Incorporation (MoI)
MOI in business is the most important document that governs a company. The rules governing the conduct of the company are set out by MOI as specified by the company’s owners.
However, even though as such, certain specific requirements on the content of a Memorandum of Incorporation are imposed by the Companies Act, this is done to protect the interests of shareholders in that particular company. Thus by default, there will be a number of company rules or alterable provisions accepted or altered by companies complying with the Companies Act.