How Do You Register A Close Corporation In South Africa?
According to the World Bank’s 2010 Doing Business Report, South Africa ranked 34th out of 183 countries for how easy it is to start a business there. To that end, the country provides different types of business entities such as a close corporation, which is less formal than a limited liability company. South African entrepreneurs favor close corporations because they are cheap to create and allow for some amount of limited liability. Decide on a business name and check to see if it is available by submitting the Application For Name form or Form CK7. This can be done at the website of the Registrar of Companies, also known as CIPRO. The cost, per name search, is 50 ZAR ($6.40 USD) and the wait period, as of May 2010, is 10 days. If for some reason you cannot use the CIPRO website, simply visit the CIPRO office in Pretoria. Submitting the form in person will result in a longer waiting period. However, once the proposed business name is approved, it will be automatically reserved for tw
