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Things you need to consider before you register a company.

The process of company registration is fairly simple in South Africa and if you know all the required details it will go down without a hitch and next thing you know you have registered a private company.

Here are seven steps to consider

1. Decide on a name
The company name will end in PTY (Ltd). Be sure your business name is distinctive and not ambiguous. Some thought should be given to the business as it will contribute largely to the perceptions of your brand. Ensure that you have more than one option in case one is already taken.

2. Shareholders of a private company
Shareholders own a percentage of the business the percentages should equal 100%.

3. Appointing a director
The director need not be a shareholder of the private company but is in charge of business management and operations. There can be multiple directors of a private company. Directors can easily be removed and added to the private company.

4. Member details
Ensure you have personal details of the directors and shareholders, such as:
-Full name
-Residential address
-Postal address
-Contact number
The above information should be as it appears on ID documents. If a director or shareholder is not a South African citizen a special letter of consent needs to be signed.

5. Company details
-Businesses address
-Postal address
-Contact information
-General product/service the business will offer

6. Appointing an auditor
Approach a local accounting consultant to find out whether your private companies public interest score qualifies your financial reports to be audited. Most small private company registrations do not qualify and therefore their financial statements can be compiled internally and need not be audited.

7. Ready to go ahead with your company registration, visit Phase One today.