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What is a CC?

A close corporation is the simplest, easiest and most practical independent legal business structure that can be established in South Africa.

• Like a company, a CC is a legal person, and has its own distinct legal personality and identity.
• Only natural, "living and breathing" persons may be owner(s) of a CC. Another legal person such as a CC or a company may not be an owner of a CC.

What the law says about a CC:

Once registered with the Companies and Intellectual Property Registration Office (CIPRO), a CC is considered a legal person, owning its assets and trading in its own name. A CC then:

• May contract with other parties or be sued in a court of law. So if someone is hurt in the course of doing business, for example, your CC will be sued, not you.

• Keeps on existing, with its own assets and debts, even after the death of its owners (called members). It exists forever (or until it is formally de-registered) and is sold by selling the CC's "shares" (formally, "shares" in a CC are called "membership interest"); and

• Is taxed separately from its owners. Just like a company, a CC is taxed at 30% of all the profit it makes (there are some tax breaks as well as complications). You, the owner, will be taxed as a separate tax payer on the salary you draw from the CC, whether the CC makes a profit or not.

Why is a New CC better than Shelf CC?

A shelf CC is not registered in your name initially. So, you cannot open a bank account in the name of that CC until you are registered as a member. This means you cannot trade with the shelf CC until you are registered as a member. The member-change process is in itself much more time consuming than a new CC registration.

Read more information on this here.

What would you like to do?

  Register a Company

  Amend a CC

  Read more Frequently Asked Questions