You own and run a private company in South Africa.
It is a (Pty) Ltd company.
You want to resign from the company as a director or another director wants to resign.
Maybe you wish to add a director to the company.
Perhaps you need to change existing director details, like addresses, etc.
We can assist you with such an application.
Complete and submit this secure form to us: Director Changes
We are experienced accountants for CC’s and Pty Ltd companies.
We do annual financial statements and tax returns for businesses across the whole of South Africa. We have hundreds of satisfied clients.
Your area does not matter. By email we receive the summary of your annual figures and from there we prepare tax-efficient financials and submit the result to SARS.
You approve everything as we proceed.
It’s easy. No more running to your accountants. No more frustration. No more unanswered calls. Everything nice and neatly in one place.
The tuk-tuk is a hardy little vehicle more familiar on the congested roads of urban Asia, but it makes whizzing around Johannesburg a breeze – although it huffs and puffs a bit as it steadily climbs the hilly streets of Westdene.
Even in a highveld heat wave the small canopy and windowless body offer a cool ride and, as a bonus, the quirky little three-wheeler prompts a smile from almost all the pedestrians it passes.
Tuk-tuks, also known as auto rickshaws, are becoming an increasingly common sight on South Africa’s roads because people are trying to travel short distances at lower costs than driving and at less risk than walking.
The taxis generally service an area of 5km to 8km and can accommodate two or three passengers, plus a little bit of space for luggage. The vehicles generally have a drop-down side flap in case of bad weather, most are fitted with seat belts and some have GPS units.
A tuk-tuk taxi is legally only permitted to drive up to 45km/h. To ferry passengers, a public driver’s permit is necessary, as are the permits needed to operate such a service.
via Cheap-cheap tuk-tuk taxis take off | Business | Economy | Mail & Guardian.
Mumbai: After battling in court for more than two years, the Uttar Pradesh government has been directed by the Allahabad high court to refund the entire value added tax (VAT) collected by the state from Reliance Industries Ltd (RIL) on the sale of natural gas to customers.
The court also found the state government’s act of levying VAT on the transaction “a blatant abuse of power”.
Oil-to-yarn and retail conglomerate RIL had filed a writ petition, admitted by the high court on 27 June 2010, that said the state government didn’t have the jurisdiction to impose VAT on the sale of gas to consumers in the state, since it was an inter-state transaction on which the company was paying central sales tax.
via Court rules in RIL’s favour in VAT case – Corporate News – livemint.com.
Johannesburg hipster Sifiso Dlamini turned his passion for sneakers into a small business, but like many South African entrepreneurs, he’s battling to find financing to expand.
For six years, he’s followed his heart’s passion in making trendy sneakers that are a hip-hop staple.
“We take our time and make sure that everything is put together,” the 24-year-old said in his workshop filled with spools of thread, pots of glue and scraps of leather.
“It’s more resistant, lasts longer,” he said of his shoes. “I would say it’s magic.”
His clients are largely fashionistas from Soweto, the Johannesburg township that styles itself as the epicentre of South African pop culture.
The shoes from his label Eish Hade — a slang for “Oops, sorry” — cost up to 600 rand (Dh272)), a price that lets a man “feel yourself like a king” and gives women a way to walk “sexy, not in a hurry, but just relaxed”, he said.
Orders are coming in, but Dlamini can’t keep up. He works hard, but he only has two sewing machines and two assistants who earn 2,000 rand a month.
He certainly can’t afford to open even a small shop in downtown Johannesburg, the stomping ground for the city’s creative types.
Last year he tried and failed to get a bank loan for 100,000 rand.
“Obviously I need capital to buy machines. I think people don’t want to believe in this business because it is too small. They just want to see if we are making a profit,” he said.
“People like Sifiso, there are hundreds of thousands [of them] in South Africa,” said Lumkile Mondi, chief economist at the Industrial Development Corporation, which helps businesses with loans of the million-rand scale.
“They don’t have capital and it’s a problem. So you finance yourself by your family until you make money. So, unless you have an affluent family, it’s difficult,” he said.
The irony is that South African corporations are sitting on cash reserves of more than 500 million rand, even though interest rates are at 30-year lows, rather than invest in new businesses.
via Sneaker start-up shows perils of S.African small business | GulfNews.com.
WHILE large listed companies and state-owned enterprises have come to grips with most of the issues in the new Companies Act, private firms still run the risk of noncompliance in one area or another.
In its first year, the two issues that companies have been struggling with include the disclosure of director remuneration and rendering financial assistance to director or related companies. Thousands of companies have also failed to establish a social and ethics committee within the prescribed period.
The 1973 Companies Act received a complete overhaul to align it with changes in the business environment, but also to create greater flexibility for small and medium enterprises in the economy.
Freddie Kuhn, senior manager at Ernst & Young, says companies received some clarity on the issue of remuneration and when to declare remuneration with regard to directors. The issue became more contentious when it related to disclosures in another company in the same group of companies, he says.
However, the definition of a company does not include foreign companies. If a director is a full-time employee of a foreign company, but sits on the board of a South African company, the South African company only has to declare the remuneration received from the South African company and not his salary from the foreign company.
Robyn Holwill, of law firm Norton Rose, says remuneration includes fees paid to directors for services rendered to the company, salaries, bonuses, performance-related payments and expense allowances. It also includes any financial assistance given to a director, or any person related to a director, to acquire an interest in the company. This disclosure requirement applies to companies that must be audited, and all public and state-owned companies must have their annual financial statements audited.
Mr Kuhn says the Companies and Intellectual Properties Commission (CIPC) issued a nonbinding opinion that excluded private firms from having their financial statements audited. However, he says a private company had to meet the criteria set out in the act to be considered a private company. Failing that, it could become a public company.
A company is private if its memorandum of incorporation (MOI) prohibits it from offering its securities to the public, or it has restrictions on the transferability of its securities. It does not mention the word shares, as in the old act.
If private companies do not change their MOI to include shares, they will be considered public and will have to have their financial statements audited and declare the remuneration of their directors. This defeats the objectives of the act which aims to lessen the bureaucracy for companies that are not listed, or owned by the state.
It allows a transition period for a company to bring its MOI in line with the act. That period expires at the end of April next year.
“Companies that have not yet done so are advised to adopt a new MOI that is compliant with the act. With the backlogs that are currently being experienced at CIPC, steps should be taken immediately,” Ms Holwill says.
CIPC’s commissioner Astrid Ludin had been fighting a constant battle to eradicate the backlog.
Shirley Fodor, a director at Werksmans, says as with any legislation, there are teething problems, both in terms of the content and application of the provisions.
“The questions that have been most frequently encountered relate to the amendment of a company’s MOI, the perceived enhanced liability of directors, the affected transaction provisions and those relating to companies in financial distress.”
She says companies and directors are generally taking the necessary steps to re-educate themselves about provisions of the act.
Mr Khan says many companies are still grappling with the rendering of financial assistance, and if a company gets the process wrong, the board could be held liable.
Companies which could be financially exposed when involved in inter-group transactions should tread carefully.
via BusinessDay – Private firms slower to apply Companies Act.
Indian and South African businesses need to consider how they can invest in projects to help combat unemployment, poverty and inequality, President Jacob Zuma said on Thursday.
“We invite the business communities… to consider seriously how they can invest in projects that will help us take forward these goals… while obviously obtaining returns on investments,” Zuma said in a speech prepared for delivery at the South Africa-India Business Forum.
“We stand ready to provide whatever support is needed to make doing business easy in the respective countries.”
Zuma and his Indian counterpart, Pratibha Devisingh Patil, who was in the country on a state visit, were attending the forum in Pretoria.Zuma said Patils visit was a follow-up to the commitments made during his state visit to India in 2010. During that visit the two governments agreed to facilitate direct interaction between the private sectors of both countries.
“We set a target of 15 billion US dollars of trade between South Africa and India, to be achieved by 2014,” said Zuma.“
According to current trade statistics this could be reached earlier than anticipated.
”By the end of last year the figure was close to seven billion US dollars, he said.
“We are on the right path indeed. We congratulate you as business for taking this challenge seriously,” said Zuma.
The ministers responsible for trade, industry and commerce were of the view that the mutual trade between South Africa and India should increase to R111 billion by 2014, he said.
“Let me remind you that you are in the right continent at the right time. The African continent is the new frontier of economic growth and development,” said Zuma. – Sapa
via Zuma: Indian, SA businesses need to invest – Business News | IOL Business | IOL.co.za.
