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
- Name reservations and setting up new companies.
- Drafting of Memorandum of Incorporation (MoI) unique to a company.
- Assistance with conversions, from close corporations to private companies.
- Assistance 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.
- Setting up Shareholder and Director Agreements.
- Setting up Family Trust for succession purposes.
- Assisting businesses to comply with the newly proposed amendments to the Companies Act published in 2021 in respect of shareholder detail disclosure, record keeping and access to information of the Company.