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Annual returns – this may sound more like a tax requirement but is in fact a Companies Act 2008 requirement that every company must adhere to. The annual return is the submission of the amount of a company’s turnover for the previous year. Each year, companies are required to file this information with the Companies and Intellectual Property Commission (CIPC) within 30 business days after the anniversary of the company’s incorporation date. This applies to all…
Email correspondence has by and large superseded physical correspondence and email signatures have effectively replaced company letterheads as the first impression a third party has of a company’s corporate branding identity. However, a company will usually have a letterhead for use for company correspondence. As part of setting up, a company should create a letterhead as it is likely to be required for some formal company correspondence and FICA Know Your Client verification with the…
A trust is an arrangement that allows someone to hold assets (without owning them) for the benefit of the trust beneficiaries. The key element of the trust arrangement is the transfer of ownership and control of the trust assets from the donor or founder to one or more trustees who hold the trust assets not in their personal capacities, but for the benefit of the trust beneficiaries. A trust beneficiary is entitled to benefit under…
A trust is an arrangement that allows someone to hold assets (without owning them) for the benefit of the trust beneficiaries. The key element of the trust arrangement is the transfer of ownership and control of the trust assets from the donor or founder to one or more trustees who hold the trust assets not in their personal capacities, but for the benefit of the trust beneficiaries. A trust beneficiary is entitled to benefit under…
A number of jurisdictions have local stakeholder requirements for private companies. South Africa has a hybrid system where there are local requirements (so that some positions can only be held by South African citizens or residents). Directors A South African private company must have at least one director but there is no requirement that this director be a South African citizen or even resident. Shareholders There is no requirement that any of the shareholders of…
A number of jurisdictions have local stakeholder requirements for private companies. South Africa has a hybrid system where there are local requirements (so that some positions can only be held by South African citizens or residents). Directors A South African private company must have at least one director but there is no requirement that this director be a South African citizen or even resident. Shareholders There is no requirement that any of the shareholders of…
Insider trading is famously prohibited but prosecution is uncommon. The judgment in Zietsman and Another v Financial Services Board and Another has shown that this form of market abuse can be easy to detect and prove and the financial sanctions imposed are a strong deterrent besides the risk of criminal prosecution. This case was an appeal from the Financial Services Board (FSB) enforcement committee’s finding that Zietsman, when trading shares in African Cellular Towers on…
A non-profit company is a company incorporated for one or more objects, either a public benefit or an object relating to cultural or social activities, or communal or group interests. The name of the non-profit company must end with the expression “NPC” (eg Good Deeds NPC). A non-profit company may be incorporated with or without members. It must have at least three directors. Incorporators are the non-profit company’s first directors and members (if it has…
A non-profit company is a company incorporated for one or more objects, either a public benefit or an object relating to cultural or social activities, or communal or group interests. The name of the non-profit company must end with the expression “NPC” (eg Good Deeds NPC). A non-profit company may be incorporated with or without members. It must have at least three directors. Incorporators are the non-profit company’s first directors and members (if it has…
Bartering, the ancient and original form of trading used before the introduction of legal tender, allows parties to dispense with cash but still be able to acquire the goods and services they require. Tough economic times across the globe have seen an increase in trading by bartering. Bartering is making a comeback! Bartering consists of the reciprocal exchange of goods and services – money does not change hands but each party must have something the…