Creating a separate legal entity.
WHAT IT PROVIDES
A legal person separate from its owners Limited liability for shareholders The ability to own assets and contract in its own name Credibility with larger customers
WHAT IT COSTS
Higher registration fees Ongoing filing obligations More formal record-keeping
WHAT IS TYPICALLY REQUIRED
A proposed name Details of directors and shareholders Share capital and its allocation A registered address Identification for each person Signatures Details of any company secretary, where required
WHAT THE MINIMUM STRUCTURE GENERALLY IS
At least one director and one shareholder, who may be the same person.
WHY THAT CHANGED
The companies legislation was substantially revised in 2020, permitting single-member companies among other reforms.
WHAT SHARE CAPITAL IS
The nominal value of shares the company is authorised to issue.
WHAT TO BE CAREFUL WITH
Setting it unnecessarily high, which increases fees and some obligations.
WHAT THE PROCESS BROADLY INVOLVES
Name reservation Completing incorporation details Uploading identification Payment Submission and review Issue of the certificate and status report
WHAT TO KEEP
The certificate The registration number The memorandum and articles The status report listing directors and shareholders
WHAT TO DO IMMEDIATELY AFTER
Obtain a tax identification number, and open a bank account.
