Since when?As of 1 April 2023, all Trusts are required to disclose their beneficial owners to the Master of the High Court (Master), and as of 24 May 2023, all Companies and Close Corporations must file the share register as well as the register of beneficial ownership, if applicable, via the online...

The South African government has recently implemented new laws aimed at increasing transparency and accountability around beneficial ownership for registered entities to combat financial crime, particularly money laundering and terrorist financing. As of 1 April 2023, all Close Corporations, Compani...

At Savvic I strive to build relationships and trust with my clients by adding value and via the services I render to the best of my ability.As we all know, the current Covid19 pandemic has determined a new normal and unfortunately, has also caused some delays in certain services.  The delays ar...

What you need to know... Although it is no longer possible to form a new Close Corporation (CC), conversion to a private company is not compulsory and close corporations will continue to exist until deregistration or dissolution in terms of the Close Corporations Act, 1984. Please do be ca...

What you need to know... Some characteristics of a Private Company:The name of the company will end with “Pty (Ltd) or “Proprietary Limited”The registration number will end with ‘07’Only 1 director is required to register a Pty Company.Each incorporator will become the first director ...

What you need to know... Non-Profit Companies are considered to be incorporated for public benefit, a cultural or social activity, or a communal or group interest. It is required to apply all of its assets and income, however derived, to advance the stated objectives set out in its Memorandum o...

What you need to know... A trust is a separate legal entity with its own identity. It may acquire property, shares and other assets in the interests for the benefit of its beneficiaries. Trusts are administered in terms of the Trust Property Control Act and governed by Trustees and the Founder....

Private CompanyClose CorporationJuristic PersonJuristic PersonEnjoys Perpetual SuccessionEnjoys Perpetual SuccessionNo maximum shareholdingCan have a maximum of 10 membersCompanies can be shareholdersCompanies cannot hold member’s interestComprised of directors and shareholdersComprised of members...

Once you have indicated that you want to register a company we ask you to complete an information pack with all the information we need to prepare the necessary registration documents. Once received, we can start your company registration.Name reservation: We prefer that you supply us with at l...

It is mandatory for any business to register for VAT if the income earned in any consecutive twelve-month period exceeded or is likely to exceed R1 million?.Any business may choose to register voluntarily if the income earned, in the past twelve-month period, exceeded R50 000. ID DOCUMENT/S or ...

Many people chose a CC and still prefer a CC because a CC gave them the advantages of a legal entity, with lower costs and simpler administration.Virtually all the advantages that a CC had, can now also be obtained by having a private company under the new Companies Act, for example:the annual retur...

The Companies Act, 71 of 2008 has effectively increased the duties of directors (including prescribed officers and board committee members) and extensively extended accountability for their action which has been widely covered by various publications. However, there are a couple of basic rules or ...

The payment for Securities Transfer Tax is an important step in the transfer transaction.What is it?Security Transfer tax is levied on every transfer of a security and was implemented from 1 July 2008 under the Securities Transfer Tax Act, No. 25 of 2007, together with the Securities Transfer Tax Ad...