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TOPIC: Buying a CC

Buying a CC 11 years 4 months ago #3152

  • Janet
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Hi,

We need some information with regards to a CC. In the event that we want to buy a CC (already registerd with SARS as well) and operating since 2010, would we have to register the company as a PTY or can we continue as a CC?

Thanks
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Re: Buying a CC 11 years 4 months ago #3154

Hi there,

Please see below from CIPRO how to register your CC;

Registration Procedure

Basically there are 2 steps that must be followed in the registration process:
Application for reservation of the name of the CC
Close Corporation Founding Statement

1. Application for Reservation of Name

Before a CC can be registered it is necessary to apply to have its proposed name verified, approved and reserved. This procedure involves:
Checks being carried out to ensure that the proposed name does not already appear on the names register.
The criteria followed for checking the proposed names include:
Similar names
Comparative names
Offensive names
The form that is required to reserve a name is the CK7 form, "Application for Reservation of Name, or Translated Form, or Shortened Form". Click here to obtain help to complete this form.
Download and print this form by clicking here.
A CK7 can also be lodged electronically by clicking here.
This form (CK7) can also be bought from stationers that supply legal forms such as Waltons or Hortors, or some branches of CNA.
If not submitted online, the CK7 form must be completed in black ink. The writing must be legible and in capital letters.
A fee of R50.00 deducted from your virtual account that you open when you register as a customer.
The CK7 must be approved before the lodgement of Form CK1 for registration
An application for a name reservation, for a company or for a close corporation, can be lodged electronically through a registered Customer. To register, go to Register as a Customer.
Once the proposed name has been checked and approved, the CC Registration Office will confirm approval by way of a confirmation letter, indicating the name that has been confirmed and reserved. This letter is e-mailed or posted to the applicant or can be collected from the counter in Pretoria.
Allow 7 working days for actual processing.
The approved name is reserved or is valid for 2 months (if expiry falls over a weekend, the name expires on the previous working day i.e. the Friday).
If there is a query regarding the proposed names put forward by the applicant, the CK7 form is returned to the application process for modification and re-submission.
If the name reservation application is unsuccessful, the applicant is refunded with the cost of the application.



2. Close Corporations Founding Statement

Only when the proposed CC’s name has been approved and reserved can the actual registration of the CC be processed.
The registration process begins with the completion and submission of the "Close Corporation Founding Statement" (CK1), the cost of which is R100. Click here to obtain help to complete this form. You can also lodge a CK1 electronically here.
This form calls for important information about the proposed CC such as details of the members, nature of the business, address, etc.
CK1 forms can be downloaded and printed by clicking here.
CK1 forms can also be obtainable from Waltons or Hortors, or some branches of CNA.
The CK1 form is made up of 3 pages:
Pages 1 and 2 to be completed for all registration applications
Page 3 is only applicable if there are more than 4 members.
The form must be completed in black ink, in block letters.
No amendments are allowed.
The original CK1 form is to be completed and submitted to the Close Corporation Registration Office in Pretoria. Photocopies not acceptable.
On Page 1 of the CK 1 form the name and practice number of the Accounting Officer must be provided
An original signed letter from the Accounting Officer, confirming his/her consent to act for the CC must accompany the CK 1 forms.
The Accounting Officer must be registered with one of the following institutions:
1. The South African Institute of Chartered Accountants (SAICA)
2. Auditors registered in terms of the provisions of the Auditing Profession Act, 2005(CA)
3. The Southern African Institute of Chartered Secretaries and Administrators (ICSA)
4. The Chartered Institute of Management Accountants (CIMA)
5. The South African Institute of Professional Accountants (SAIPA)
6. THE IAC who have obtained the Diploma in Accountancy (IAC)
7. The Association of Chartered Certified Accountants (ACCA)
8. The Chartered Institute of Business Management (MCIBM)
9. The South African Institute of Business Accountants (SAIBA)
10. The South African Institute of Government Auditors (SAIGA)
The letter confirming the name reservation must accompany the completed CK1 form.
Allow 5 working days for processing and on completion a confirmation certificate of the approved CK1 form that includes the registration number and registration date is posted or e-mailed to the CC.
Non South African citizens who wish to register as members of a CC in the RSA must submit a letter providing their land of origin, passport number and date of birth and are required to approach the Department of Home Affairs regarding work or immigration permits.
Notification of Amendments to Founding Statement

When any changes are made in respect of a registered Close Corporation, it is necessary to notify the Close Corporation Registration Office.

Changes may, for example, relate to membership (new members being added, resigned members, etc.) or changes regarding the Accounting Officer, or the postal address of the CC.

Changes must be recorded on the "Amended Founding Statement" (CK 2) form. The lodgement of this form is free of charge and can be done electronically on the CIPRO website.
The CK 2 form is made up of Part A and Part B.
Part A relates to changes in respect of the name of the CC or the nature of the business.
Part B relates to changes in respect of membership details.
Part C relates to a person ceasing to be a member. In case of death, please add executors letter and NOT a death certificate.
For changes in respect of the Accounting Officer or registered address, form CK2A must be lodged.
On CK2, a fee of R30-00 is payable for changes in respect of Part A, but no fee is payable for changes in respect of Part B.
The CK2 form must be completed in black ink, using block letters.
The signed CK2 form must be submitted to the Close Corporation Registration Office in Pretoria. Please allow for 15 working days from processing.
When the changes have been processed, an original CK2 certificate, confirming the registration of the amendments will be dispatched.
No amendments are allowed on the form.
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Re: Buying a CC 11 years 4 months ago #3160

  • Dylan Phelan
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Alwyn van Wyngaarden wrote:
Hi there,

Please see below from CIPRO how to register your CC;

But they don't need to register a new CC. :blink:

The question was - if buying an existing CC, can you continue to operate as a CC, or do you need to register a new Pty LTD.

You can continue to operate as a CC, but you will need to amend the details.
http://www.MSBonline.co.za - Web design, hosting, internet marketing & CRM
http://www.MSBaccounting.co.za - Pastel accounting & bookkeeping services.
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Re: Buying a CC 11 years 4 months ago #3161

Hi there,

Please see below for details regarding amending a CC

About changing information in your Close Corporation

Do you want to change the details of your Close Corporation at the Companies and Intellectual Property Commission (CIPC)? You might have appointed a new accounting officer, changed your postal address, altered your share percentages or even added or cancelled a member/s.

CIPC requires you to keep details of your CC updated at all times.

To amend your CC details, you must fill in form CK2 and submit it at the Companies and Intellectual Property Commission (CIPC).

The CK2 form consists of Part A, Part B and Part C:

Part A relates to changes in respect of the name of the CC, principal business, literal translation of name, shortened form of name, the nature of the business and financial year end.
Part B relates to changes in respect of membership details.
Part C relates to a person ceasing to be a member.
If you are changing your accounting officer or registered address, you must fill in form CK2A and attach an appointment letter of the new accountant and a letter of consent from the accounting officer.

Source: www.services.gov.za/services/content/Hom...onofamendments/en_ZA
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Re: Buying a CC 11 years 4 months ago #3164

  • Janet
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Thank you so much, this was really helpful. we are still looking at all the options but I'm sure we will have to appoint a new accounting officer.

But I will contact CIPC for the relevant documentation once we know what it is we have to amende.
Last Edit: 11 years 4 months ago by Janet.
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Re: Buying a CC 11 years 4 months ago #3166

  • Dylan Phelan
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Hi Janet - I can have our accountant do it for you. It won't cost much.
http://www.MSBonline.co.za - Web design, hosting, internet marketing & CRM
http://www.MSBaccounting.co.za - Pastel accounting & bookkeeping services.
http://www.ecohub.co.za - Natural health & wellness
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Re: Buying a CC 11 years 4 months ago #3172

  • Janet
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Thank you, will keep it in mind. We will be receiving all the relevant documents from the company by end of November and will see what we need from there and if it will be worth our while to take over the business.
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Re: Buying a CC 11 years 4 months ago #3173

  • Dylan Phelan
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you are welcome to start a new topic and get some input from our members - see if they think it's a good business to get into...
http://www.MSBonline.co.za - Web design, hosting, internet marketing & CRM
http://www.MSBaccounting.co.za - Pastel accounting & bookkeeping services.
http://www.ecohub.co.za - Natural health & wellness
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Re: Buying a CC 11 years 4 months ago #3188

  • Janet
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Thank you will def do that once we have all the detail of the company in hand.

So basically we can continue to do business as a CC and we need to do all the relevant changes. We would be able to change the name as well if we decide to buy the company. (all this has to go through CIPC).

Where would I be able to see what the cost will be to make all the changes?
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Re: Buying a CC 11 years 4 months ago #3212

  • Nirvashnee
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I bought an existing CC. All I had to do was change the Directorship details and its name. You don't have to change the name if you're happy with it. I opted to stay with the appointed Accounting Officer as they are accessible.
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