Company Formation in South Africa – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN AFRICA

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; and a modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. South Africa is driving economic growth in one of the most exciting continents in the world. It is also one of the countries counted among others that have implemented reforms making it easier to do business.

  • South Africa is the highest-ranked African country and third-placed among the BRICS economies in the World Economic Forum’s (WEF’s) 2012 Global Competitiveness Index

  • Over the past decade, substantial increases in government social service spending have helped reduce poverty, but now the government has begun to place a greater emphasis on infrastructure, employment and economic growth

  • South Africa’s success in reforming its economic policies is probably best reflected by its GDP figures, which reflected unprecedented 62 quarters of uninterrupted economic growth between 1993 and 2007 when GDP rose by 5.1%

  • The country is politically stable and has a well-capitalised banking system, abundant natural resources, well-developed regulatory systems as well as research and development capabilities, and an established manufacturing base.

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum 1 shareholder (Individual/ Corporate Entity).
  • Minimum 1 director.
  • A Foreign resident can act as a director of the company if he obtains a Business Permit
  • When applying for a South African Business Permit, it requires a minimum investment of ZAR5million from the foreign national.
  • This process could take anywhere from 6 to 24 months based on department of home affairs in South Africa and requires a minimum investment of ZAR 5million from the foreign national before our local authority will even consider the application.
  • A director or shareholder can be the same or different person of any nationality.
  • There is no minimum capital requirements. the company can be formed at a nominal share capital.
  • A local registered office address is mandatory.
  • There is no requirement to be physically present at the time of company registration, but banks in the South Africa require the physical presence of the company principals at the time of account opening as part of their due diligence procedure.

DOCUMENTS REQUIRED

Individual Shareholder:

  • Application forms duly signed by the authorized signatory.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

Corporate Shareholder:

  • Certificate of Incorporation of the corporate shareholder (mother company).
  • Memorandum & Articles of Association of the mother company.
  • Board Resolution detailing the formation of the branch or the subsidiary nominating an authorized manager.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

OUR SERVICES

Incorporation Services:

  • Company Formation.
  • Obtaining Tax Payer Reference Number.
  • Assistance in the Corporate Bank Account Opening Process.
  • Assistance in obtaining Import Export License (If required for trading company).

Other Maintenance & Compliance Services:

  • Accounting (depending on the volume).
  • Drafting of the financial statements Statutory Audit (depends on volume and complexity).
  • Corporate tax filing (depends on complexity).

TIME PERIOD

Company registration can take anything from about 5 days to about 5 weeks depending upon the type of company and the ability of the client to provide all of the necessary information and signatures.
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