Starting a new business comes with much ambiguity and responsibility. There seems to be so many legal requirements when setting up a business that it could be overwhelming. With the introduction of the new Companies Act, it means that there are more stringent requirements regarding accountability and transparency that impact businesses in different ways.
Selecting the right business structure from the outset can spare one a lot of headaches later down the line. Each legal structure has diverse pros and cons, and fundamentals such as the nature, size and ownership structure of the new business will all have an influence on this decision. Each of these business structures has different consequences in terms of personal liability, taxes, admin costs, the ability to raise capital, etc.
The Companies Act encourages enhanced standards of corporate governance whereby minimum accounting standards have been set for company annual reports, with firmer provisions governing directors’ conduct and liability.
SERR Synergy assists businesses to comply with the new Companies Act and amended Closed Corporations Act by bringing all relevant company documents in line with the new Companies Act. The Companies Act regulates the access to information of a company by stakeholders which needs to be aligned with other information protection measures such as PAIA, POPI and Consumer Law Compliance.
Our value-adding corporate governance and business admin service
- Bring company documents such as the Memorandum of Incorporation (MoI) into line with the new Companies Act and other legislation, e.g. information compliance
- Assist businesses to comply with the new Companies Act and amended Close Corporations Act
- Align founding statements of close corporations with the new legislation
- Set up Shareholder Agreements for companies and association agreements for close corporations
- Draft Director Agreements to coincide with the MoI and Shareholder Agreements
- Draft Director Agreements with Directors employed by the Company to comply with Labour legislation
- Set up Family Trust to protect the business in the event of a Shareholder’s death, etc.
- Name reservations and set up new companies
- Assist with conversions from close corporations to private companies
- Assist with change in directors, name changes and any other business registration with the Companies and Intellectual Properties Commission (CIPC)
- Annual CIPC returns and confirmation of business details